CLEVELAND, Sept. 17, 2018 /PRNewswire/ -- Through 2022, demand for fencing in residential applications is forecast to rise 5.3% annually to $4.8 billion, outperforming sales in other major markets. Gains will be driven by increased spending on residential improvement and repair projects, additional growth in housing completions, and the increased usage of high-value fencing, including ornamental metal and plastic and composite. The residential market accounted for half of all fencing demand in 2017 in value terms and has been a driver of growth for the industry over the past decade. These and other trends are presented in Fencing in the US, 9th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
More information about this study is here: https://www.freedoniagroup.com/industry-study/fencing-3669.htm
Wood accounts for the largest share of fencing demand in the residential market in both value and length terms. Wood is popular for residential uses because wood fences are generally inexpensive as well as attractive, enhancing property values.
According to Freedonia Group analyst Nick Cunningham, "Ornamental metal and chain link fencing are popular in the residential market because of their durability, which makes them well suited for home security fencing." Plastic and composite fencing has seen more limited use in residential markets historically but is increasingly being used by consumers who value the low maintenance and durability of these materials relative to wood, despite their higher price tags.
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group 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. Additional Construction & Building Products studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group