May 22, 2024
Canada Asphalt Shingles Market

Canada Asphalt Shingles Market Trends Through Growing Green Roofing Adoption

The Canada asphalt shingles market is a steadily growing construction material sector owing to the country’s cold climate conditions and increasing preference for energy efficient roofing solutions. Asphalt shingles provide an economically viable option for residential and commercial roofing applications while offering high durability and weather resistance suitable for Canada’s harsh winters. Made from either fiberglass or organic materials, asphalt shingle roofing systems are long-lasting, fire retardant and easy to install. Most importantly, when produced with recycled content or factory-applied cool coatings, asphalt shingles significantly improve a building’s insulation thus reducing heating and cooling costs.

The Global 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 market 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 awareness about green building standards and rising consumer demand for energy efficient roofing products is driving the Canada asphalt shingles market. Several market players are focusing on manufacturing asphalt shingles with higher recycled content or cool coating technology to boost thermal reflectance and lower heat absorption within roofing material.

The Canada asphalt shingles market is expanding into new geographic regions led by increasing construction of residential and commercial buildings. Major roofing product manufacturers are strengthening their distribution networks across Canada to tap the high potential in provinces like Ontario, British Columbia, Quebec and Alberta. Growing partnerships between roofing contractors, builders, and asphalt shingle suppliers will continue supporting market revenue growth over the forecast period.

Market Key Trends

One of the prominent trends witnessed across the Canada asphalt shingles market is the increasing popularity of cool roofing materials and environmentally sustainable product offerings. Many manufacturers have developed asphalt shingle varieties with added cool pigments, reflective granules or coatings to achieve higher solar reflectance compared to traditional styles. Such asphalt roofing materials effectively reduce the roof’s surface temperature by reflecting more sun rays, thereby decreasing heat transfer into buildings and minimizing air conditioning expenses. This has, in turn, stimulated consumer demand for green building materials like asphalt shingles in Canada’s sustainable construction sector.

Porter’s Analysis

Threat Of New Entrants: High initial capital investment required for establishing asphalt shingle manufacturing plant poses moderate threat.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of several suppliers of asphalt shingles in the region.
Bargaining power of suppliers: Suppliers of raw materials such as asphalt, fibers have moderate bargaining power given established supply relationships with manufacturers.
Threat of new substitutes: Tile roofing, metal roofing offer some substitution threat but asphalt shingles dominate low-cost roofing segment.
Competitive rivalry: Intense competition due to presence of numerous domestic and international players.

Geographical Regions

The province of Ontario holds the major share of Canada asphalt shingles market in terms of value due to high concentration of construction activities. The Prairies region also accounts for sizable demand given rising residential construction in provinces such as Alberta.

The Western Canada region, led by British Columbia, is witnessing fastest growth in demand for asphalt shingles on account of increasing repair and maintenance activities of the aging housing stock along with new residential projects especially in urban areas of Vancouver and Victoria.

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 behavior

:- 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: CoherentMI, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it