The global fencing market is expected to reach USD 32.12 billion by 2022, according to a new report by Grand View Research, Inc. The growing real estate development and remodeling projects are expected to drive revenue over the forecast period. Commercial sectors such as schools, colleges, and industrial premises have been adopting these products to enhance security and safety.
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Governments worldwide are making huge investments for development of parks and gardens to increase aesthetic appeal. The growth is primarily driven by increasing preference for home improvement and home décor along with rebound in housing projects. Growing economies and rising demand for security and safety are also expected to support fencing market growth. Expanding residential and commercial construction activities and growing economies are expected to drive demand over the forecast period. Increasing preference for eco-friendly options is expected to contribute to composite fencing industry demand.
Evolving urban lifestyles, increasing income levels, and growing disposable incomes stimulate customers to spend on upgrading their homes. The young generation with high income levels will prefer innovative fencing products for their houses. With growing disposable incomes, many middle and high income consumers prefer these products for security and privacy. Rising price of material used in manufacturing may increase the cost of the fences. Unlicensed vendors may pose serious threats to fencing manufacturers.
Further key findings from the report suggest:
- Material segments include metal, wood, plastic & composite, and concrete. Plastic and composite segment is expected to show high potential owing to low maintenance cost and durability. These products are also easy to install and are lightweight. Metal is expected to be the key material segment and grow with a CAGR of over 4.0% from 2015 to 2022.
- Fences are used for residential, agricultural, and industrial applications. Residential segment accounted for over 50% of overall revenue share in 2014 and is anticipated to grow at a CAGR of 4.3% from 2015 to 2022. It is expected to gain demand owing to increase in remodeling and construction products. Increasing social needs to enhance property’s looks and security concerns will also contribute to revenue growth.
- North America and Europe fencing market are expected to continue dominating global revenue share. Rising real estate and presence of regions such as India and China are estimated to drive the Asia Pacific fencing market.
- The Key players include Allied Tube & Conduit, Jerith Manufacturing Company Incorporated, Ameristar Fence Products Incorporated, Long Fence Company Incorporated, Bekaert, and CertainTeed Corporation. Other prominent vendors include Gregory Industries, Associated Materials LLC, Ply Gem Holdings Incorporated, Betafence NV, and Poly Vinyl Creations.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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