Canada Asphalt Shingles Market to hit $1.85 Bn by 2027;

2022-05-28 14:39:45 By : Ms. Danielle Xu

July 08, 2021 07:00 ET | Source: Global Market Insights, Inc Global Market Insights, Inc

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:

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Partial chapters of report table of contents (TOC):

Chapter 3   Canada Asphalt Shingles Industry Insights

3.2    COVID -19 impact on world economy

3.3.3    Impact of COVID-19 on industry value chain    Growing demand from residential construction industry    Quebec witnessed growing sales of residential properties during the COVID-19 pandemic    The Housing Supply Action Plan to improve the availability of homes in Ontario    Booming real estate market in British Columbia driven by demand-supply imbalance    Increasing investment in commercial construction to boost asphalt shingles demand    Rising focus on improving home energy efficiency    Plastic roofing gaining popularity in the commercial roofing segment

3.15    COVID-19 impact on asphalt shingles demand, by application

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.