by Asphalt shingles are widely used roofing materials that are known for their durability and ability to withstand harsh weather conditions. Made from asphalt and fiberglass materials, asphalt shingles offer advantages like weather resistance, fireproof capabilities, and cost-effectiveness. Used in both commercial and residential construction projects, asphalt shingles are the most popular choice for roofing in Canada. The growing volume of renovation and construction activities in the country is driving significant demand for asphalt shingles.
Canada Asphalt Shingles Market Size is estimated to be valued at US$ 1.23 Bn in 2024 and is expected to exhibit a CAGR of 2.4% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Canada Asphalt Shingles are IKO Industries, BP Canada, Husky Oil Operations Limited, Imperial Oil, Irving Oil, Suncor Energy, Shell Canada, Prairie Sky Roofing, Building Products of Canada Corp, CertainTeed, Owens Corning, GAF, Malarkey Roofing Products, Atlas Roofing Corporation, TAMKO Building Products, Henry Company, Polyglass U.S.A., Inc., Duro-Last Roofing, Inc., Excel Roofing Service Inc., Roof Mart Ontario, and others.
The growing demand for new homes and increasing construction of commercial buildings is driving the consumption of asphalt shingles in Canada. Stringent building codes and focus on energy-efficient buildings is further promoting the use of asphalt shingles in roofing applications.
Canadian asphalt shingle manufacturers are expanding their production facilities and geographical footprint to gain a larger share of international markets like the United States, Europe, and Asia Pacific. Export growth is expected to complement strong domestic demand and fuel growth of the Canada asphalt shingles market over the forecast period.
Market Key Trends
The development of advanced fiber-reinforced asphalt shingle products is a key trend in the Canada asphalt shingles industry. These new materials offer enhanced wind resistance, impact strength, and durability compared to traditional asphalt shingles. Some manufacturers have incorporated technologies like SBS (styrene-butadiene-styrene) modifications to create high-performance asphalt roofing shingles with improved weatherability suited for Canada’s cold climate. The launch of advanced product variants is expected to further increase the adoption of asphalt shingles for roofing in Canada.
Porter’s Analysis
Threat Of New Entrants: There is moderate threat due to significant capital requirement for establishing manufacturing plants and distribution network.
Bargaining Power Of Buyers: Buyers have moderate bargaining power due to presence of several players in the market.
Bargaining Power Of Suppliers: Suppliers have low to moderate bargaining power due to availability of close substitute materials.
Threat Of New Substitutes: Threat from substitutes like metal roofing, clay tiles, concrete tiles is moderate due to price difference.
Competitive Rivalry: The rivalry is high amongst existing players due to close substitute products and no differentiation.
Geographical concentration – Ontario region accounts for over 30% share in the Canada asphalt shingles market owing to the presence of major construction projects in cities like Toronto and high residential housing construction activities.
Fastest growing region – Western Canada region is expected to witness highest growth rate during the forecast period. This is attributed to increasing residential repalcement activities in provinces like British Columbia and Alberta along with rising number of construction projects across cities.
What Are The Key Data Covered In This Canada Asphalt Shingles Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Canada Asphalt Shingles Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Canada Asphalt Shingles Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Canada Asphalt Shingles Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Canada Asphalt Shingles Market vendors
FAQ’S
Q.1 What are the main factors influencing the Canada Asphalt Shingles market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Canada Asphalt Shingles Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Canada Asphalt Shingles market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
