The Southeast Asia asphalt shingle market size is anticipated to reach USD 476.7 million by 2025
NEW YORK, March 4, 2019 /PRNewswire/ -- 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
Read the full report: https://www.reportlinker.com/p05741318
The Southeast Asia asphalt shingle market size is anticipated to reach USD 476.7 million by 2025, according to a new report by Grand View Research, Inc., 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.
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.
Further key findings from the report suggest:
-- 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.
Read the full report: https://www.reportlinker.com/p05741318
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