A recent study by Grand View Research, Inc. states that the worldwide fencing market was worth more than USD 22 billion in 2014. It is expected to reach about USD 32 billion by 2022. This may be attributed to growth in the construction of new houses, and boosting home-remodeling projects. Accentuating issues related to security and safety are also furthering the fencing market.
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Higher spendings towards the construction of commercial structures, office spaces, etc. is also triggering market growth. Fencing improves the value of real estate and is hence, a coveted factor. Higher deployment of funds for the construction of public parks, and governmental buildings will also prove favorable for the market. Some of the factors hampering the market include rising raw material prices and use of inferior products by unlicensed contractors.
The key fencing products are metal, wood, concrete, and plastics & composites. The concrete fencing market will grow at a CAGR of more than 5.4% from 2015 to 2022. Metal fencing occupied close to 51% of the total revenue in 2014. This segment is anticipated to maintain market leadership till 2022. Plastics and composites will witness higher demand in the future. This is due to their durability, low costs, and low-maintenance needs.
Grand View Research divides the applications of the fencing market into agricultural, residential, and industrial. Residential fencing contributed more than 49% to the overall revenues in 2014. It is likely to grow at a CAGR of 4.2% over the next seven years. Higher disposable incomes, and urban lifestyles are creating demand for remodeling residential accommodations. Industrial applications would grow due to accelerated demand for fencing in colleges, schools, and industrial premises.
The most substantial fencing market demand will originate from the regions of North America, and Europe. North America contributed close to 31% to the total revenues in 2014. It is estimated to grow at a CAGR of 3.4% from 2015 to 2022. Asia Pacific will witness lucrative growth due to an evolving agricultural sector and emergent regions of India and China.
The prominent players in the fencing market include Ameristar Fence Products Incorporated, CertainTeed Corporation, Long Fence Company Incorporated, and Allied Tube & Conduit Corporation. Associated Materials LLC., Jerith Manufacturing Company Incorporated, Betafence NV, and Gregory Industries Inc. are the other key players.
Mergers, acquisitions, and alliances are the chief competitive strategies employed by these participants.
Information Source: Grand View Research