Demand for asphalt shingle roofing is forecast to grow at an annual rate of 1.5% through 2023 and reach 153.31 million squares, according to a new report from The Freedonia Group. High-performance laminated asphalt shingles are expected to see the fastest growth of all asphalt shingle types, driven by a high level of consumer interest in these products' superior resistance to winds and textured surfaces, according to the Cleveland-based research organization.
Demand for the asphalt shingles will be supported by homeowner interest in replacing worn asphalt shingle roofs with products that are more durable and aesthetically pleasing, continuing increases in single-family housing starts, and efforts from insurance companies and building code professionals to require homeowners to replace older roofing materials with more durable shingles that can better withstand severe weather.
According to the Freedonia Group, standard laminated asphalt shingles will amount for three-fourths of asphalt shingle demand through 2023. Demand for this type will be stimulated by consumer interest in replacing three-tab shingle roofs with laminated varieties with longer lifespans.
The full study, Roofing, is available for $5,800 from The Freedonia Group.
