CLEVELAND, Jan. 29, 2020 /PRNewswire/ — Asphalt shingle roofing demand is forecast to grow 1.5% per year to 153.31 million squares in 2023. Demand gains will be supported by such factors as:
- homeowner interest in replacing existing worn or out-of-date asphalt shingle roofs with products that are more durable and aesthetically pleasing
- continuing increases in single-family housing starts – asphalt shingles are the most commonly specified roofing material on new homes
- efforts by insurance companies, building code professionals, and roofing contractors to require homeowners to replace older roofing materials (such as three-tab shingles) with more durable laminated asphalt shingles that can better withstand severe weather events
For more information regarding the Roofing study visit: https://www.freedoniagroup.com/industry-study/roofing-3743.htm
Standard laminated asphalt shingles will continue to account for almost 75% of asphalt shingle demand through 2023. Demand for standard laminated shingles will be stimulated by consumer interest in replacing three-tab shingle roofs with laminated varieties that have longer lifespans.
High-performance laminated asphalt shingles are expected to see the fastest growth of all asphalt shingle types through 2023, driven by a high level of consumer interest (especially among homeowners and roofing contractors) in these products’ superior resistance to winds and their textured surfaces that create a more attractive home exterior.
Contact Corinne Gangloff for an interview with the analyst Matt Zielenski.
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SOURCE The Freedonia Group