The asphalt shingles market in Canada involves the production and sale of asphalt shingle roofing materials used in residential and commercial construction. Asphalt shingles are the most commonly used roofing material in Canada due to their fire resistance, durability, and affordability. They are typically made from fiberglass mats that are coated with asphalt and available in different styles like laminated, heavyweight, and ceramic-coated for added durability. Major use cases include roofing new builds as well as replacing aging roofs across houses, apartments, warehouses, and large retail buildings.

The global Canada asphalt shingles Market is estimated to be valued at US$ 1.23 Bn in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Dynamics :

Rapid infrastructure development: The Canada asphalt shingles market is driven by rapid urbanization and infrastructure development activities across the county. According to Statistics Canada, nearly 80% of the Canadian population lives in urban areas. This is creating a surge in residential and commercial construction projects thereby fueling demand for asphalt roofing shingles. Additionally, government investments towards upgrading transportation networks, educational institutions, and healthcare facilities is also positively impacting the market growth.

One of the key drivers for the Canada asphalt shingles market is the rapid infrastructure development taking place across both urban and rural areas of the country. Growing population and economy are increasing the need for housing, schools, hospitals, roads, bridges etc. which requires immense use of asphalt roofing shingles. The government is also undertaking several development projects related to transportation, energy, and social infrastructure to support growth. This rising construction activity is expected to keep bolstering market demand over the forecast period.

SWOT Analysis

Strength: The Canada asphalt shingles market benefits from strong residential construction activities. Rising population levels and income levels have increased demand for houses over the past few years. Furthermore, favorable government policies supporting infrastructure development projects propel market growth.

Weakness: Fluctuations in raw material prices adversely impact producers' margins. Asphalt and fiberglass are major raw materials whose volatile prices increase production costs. Additionally, changing consumer preferences towards advanced roofing materials such as tile roofing pose a challenge.

Opportunity: Growth opportunities lie in commercial and industrial construction segments. Rising investments by both public and private players in institutional, commercial and industrial construction projects will boost demand. Furthermore, technological advancements leading to product quality improvements and enhanced durability expand the addressable market.

Threats: Intense competition from substitute products and significant dependency on residential construction market cyclicality are major threats. Also, stringent environmental regulations concerning product disposal post usage and volatile crude oil prices affecting petroleum-based products result in uncertainties.

Canada asphalt shingles Market Segmentation:

• By Product Type
  • Asphalt Shingles
  • Modified Asphalt Shingles
  • Organic Asphalt Shingles
  • Fiberglass Asphalt Shingles
  • Natural Slate Asphalt Shingles
  • Synthetic Slate Asphalt Shingles
  • Others
• By Application
  • Residential
  • Non-residential
  • Commercial
  • Industrial
  • Infrastructural
  • Others
• By End-user
  • Households
  • Commercial Buildings
  • Government Buildings
  • Industrial Facilities
  • Educational Institutions
  • Religious Structures
  • Others

Key Takeaways:

The Canada Asphalt Shingles Market Size is expected to witness high growth over the forecast period driven by robust residential construction activities in the country. Increased housing demand from rising population levels especially in urban areas will support market expansion. Furthermore, government initiatives to reduce carbon footprint through subsidies for green roofs and sustainable construction accelerate adoption.

Key players operating in the Canada asphalt shingles market are IKO, TAMKO Building Products, Inc., Atlas Roofing Corporation, and CertainTeed. IKO being a prominent player enjoys leading market share of over 20% on account of well established distribution network and wide product portfolio.

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