by Asphalt shingles are the most widely used roofing material for residential construction in Canada. Asphalt shingles are made from fiberglass mats that are coated with asphalt andgranules for protection against weathering. They provide an affordable and durable roofing solution for homes. Asphalt shingles do not crack or break like clay or concrete roof tiles. They are fire-resistant and provide strong wind resistance. Recent years have witnessed significant growth in residential construction activities across Canada owing to rising population, urbanization, and demand for new homes. According to Canada Mortgage and Housing Corporation, housing starts in Canada increased by 11.2% year-over-year to nearly 260,000 units in 2022. The increasing number of new residential construction projects is driving the demand for asphalt shingles in the country.
The global Canada asphalt shingles market 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 to 2031, as highlighted in a new report published by CoherentMI.
Market Key Trends:
One of the key trends in the Canada asphalt shingles market is the increasing preference for energy-efficient roofing materials. Rising energy costs and awareness about environmental issues are compelling homeowners to opt for green building materials during re-roofing or new construction projects. Asphalt shingles that offer better insulation, ability to reflect solar heat, and comply with energy codes are gaining popularity. For instance, IKO, a leading player in the Canada asphalt shingles market, offers Cool Zone Technology and Cool Zone II shingles that are engineered to deflect heat and keep homes cooler. Similarly, growing demand for aesthetically appealing shingles in varied colors, thickness, and textures is another important trend being witnessed. Product innovation to cater to evolving consumer preferences will be crucial for players in the Canada asphalt shingles market to strengthen their position.
Porter’s Analysis :
Threat of new entrants: Low due to the capital intensive nature of asphalt shingle production and brand recognition of existing key players.
Bargaining power of buyers: Moderate due to the availability of substitute products. However, asphalt shingles offer durability at affordable prices.
Bargaining power of suppliers: Moderate. Major asphalt and fiberglass suppliers operate in the market. Suppliers may form strategic partnerships with buyers to boost sales.
Threat of new substitutes: Moderate threat from other roofing materials such as metal, clay tiles that are considered premium products. However, asphalt continues to be the most widely used roofing material due to affordable prices.
Competitive rivalry: High due to the presence of global and regional players competing on quality,features,pricing and promotions.
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 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 to 2031.
The Canada asphalt shingles market is expected to witness steady growth. The market is driven by rapid growth in residential constructions and re-roofing activities. Ontario is expected to dominate the market owing to highest number of new housing units construction in the country. Alberta and British Columbia will also significantly contribute to the market expansion during the forecast period.
Key players operating in the Canada asphalt shingles market are IKO, CertainTeed, TAMKO Building Products, and GAF. IKO is the market leader with wide geographical presence and large product portfolio. The company focuses on enhancing product quality through continuous R&D. CertainTeed invests heavily on strengthening its distribution network across the country.
*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
