Fencing Materials Market Segment and Forecast up to 2023
Global Fencing Materials Market: Snapshot
From having mere ornamental purposes to serving to enclose areas for security purposes, fences continue to play a key role in a variety of construction structures and have a thriving market dealing with their construction, materials used in them, and accessories. The market for fencing materials, constituting the vast operations and processes involved in sourcing, distributing, or the technologies used to process the material to manufacture the required fencing structure, forms one of the crucial arms of the global fencing industry.
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The cost of material used to fabricate a fence makes up for a significant portion of the total cost of the final product, which makes the fencing materials market one of the key determinants of several profit-related equations of any fencing business. The global market for fencing materials is predictably driven by the growth prospects of the global fencing market, which itself is chiefly dependent on a number of socio-economic factors determining the development of the global construction industry.
With a thriving construction industry, emerging economies across regions such as Asia Pacific and Latin America are steadily moving ahead as the leading consumers of construction related structures. The market for fencing materials is also expected to witness significant traction in these regions in the next few years, with demand being more than across regions such as North America and Europe. The trend signifies the rapidly transforming dynamics of the fencing materials market and is expected to remain strong in the near future as well.
A fence is an enclosure used for a property or a region. It is a barrier enclosing a border or a field or a yard. A fence is not a wall, as it does not have a solid foundation along its whole length. It is constructed from posts that are connected by boards, wires, rails, or netting. A fence is usually constructed to prevent entrance, to confine, or to mark a boundary.
A fence can be made from different materials. Based on material, the fencing materials market can be segmented into metal, wood, plastic & composite, concrete, and other materials. The metal segment dominates the fencing materials market, as metal fences are durable and require low maintenance. Ornamental metal fencing is expected to expand at a rapid pace, as increasing number of consumers believe that these fences enhance the exterior appearance and value of properties. However, chain link fencing is anticipated to continue to be the major category of metal fencing in terms of demand due to its low cost and durability.
Wood and plastic & composite segments follow the metal segment. Plastic & composite is projected to be a rapidly growing segment of the global fencing materials market owing to the durability of the material and negligible repair and maintenance requirements. Demand for wood fencing is expected to remain higher than that for plastic and composite fencing during the forecast period, primarily due to its lower cost.
The plastic & composite fencing segment is anticipated to register fast rate of growth in value and volume. Plastics and composites have longer lifespans, are less susceptible to damage caused by the elements, and offer long-term color consistency. Increase in adoption of high value fencing materials such as ornamental, metal, and plastic & composite lumber is anticipated to boost the demand for fencing materials in the near future.
The growth of fencing materials market is driven by rising building construction expenditures. Rise in adoption of high value fencing materials such as ornamental, metal, and plastic and composite lumber will further boost demand. These materials have the ability to improve the appearance and value of the properties where they are installed.
Based on application, the fencing materials market can be divided into residential, agricultural, and industrial. Residential is the major application segment of the fencing materials market. The residential segment accounts for the key share of fencing materials market. It is estimated to outpace the other segments during the forecast period. Increase in construction and remodeling activities is projected to drive the segment in the next few years. Sustained growth in housing completions and rising expenditure on residential improvement and repair are likely to boost the demand for fencing materials during the forecast period.
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As consumer confidence continues to grow, an increasing number of homeowners is expected to undertake home improvement projects, including the addition of new fences and repair of the existing ones to improve the appearance and value of their properties. Rise in need to safeguard farm animals, crops, and farm areas from wild animals and thieves is anticipated to propel the demand for fencing materials in the agricultural sector. The industrial segment is anticipated to expand owing to the rise in demand for fencing materials in schools, colleges, and industrial premises.
North America is anticipated to dominate the fencing materials market, followed by Asia Pacific and Europe, due to the rise in demand for decorative and innovative home improvement products in the region. On the other hand, Asia Pacific is expected to be a rapidly growing region for the fencing materials market owing to the large number of construction projects and developments in the agricultural sector.
Key manufacturers operating in the global fencing materials market include Betafence NV, Bekaert, Jerith Manufacturing Company Limited, Associated Materials LLC, Ply Gem Holdings Incorporated, Long Fence Company Incorporated, Poly Vinyl Company Incorporated, Gregory Industries Inc., and CertainTeed.
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