CHICAGO, Sept. 22, 2020 /PRNewswire/ -- According to the new market research report "Fencing Hardware Market by Application (Residential, Commercial and Others), by Hardware Type (Connectors, Post bases, Fasteners, Gate hardware and Others), and Region (North America, Europe, Asia Pacific and Rest of the World) - Global Forecast to 2025", published by MarketsandMarkets™, the Fencing Hardware Market size is estimated to be USD 2.6 billion in 2020 and projected to reach USD 3.1 billion by 2025, at a CAGR of 3.7%.
The market has observed stable growth and expected to grow at same growth rate as the parent construction industry growth is stagnant. However, increasing need for use of different types of fencings to be installed for various housing communities for security and safety purposes to the existing infrastructure are the factors expected to drive market demand for fencing hardware.
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The Fencing Hardware Market includes lesser Tier I and II suppliers like Simpson Strong-Tie (US), National Hardware (US), D&D Technologies (Australia). However, there is a presence of majority local players due to the same the market is fragmented at regional level. These suppliers have their manufacturing facilities spread across various locations at regional levels. COVID-19 has impacted their businesses as well. Multiple small fencing hardware manufacturers business has affected due to COVID-19. Industry experts believe that COVID-19 could affect construction industry by 20-30% globally in 2020. This also translates into a snowballing effect on the Fencing Hardware Market. This could lead to lower expenditure on replacement and new investments on external building structure and fencing hardware along with slowing down the construction activity.
Higher need of housing construction and a greater number of individual houses built every year is expected to result in the residential segment occupying majority of the Fencing Hardware Market share
The residential segment is expected to have the largest market share by value. Growth in remodeling projects & real estates is projected to propel the market over the forecast period. Privacy fences are gaining more popularity since several new communities live in close quarters and the need for fencing is being described as important.
The connectors product by hardware type is estimated to be the fastest growing material segment
Connectors are the fastest-growing hardware product in the Fencing Hardware Market, by type of hardware product. The fastest growth of connectors is attributed to frequent maintenance/replacement required as these products are low-cost and tend to rust in exposure to different weather conditions. The connectors and post bases are estimated to have the largest market share by value. Growth of this segment can be attributed to less/competitive pricing as well as frequent installations due to rusting issues.
Asia Pacific likely to emerge as the highest growing Fencing Hardware Market
The Asia Pacific region is estimated to dominate the Fencing Hardware Market and is projected to grow at the highest CAGR during the forecast period. The market growth in this region can be attributed to the improving socio-economic conditions in emerging economies such as China and India. The increasing construction activities in developing Asia Pacific countries such as, India, Indonesia, Thailand etc.
The Fencing Hardware Market is fragmented at regional level and this creates high level of competition at regional level. The Fencing Hardware Market is dominated by the regional players and fragmented market at regional level. National Hardware (US), Simpson Strong-Tie (US), D&D technologies (Australia), Nuvo Iron (Canada), are some of the key players in this market
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