U.S. Plastic Fencing Market size was valued at USD 955.53 Million in 2017 and is expected to witness growth of more than 8.5% CAGR from 2018 to 2024.
U.S. Plastic Fencing Market, By Material, 2013 – 2024 (Million Linear Feet)
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The resurgence of construction industry post-recession will provide a positive outlook for the market. The U.S. construction expenditure was estimated at USD 1.1 trillion in 2015 and is expected to witness steady growth to reach USD 1.5 trillion by 2020 providing lucrative opportunities for the players in the plastic fencing market.
Growing consumer awareness on safety and security coupled with the availability of high durable, low maintenance and cost-effective fencing materials have augmented the market growth. Furthermore, the increased government spending on renovation and safety measures for public properties has propelled the demand for fencing materials
Although the continuing use of wood and metal fences owing to traditional and classic appeal may hamper the product demand. The fluctuating prices of raw material due to unstable crude oil prices is another key factor shaping the market dynamics. However, the increasing penetration of materials such as HDPE owing to their resistance to decay, corrosion, weatherproofing when compared to wood and metal fencing will positively influence the market growth.
Vinyl fencing held the largest share in the plastic fencing market accounting for 33.67 Million Linear Feet in 2017. The low maintenance cost and superior mechanical properties including weather resistance, wear resilience and scratch resistance will propel the usage of the material in fencing over the coming years. In addition, major players offering innovative products such as reflective fence and pre-woven vinyl fence to meet the aesthetic demands of the consumers will further drive the market growth.
Private Fencing will witness steady gain at 6.7% up to 2024. The growing awareness of safety & security due to an increase in crime rates is a key factor driving the market. The shifting trend towards enhancing the aesthetic appeal and value of the property will assist in product penetration. Furthermore, the favorable shift in macroeconomic conditions coupled with accelerating residential construction is expected to bolster the privacy fencing industry growth
Residential sector accounted for more than 50% of the overall industry share in 2017. Rapid urbanization coupled with the resurgence of the real estate industry are key factors fueling the business growth. The U.S. residential sector is estimated to witness an expansion of 160,000 new establishments over the coming years providing lucrative opportunities for the market players. Furthermore, the shifting consumer preference towards aesthetically appealing exteriors will boost the market growth.
Major industry players operating in the U.S. plastic fencing market are Associated Materials, Southern Vinyl Manufacturing, Walpole Outdoors, Superior Plastic products and CertainTeed. The market is highly fragmented owing to the presence of both local players and multinational companies. Key players lay emphasis on expansion and growth strategies including mergers & acquisition, product portfolio expansion, supply agreements and collaborations to expand their presence in the market. For instance, in 2017, AZEK Building Products and Walpole Outdoors were engaged in a collaboration to improve their supply of pre-manufactured PVC kits.
The rising demand from residential, agriculture, industrial and commercial building to ensure privacy and safety will fuel the market growth for plastic fencing market. Major players in the market are introducing a wide range of customizable products to meet the growing demands of the consumers. The superior features provided by plastic fencings such as weather and abrasion resistance, low maintenance and aesthetic benefits are enticing the consumers to consider them as an effective alternative for traditional wood and metal fencing, in turn, spurring the market growth. Moreover, the increasing government spending on public infrastructure coupled with initiatives to improve the safety & security of government premises will further stimulate demand.