United States Lumber Wood Fencing Market Assumed to Grow with a Significant CAGR of 6.5% by 2027
Published | 06 October 2021
The growth of the United States lumber wood fencing market growth can be attributed to increased spending on the construction of buildings across the country. As the Construction Association points out, the industry contributes a great deal to the US economy…
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the United States lumber wood fencing market was worth USD 1,551.0 Million in 2020. According to the study, the market is projected to grow at a CAGR of 6.5% during the forecast period (2021-2027) to reach the valuation of USD 2,391.4 Million by 2027. The rise of the United States lumber wood market can be ascribed to increased spending on building construction in the country. According to the Construction Association, construction is a major contributor to the US economy. The industry employs more than 7 million people and generates $1.4 trillion in revenue. Demand for wood fences in the lumber market is driven by the demand for security and area delineation to protect properties and improve their aesthetic appeal.
Increased Tourism in Rural Areas is Becoming Lucrative Opportunity for Players
According to the U.S. Travel Association, the pandemic and lockdown caused USD 386 billion of cumulative losses. The demand for hotels in rural areas has spiked up as rural and outdoor destinations make it easier for people to distance themselves and enjoy their vacations socially. The latest survey by Destination Analyst revealed that almost 40% of respondents prefer visiting small towns and rural locations. The growing popularity of camping and the decision of firms to pursue remote work are also projected to provide major growth prospects for the wooden wood fencing industry. Some companies, including Adobe, Facebook, LinkedIn, and others, are switching to long-term work from home plans to give employees more flexibility. Rural tourism is likely to increase as a result. As a result, it increases the demand for lumber wood fencing since hotels, inns, or camping sites would be looking for ways to increase their revenue.
The Residential Segment Dominated the United States Lumber Wood Fencing Market
The United States lumber wood fencing market has been segmented into residential, agricultural, and industrial, based on the application. The residential segment dominated the market in 2020, and this trend is expected to continue over the forecast period. The housing sector uses lumber wood fencing to protect their property from animal attacks and enhance their aesthetic appearance. The expanding real estate industry, increasing construction projects, and the growing desire for home décor and privacy and security drive this segment. Additionally, stronger economic conditions in the US and people's desire to own a home have sparked the residential real estate sector's growth. Furthermore, rising safety concerns and increasing construction have propelled the growth of the residential sector.
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Impact of COVID-19 on the United States Lumber Wood Fencing Market
Because of the nationwide lockdown imposed by the US government to prevent the spread of the deadly Coronavirus, the construction industry has seen a decline in market demand. In addition to a labor shortage, a rise in raw materials prices also added to the woes of the industry. Nevertheless, during the lockdown, people began to work on refinishing and DIY projects, resulting in a slight increase in the lumber and wood fencing markets.
During 2020, the country experienced a lumber shortage, which caused lumber prices to soar. In 2020, lumber prices reached a record high of USD 1,688 per thousand boards, up 406% from USD 333 in 2019. Thus, residential housing prices also increased by USD 36,000 as a result of this phenomenon.
Prominent players in the United States lumber wood fencing market are National fence System, Superior Fence and Rail, Northern Fence, Hercules Fence, Smith Fence, Way Side Fence, Penn Fencing, Fence Master Houston, Armor Fence, Florida Fense, and other prominent players. The market players are consistently focusing on developing new raw materials to improve the durability of fences, which can significantly increase profits. Moreover, increasing real estate development and housing development in the United States have created a lucrative opportunity for key players to diversify their product portfolios. The lumber wood fencing market in the United States is expected to be quite competitive. Various market players are focusing on developing and adopting new raw materials to improve the durability of fences, which can significantly help the company's profitability. Additionally, the rising real estate development and increasing housing developers in the United States have created a lucrative opportunity for the key players to diversify their product portfolios.
- In May 2021, American Fence Corporation announced the opening of its eleventh new operation in Madison, Wisconsin. This operation center offers four fencing services in Madison, Wisconsin: commercial contracting, residential contracting, material sales, and gate access controls. With the largest inventory in the Midwest.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the United States lumber wood fencing market statistics. It also highlights the factors driving forecasts of total market size. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market. The report promises to provide recent technology trends in the United States lumber wood fencing market, along with industry insights, to help decision-makers make sound strategic decisions.
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