May 27, 2024
Canada Asphalt Shingles Market

Canada Asphalt Shingles Market Is Estimated To Witness High Growth Owing To Rising Renovation And Remodeling Activities

Canada asphalt shingles market is a multibillion-dollar industry and a crucial product needed for roofing applications. Asphalt shingles are the most commonly used roofing material in Canada due to their affordability and durability. These shingles provide weatherproof protection for residential and commercial roofs along with aesthetically pleasing looks. Increasing disposable income has augmented home renovation and remodeling activities in Canada, driving the demand for asphalt shingles.

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. IKO Industries and BP Canada collectively account for over 45% of the market share in Canada.

The emergence of green asphalt shingles made from recycled materials presents significant opportunities for manufacturers to capitalize on the green building trend and sustainability initiatives of provincial governments. Furthermore, the rising inclination towards eco-friendly products is increasing the adoption of green asphalt shingles.

The Canada asphalt shingles market enjoys high growth prospects through expansion into international markets. Leading manufacturers are focusing on export markets in Asia Pacific and Europe through partnerships with regional distributors. Further acquisitions in foreign markets would help players strengthen their global foothold.

Market Drivers 

The primary growth driver for Canada’s asphalt shingles market is robust growth in new construction and re-roofing activities. Strengthening economic conditions and population growth are encouraging residential construction projects across major cities. Additionally, the average age of homes exceeds 25 years in many provinces, necessitating roof replacements and renovations. This augurs well for steady demand for asphalt shingles over the forecast period.

Pest Analysis

Political: The asphalt shingles market in Canada is affected by the policies related to infrastructure development in the country. Promoting residential and commercial construction activities through subsidies and financing schemes can boost the demand for asphalt shingles.
Economic: Growth in the Canadian economy along with rising disposable incomes is increasing homeowners’ spending on housing renovation and improvement projects, driving the need for asphalt shingles. Higher infrastructure spending by the government also contributes to market growth.
Social: The changing demographics like increasing nuclear families and ageing population support housing industry development. Improved standards of living motivate people to upgrade their homes more frequently and invest in durable roofing materials such as asphalt shingles.
Technological: Advancements in shingle manufacturing technologies help companies to produce innovative product varieties with enhanced durability, vibrant aesthetics, and energy-efficiency. The adoption of solar shingles integrated with photovoltaic cells is also gaining popularity in the country.

The Canadian asphalt shingles market is primarily concentrated in Ontario and Quebec regions in terms of value sales. Ontario accounts for the largest demand due to high population, strong provincial economy, and significant construction activities in cities like Toronto, Ottawa and Hamilton. Quebec follows next owing to government emphasis on public infrastructure development projects and home renovations.

The Prairies region consisting of Alberta, Saskatchewan and Manitoba is considered the fastest growing market for asphalt shingles in Canada. The economic growth in Alberta driven by oil & gas industry investments is driving more residential and commercial roofing activities. Also, rising urbanization and population migration towards major hubs like Calgary and Edmonton are fueling the roofing materials demand. Government incentives for green building projects further support the market expansion in this region.

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?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:

  1. Source: CoherentMI, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it