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The Expanding Canada Asphalt Shingles Market Is Driven By Rising Housing Construction Activities

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By Author: Ben
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The Canada asphalt shingles market is a rapidly expanding construction material industry. Asphalt shingles are the most widely used roofing material in Canada, accounting for over 80% of residential roofing systems installed annually due to their durability, flexibility and low lifetime costs when compared to alternatives such as wood shake or metal roofs. Asphalt shingles provides an effective barrier against inclement weather and helps protect rooftops from rain, snow, hail and ultraviolet radiation damage. The need for weather-resistant, affordable and easy to install roofing options has fueled demand for asphalt shingles across residential, commercial and industrial construction projects in Canada.

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 has emerged as the leading manufacturer with a market share of over 25% owing to its wide product portfolio and pan-Canada distribution network.

The demand for asphalt shingles in Canada is expected to grow driven by increasing residential construction activities across major provinces. According to Canada Mortgage and Housing Corporation, over 280,000 new housing units are expected to be completed in 2024, growing at a CAGR of 3% during 2024-2031. This growing new construction and re-roofing requirement is generating sustained demand for asphalt roofing materials.

Leading manufacturers are focusing on strategic acquisitions and geographical expansion plans to tap into international markets. In 2024, IKO entered the US market through acquisition of W.P. Hickman Systems, Inc. expanding its North American footprint. Meanwhile, Malarkey Roofing has expanded to the UK and Australian markets over the past five years to diversify revenues outside Canada. These global expansion strategies aim to access high growth international construction industries.

Market Drivers

The primary driver for the Canada asphalt shingles market is rising housing construction activities across Ontario, Quebec, British Columbia, and Alberta provinces. According to Canada Mortgage and Housing Corporation, housing starts have averaged over 200,000 units annually over the past five years and are projected to increase steadily through 2031 driven by population and economic growth. This growing new construction need generates robust demand for roofing materials like asphalt shingles. Additionally, the average useful life of an asphalt shingle roof is 15-25 years necessitating re-roofing projects, contributing to sustained market revenues through replacement and repair demand. Favorable regulatory pushes toward energy-efficient buildings also promote asphalt shingle adoption given their superior thermal and aesthetic insulation properties versus competing roofing materials.

The current geopolitical situation is impacting the growth of the Canada asphalt shingles market. Rising tensions between major trading partners like Canada, US and China has disrupted global supply chains over the past year. Restrictions imposed during the pandemic further exacerbated issues like delayed shipments and rising transportation costs. This has negatively impacted the availability and prices of key roofing materials in the Canadian market. Producers are facing difficulties in procuring asphalt, fiberglass and other petroleum-based inputs required for asphalt shingle production. Higher input prices are being passed on to consumers as well, dampening demand for roofing repairs and replacements. The Russia-Ukraine conflict has also raised oil and gas prices to multi-year highs. Since asphalt is derived from petroleum, its prices are linked to crude oil rates. Continued geopolitical instability hence threatens to keep energy and commodity costs elevated, straining the profit margins of Canadian asphalt shingle manufacturers. To counter supply chain headwinds, companies will need to diversify their sourcing networks, maintain adequate inventories, and hedge input price volatility. Contracts with reliable international suppliers can ensure steady material flows. Promoting domestic asphalt production will boost self-reliance as well. Adopting advanced manufacturing technologies may help lower overall costs. With alternative roofing substitutes gaining traction, producers must also strengthen their value propositions through product innovation, competitive pricing, and superior quality/warranties.

The Canada asphalt shingles market in terms of value is concentrated majorly in the provinces of Ontario and Quebec. Together they account for over 60% of total domestic demand owing to their massive construction industries and population bases. Ontario alone represents more than 30% share, led by major markets like Toronto, Ottawa and surrounding areas. Montreal, Quebec City and other urban centers fuel asphalt shingle consumption across Quebec as well. British Columbia stands as the third largest provincial market, driven by new housing and infrastructure development around cities such as Vancouver and Victoria supporting regional market growth.

Western Canada presents the fastest growth opportunities for the asphalt shingles market over the forecast period. Alberta especially is poised to witness strong demand thanks to increased oil and gas sector investments stimulating construction activities. Manitoba and Saskatchewan are also expanding at an accelerated pace on the back of various government initiatives to attract residents and businesses. With vast untapped potential, these provinces offer headroom for asphalt shingle producers to deepen their presence through focused marketing and distribution network enhancement initiatives. Overall, a rebound in economic confidence and building construction across the Prairies makes Western Canada a lucrative market for future expansion.

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 behaviour

:- 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?

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