The global fencing market was valued at around USD 24 billion in 2014. It is likely to grow at a CAGR of about 5% during the forecast period (2016 to 2024). Improvement & remodeling work, infrastructure development, and new housing constructions are anticipated to drive market growth in the coming years.
Increase in safety & security concerns, commercial construction, and transportation construction are expected to impel market growth. Augment in government funding to enhance the aesthetics value of parks, government premises, and public places can drive the market demand.
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Development in new materials is likely to increase the life of the fences while reducing the cost. This is expected to further impel market. However, unlicensed contractor and rising prices of the wood, aluminum, and iron can hamper market growth. The global fencing market is fragmented into materials, applications, and regions.
On the basis of materials, the market is divided into concrete, wood, plastic & composites, and metal. Metal fencing held over 50% of the overall revenue in 2014. Ornamental and chain link fences can drive the metal fence sector. Concrete fencing can witness a growth.
Applications segment is divided into agricultural, industrial, and residential. The residential sector was valued at over USD 14 billion in 2014.
Agriculture sector can witness a considerable growth owing to the growing need to safeguard the farm, animals, and crops from thieves and other wild animals. Rising need for fencing in schools, colleges, and industrial premises can also impel the growth in the industrial sector.
Regions encompass North America, Europe, Asia Pacific, and Rest of the World (RoW). North America fencing market is anticipated to witness a considerable growth owing to the increase in the housing decorations and construction products. The regional market is likely to grow at a CAGR surpassing 4% during the eight years.
Europe will also show a robust growth due to rise income opportunities from the growing middle-class. Asia Pacific fencing industry can exhibit a significant growth due to the agricultural development in the sector. Moreover, augment in home decoration and infrastructure construction demand can drive the market in the region.
Major players of the fencing market Allied Tube & Coduit, Betafence, Bekaert, and CertainTeed. Players extensively engage in mergers and acquisition strategies to survive the competition.