The Canada asphalt shingles market offers reliable roof protection and provides a durable and aesthetically appealing alternative to wood shingles. Asphalt shingles are formulated from asphalt and fiberglass. They provide long term water and weather resistance to residential, commercial and industrial rooftops. The materials and manufacturing process employed in asphalt shingles make them extremely durable and cost effective.

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.

Rising new home construction and renovation activities are fueling the demand for asphalt shingles in Canada. According to Canada Mortgage and Housing Corporation, over 300,000 housing units are expected to be started in 2024 nationwide. This growing demand for new homes and remodeling of existing structures is driving sales of asphalt roofing materials.

Canadian asphalt shingle manufactures are also expanding their global footprint with export sales to the United States, Europe, and Asia Pacific. Increased international business is helping boost revenues and consolidate market presence on a wider scale.

Market Drivers
Rapid growth of the residential construction sector is a key driver for the Canada asphalt shingles market. According to Statistics Canada, housing starts across the country have increased substantially by 11.5% from 2021 to 2022. As new residential property development rises, it will correspondingly drive up consumption of asphalt shingles for roofing applications in the country. The growth trajectory of the housing market indicates ongoing requirement for asphalt roof tiles over the foreseeable future.

The current geopolitical situation is impacting the growth of the Canada Asphalt Shingles Market. Rising energy prices due to the Russia-Ukraine conflict are negatively affecting the construction industry in Canada. Asphalt, a petroleum product, is a key raw material used in manufacturing asphalt shingles. With escalating crude oil prices, the input costs for asphalt shingle manufacturers have increased substantially. This is resulting in higher product prices for consumers. The surging inflation is reducing consumer spending power and postponing new construction and re-roofing projects.

To counter these challenges, asphalt shingle manufacturers need to focus on developing more cost-effective and sustainable product formulations. Collaboration with crude oil producers for long-term supply contracts can provide raw material price stability. Companies also require implementing hedging strategies and operating efficiencies to absorb higher costs. Promoting energy-efficient roofing solutions can help gain market share. The governments need incentives and subsidies and streamlining approvals to boost infrastructure investments and revive the construction sector. Diversifying energy imports and developing alternative raw material sources can strengthen energy security.

In terms of value, the Canada Asphalt Shingles Market is concentrated majorly in Ontario and Quebec regions. These provinces collectively account for over 60% of the country's asphalt shingle demand led by their large populations and building construction activities. British Columbia stands as another high value market supported by its robust real estate and re-roofing sectors. Alberta emerges as the fastest growing region due to increasing oil sands operations and housing starts amid an economic recovery. Focus on residential tax rebates can further aid the market expansion across all regions.

The Alberta region has been the fastest growing market for Canada Asphalt Shingles in terms of value over the past five years. This is owing to surging residential construction activity in the province to meet growing housing demand. The oil sands industry has also been driving infrastructure and commercial building projects. Government incentives for energy-efficient housing are augmenting asphalt shingle usage. With economic diversification initiatives, investments in pipelines and improved crude oil prices, construction investments are likely to remain vibrant in Alberta, making it an attractive market for shingle manufacturers.

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?
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