The global asphalt shingles market is forecasted to reach $9.72 billion by 2027, according to a report by Reports and Data.
The market was valued at $7.18 billion in 2019, according to the report.
A rise in the level of disposable income of nuclear households, supported by the need to buy private land and funding from the government for residential building programs, would fuel the growth of the asphalt shingles market, according to the report.
It has been estimated that consumer demand for high-performance laminated shingles can surpass $1.10 billion in the forecast period, according to Reports and Data.
Three-tab shingles generated a revenue of $2,360.5 million in 2019 and the market is projected to rise with a 3.7% CAGR during the forecast period, according to Reports and Data.
Fiberglass asphalt shingles are expected to register a 3.9% CAGR during the forecast period, according to the report.
View the report here.