Demand for asphalt shingles is expected to increase 5.6% every year until 2021, according to a new Freedonia Group study released today. Total growth is expected to hit $8.5 billion within the next four years, as housing starts rise and homeowners undertake roof replacement projects.
Freedonia, a Cleveland-based international industrial research company, predicts a large portion of the growth will be driven by increased use of high-performance shingles in place of the traditional laminated asphalt shingles. Though standard laminated asphalt shingles will continue to account for a larger market share through 2021, high-performance shingles designed to withstand extremely high winds or that closely resemble wood or slate roofing will see more rapid growth, according to the press release.
The study found laminated asphalt shingles will rise 2.5% annually to 127 million squares in 2021, valued at $8.2 billion. Consumers will continue to be drawn to standard laminated asphalt because of its reliability and aesthetic value. A recent award-winning renovation in Chapel Hill, N.C., showcased the benefits of asphalt roofing.
The full study, Asphalt Shingles Market in the US, is available for purchase for $4,900 from The Freedonia Group.
