CLEVELAND, Sept. 29, 2016 /PRNewswire/ -- Demand for fencing in the US is forecast to increase 2.6 percent per year through 2020 to 880 million linear feet, valued at $7.5 billion. Growth will be driven by rising building construction expenditures. The increased popularity 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. These and other trends are presented in Fencing, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Industry study Fencing is available at http://www.freedoniagroup.com/DocumentDetails.aspx?ReferrerId=RF-PRNEWS&StudyID=3453
The residential building market accounts for the largest share of fencing demand, and is expected to outpace all other markets through 2020. Gains will be driven by sustained strong growth in housing completions. Increasing residential improvement and repair spending will further drive fencing demand growth. As consumer confidence continues to rise, more homeowners are expected to undertake home improvement projects, including the addition of new fences and the repair of existing fences.
Nonresidential building demand for fencing is expected to grow to $1.8 billion by 2020, driven by gains in office and commercial building construction. These segments will see the most rapid advances in fencing demand as new and existing establishments such as casinos, hotels, resorts, retail sites, and shopping malls install new and repair extant fencing to serve as security barriers, delineate parking areas, and enhance privacy.
Metal fencing accounts for the largest share of fencing demand in terms of both value and linear feet. Ornamental metal fencing is expected to grow at the fastest pace of all metal materials because an increasing number of consumers believe that it enhances the exterior appearance and value of properties. However, chain link fencing will continue to be the largest category of metal fencing demand due to its low cost and durability. Among all fencing materials, the plastic and composite fencing segment is expected to register the most rapid rate of growth in both value and length through 2020.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group