Global Fencing Market: Snapshot
Emergence of new cutting edge fencing materials and a burgeoning construction sector is at the forefront of driving growth in the global market for fencing. There are various ways in which savvy companies are trying to stay ahead of the curve in the market. One of them is by trying to focus on end-to-end and improved solutions. Besides, they are also working on improving customer service. Product development is another way through which they are attempting to up sales and revenues.
A report by Transparency Market Research finds that the global fencing market will progress at a tepid yet steady pace in the next couple of years. It forecasts it to register a CAGR of 4.5% between 2017 and 2025. At this rate, it projects the market to become worth US$36.0 bn by 2025.
Burgeoning Construction Sector Stokes Demand
The different types of fencing available in the market can be categorized into commercial wire fence, agricultural/livestock wire fence, etc. Of these, the segment of agricultural/livestock wire fence held maximum market share of about 39.0% in 2016. The segment is also expected to clock maximum growth pace over the course of the forecast period.
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The various types of fencing material used are wood, metal, plastic, concrete, and composite fencing. Metal fencing, among them, held the maximum share of 37% in 2016. Plastic and composite are other key fencing materials that are projected to grow their market share at an impressive pace in the next couple of years. This is because plastic and composite cost less and are more reliable.
Agriculture, residential, industrial, etc. are some of end-use segments in the global fencing market. The segments of agriculture and residential, among them, hold a dominant market share. Going forward, the two segments are expected to rise at an impressive pace to retain their dominant positions. The residential sector, for example, is expected to register a CAGR of 4.8% in the foreseeable future on the back of rising construction activities.
Rising Need to Thwart Burglary Propels North America and Europe Market to Fore
From a geographic perspective, South America, North America, Europe, Asia Pacific, and the Middle East and Africa are key regions into which the global fencing market can be divided. North America, of them, holds a leading share of 32.0% because of the rising industrial and residential construction projects in the region. Europe trails North America in terms of market share. Developed infrastructure and an increased thrust on security and safety has served to propel the market in Europe. Another factor boosting the market in the region is the constant thrust on product innovation by manufacturing companies to suit the specific needs of their customers. Overall, the markets in North America and Europe are being filliped by the need to protect pets and also better bulwark against thefts and other forms of crime.
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In terms of growth rate, Asia Pacific is expected to surpass all other regions by clocking a CAGR of 5.0% over the course of the forecast period. Factors stoking growth in the market in the region are upgrading and renovation works and rapid building of new houses. The end-use segments of industrial and commercial are also expected to drive substantial growth in the region.
Prominent participants in the global fencing market are Allied Tube and Conduit, Jerith Manufacturing Company Inc., Ameristar Fence Products Inc., Betafence NV, Associated Materials LLC, Bekaert, Long Fence Company Inc., Ply Gem Holdings Inc., Gregory Industries Inc., and CertainTeed Corporation.