The residential fencing market is projected to grow at an annual rate of 3.3%, according to a recent report from The Freedonia Group. The Cleveland-based research organization forecasts homeowners will continue to invest in wood fencing, primarily privacy and picket types, due to the material's widespread availability and relatively low cost.
The Freedonia Group's Chain Link Fencing, Plastic Fencing, Wood Fencing, and Residential Fencing report suggests prefabricated wood fencing will record faster market advances than individual components assembled on site. Prefabricated wood fencing accounted for 67% of wood fencing demand in 2019 as consumers continued to favor the aesthetics of wood. Prefabricated wood fencing remains in high demand because the use of prefab materials helps reduce time and labor costs during construction. Additionally, the ease with which prefabricated panels can be installed can help contractors alleviate the burden of the skilled labor shortage and more easily install panels with less required training for workers.
The report projects plastic fencing demand will increase at an annual rate of 5.3% through 2024, the fastest of any material segment. The residential market remains the dominant outlet for the material as homeowners increasingly opt for vinyl fencing as an alternative to wood, especially in new residential markets.
The full analysis of the $8 billion U.S. fencing market is available for purchase from The Freedonia Group.
