According to a report,“Southeast Asia Asphalt Shingles Market Size, Share & Trends Analysis Report By Application (Residential, Non-Residential), By Country (Thailand, Malaysia, Vietnam), And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc., the Southeast Asia asphalt shingle market size is anticipated to reach USD 476.7 million by 2025, exhibiting a CAGR of 6.2% during the forecast period. Surging demand for asphalt shingles in Thailand and Malaysia, owing to their superior characteristics, is estimated to drive the market.
Key Takeaways from the report:
The residential segment accounted for 51.1% of the overall revenue in 2017 on account of increasing preference for the product by homeowners, owing to long shelf life and low maintenance cost associated with the product
The non-residential segment is projected to register a CAGR of 5.9% in terms of revenue during the forecast period owing to growing demand for the product in the infrastructure development sector in Southeast Asian countries, including Thailand and Malaysia
Thailand accounted for 43.9% of the overall revenue in 2017 as the demand for the product in the country is growing on account of availability of shingles at low cost and in a wide variety of colors and textures catering to specific requirements of customers
Malaysia asphalt shingles market is anticipated to witness a CAGR of 7.2% during the same period owing to government initiatives to address housing shortage for low and middle-income population, which is fueling the demand for low-cost roofing materials such as asphalt shingles
The major players involved in the manufacturing of the product compete on the basis of product quality, durability, variety of colors, and textures offered along with customized properties such as wind resistance, weight, waterproofing, and UV resistance.
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Asphalt shingles have the ability withstand high force winds, driving rain, winter’s deep freeze, ice-built up, and heat, which ensure improved protection of residential and non-residential buildings as compared to its counterparts including metal, wood, or ceramic roofing products. As a result, the demand for the product as a roofing material is expected to witness growth.
Asphalt roofing products are manufactured in compliance with ASTM standards for fire resistance and wind resistance. In addition, shingles are installed on a wide variety of roofs owing to their flexibility and strength, which increases their adaptability and are preferred by homeowners owing to their low maintenance property.
Recent growth in the infrastructure development sector in Southeast Asian countries is likely to boost the use of asphalt shingles in commercial buildings. In addition, consistent economic growth along with low-interest rates for investments is poised to favor the approval of building projects, thereby fueling the demand for the product in Southeast Asia.
Grand View Research has segmented the Southeast Asia asphalt shingle market report on the basis of application and country:
Southeast Asia Asphalt Shingle Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2014 – 2025)
Southeast Asia Asphalt Shingle Country Outlook (Volume, Million Square Meters; Revenue, USD Million, 2014 – 2025)
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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