Selbyville, Delaware, July 08, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the Canada asphalt shingles market which estimates the market valuation will cross US$ 1.85 billion by 2027. Changing consumer inclination toward environmentally sustainable architecture, rise in residential renovation and re-roofing activities in residential buildings to improve strength, and aesthetics will stimulate market the Canada asphalt shingles market growth.
Rising nuclear families and increasing demand for small & affordable houses will stimulate the demand for innovative other asphalt shingles from residential application segment. This segment was valued at USD 150 million in 2020. The asphalt shingles market is projected to witness significant growth among all roofing materials owing to their durable and affordable characteristics. Over the past few years, there has been an increase in the number of single-parent households that are mostly headed by women. Rising working women population in the country has also propelled the number of houses owned by women. This will further propel the demand for asphalt shingle from Canadian residential construction market.
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Alberta asphalt shingles market is expected to witness a considerable growth over USD 180 million by the end of 2027 owing to rising urbanization and globalization which boost commercial and residential construction. Further, the strong recovery in residential construction supported by modest growth in renovation work, is projected to drive asphalt shingles market growth in Alberta. Rising consumer inclination toward improved aesthetics, the ability to withstand extreme temperature, and economic feasibility will boost the asphalt shingles market share.
The province experienced high population growth over the past few years, this has further resulted in high demand for residential construction. Thus, the residential construction sector in Alberta is expected to see an increasing demand for housing projects. Furthermore, higher levels of migration in Alberta is expected to fuel the need for new housing projected. These factors are positively influencing the growth of Canada asphalt shingles market in Alberta.
Some major findings of the Canada asphalt shingles market report include:
- Rising population and literacy levels will increase the prevalence of modern offices, retails, and lodgings, which will stimulate the market share for high-performance laminated shingles. The high performance laminated shingles demand from office, retail, & lodgings building types segment was valued at USD 6.70 million in 2020.
- The federal government of Canada is working with leading universities and colleges to attract more international students are attributing towards dimensional shingles market growth from institutional application segment. This segment is anticipated to gain traction with the CAGR of 3.5% by the end of 2027.
- The increasing renovation trends across the Canadian provinces owing to change in climatic conditions, changing perception toward sustainability, and ecological construction methods will foster the market for commercial re-roofing form 3-Tab shingles. This segment is anticipated to grow over USD 15 million by the end of 2027.
- The increase in construction activities in Canada such as art galleries, exhibitions, and museums will stimulate the market for cost-effective roofing solutions. This should fuel the market demand from others asphalt shingles segment with the GAGR of 2.5%.
- Increasing government initiative for transforming waste and eco-friendly infrastructure and reusable waste from the landfills, such as asphalt shingles to reduce its environmental footprint should drive the market demand form Manitoba province. The market is anticipated to grow over USD 45 million by the end of 2027.
- Some of the market players operating in the market are Owens Corning, Atlas Roofing Corporation, IKO Industries, Tarco, Malarkey Roofing Products, Tamko Building Products, GAF Materials, PABCO Building Products LLC, CertainTeed Corporation, Henry Company, Siplast Inc, Polyglass USA, Building Products of Canada Corp, NBP International.
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Partial chapters of report table of contents (TOC):
Chapter 3 Canada Asphalt Shingles Industry Insights
3.1 Industry segmentation
3.2 COVID -19 impact on world economy
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distribution Channel Analysis
3.3.2.1 Collaboration/Partnership
3.3.2.2 Distributors
3.3.3 Impact of COVID-19 on industry value chain
3.4 Innovation & Sustainability
3.5 Regulatory landscape
3.5.1 Canada
3.5.1.1 Canadian Asphalt Shingle
3.5.1.1.1 CSA A123.1/A123.5
3.5.1.2 Canadian Roofing Contractors Association
3.6 Raw material analysis
3.6.1 Asphalt
3.6.2 Organic felts
3.6.3 Fiberglass felts
3.6.4 Mineral stabilizers
3.6.5 Roofing granules
3.6.6 Asphalt sealant
3.6.7 Backing dust
3.7 Technology landscape
3.8 Cost structure analysis
3.9 Pricing analysis
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.1.1 Growing demand from residential construction industry
3.10.1.1.1 Quebec witnessed growing sales of residential properties during the COVID-19 pandemic
3.10.1.1.2 The Housing Supply Action Plan to improve the availability of homes in Ontario
3.10.1.1.3 Booming real estate market in British Columbia driven by demand-supply imbalance
3.10.1.2 Increasing investment in commercial construction to boost asphalt shingles demand
3.10.1.3 Rising focus on improving home energy efficiency
3.10.2 Industry pitfalls & challenges
3.10.2.1 Plastic roofing gaining popularity in the commercial roofing segment
3.10.2.2 Regulatory scenario
3.11 Growth potential analysis, 2020
3.11.1 Emerging business model
3.11.1.1 New Product Launch
3.11.1.2 Acquisition/Partnership
3.12 Porter’s analysis
3.12.1 Bargaining power of suppliers
3.12.2 Bargaining power of buyers
3.12.3 Threat of new entrants
3.12.4 Threat of substitutes
3.13 Competitive landscape, 2020
3.13.1 Company market share analysis, 2020
3.13.2 Strategy dashboard
3.14 PESTEL analysis
3.15 COVID-19 impact on asphalt shingles demand, by application
3.15.1 Residential
3.15.2 Commercial
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