November 10, 2023 09:16 ET | Source: The Insight Partners The Insight Partners
Pune, India, Nov. 10, 2023 (GLOBE NEWSWIRE) -- According to our latest market study on “Plastic Fencing Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Material and Application,” the global plastic fencing market size was valued at US$ 6.25 Billion in 2022 and is projected to reach US$ 9.36 Billion by 2030; it is anticipated to record a CAGR of 5.2% from 2022 to 2030. The report highlights key factors driving the market growth and prominent players along with their developments in the market. PVC Picket Fences
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In 2022, Asia Pacific dominated the plastic fencing market. The plastic fencing market in Asia Pacific has witnessed major growth in recent years, owing to the well-established construction sector and increased emphasis on sustainable practices. Countries in the region are witnessing a growth in urbanization, an increase in residential sector, which offer ample opportunities for key market players in the plastic fencing market. China is one of the largest markets for plastic fencing, driven by the country's large construction set-up. China is one of the fastest-growing economies in the world. Almost all industries in the country are flourishing due to improving living standards, increasing population, and growing per capita income. China is expected to spend US$ 13 trillion yearly on the construction of buildings by 2030.
According to the National Bureau of Statistics of China, the construction output value in the country grew from US$ 1.51 trillion in 2010 to US$ 4.18 trillion in 2020. In addition to the continuous population growth, rising household income levels and the increasing number of people migrating from rural to urban areas favor the proliferation of the residential construction industry in the country. The augmented focus on affordable housing by the public and private sectors further contributes to progress in the residential construction industry, thereby boosting the demand for plastic fencing. Further, the housing authorities of Hong Kong have launched various measures to encourage low-cost housing. The officials aim to offer 301,000 public housing units by 2030. Such proactive initiatives by the government of China fuel the plastic fencing market growth in the country.
On the other hand, several emerging enterprises looking for cost-efficient manufacturing units are venturing into the Indian marketplace. Several international chemical and materials manufacturers are setting up their production units in India due to the remarkable availability of a cheap workforce in the country. According to Invest India, estimated FDIs in the construction development sector (housing, townships, built-up infrastructure, and construction development projects) and construction (infrastructure) activities reached US$ 24.72 billion in March 2021 to US$ 26.08 billion in April 2022. By 2025, the construction business in India is expected to hike up to stand as the third largest in the world. The stable growth of the building and construction industry is supporting the growth of the plastic fencing market in India. Japan is the world's third-biggest economy and has a high per capita income population, making it profitable and high investment criteria for many in the plastic fencing industry. Many foreign and domestic investors are investing in the residential property sector of Japan. For instance, in January 2022, Allianz Real Estate increased its investment in the Japanese residential property sector by USD 1.6 billion. These foreign investments in the residential and non-residential construction sectors are expected to propel the demand for construction material, including plastic fencing. Thus, the growing residential sector in the region are projected to fuel the plastic fencing market during the forecast period.
Moreover, various government plans supporting construction activities is also the major factor in driving the plastic fencing market. The increase in residential and non-residential construction activities across the world is providing growth opportunities for the plastic fencing market. For instance, Saudi Arabia launched its Vision 2030 to diversify its economy, modernize its administration, and introduce bold reforms in many sectors. Saudi Arabia is targeting to increase the contribution of its construction sector to the overall GDP. Due to its Vision 2030, the country’s construction market shows significant growth and offers lucrative potential. The ambitious Saudi Vision 2030 plan drives growth in construction activities in residential and non-residential segments. In India, the government-supported housing sector at the national level through the allocation of sizeable funding for housing with the national 2021 Budget. The funding included US$ 6553.97 million (Rs 50,000 crore) allocated to the Ministry of Housing and Urban Development (MoHUA) as well as the creation of US$ 3.5 billion (about Rs 25,300 crore) fund to support the completion of stalled housing projects. Along with this, UK construction Vision for 2025 is also increasing the focus on developing smart and sustainable residential and non-residential construction projects. Thus, an increase in the government plans for supporting construction activities is providing growth opportunities for the plastic fencing market.
Plastic Fencing Market Analysis: Competitive Landscape and Key Developments
Barrette Outdoor Living, CertainTeed, Durafence, ITOCHU Corporation, Pexco, Planet Polynet, Seven Trust, Superior Plastic Products, Tenax, and Veka AG are a few of the major players operating in the global plastic fencing market. Many market players are focused on developing high-quality, innovative product offerings to fulfill the customer’s requirements.
The report includes the segmentation of the global plastic fencing market as follows:
The global plastic fencing market, based on material, is segmented into polyethylene, plastic composites, vinyl, and others. By product, the market is segmented into picket fence, post and rail fence, gates, and others. Based on application, the market is segregated into residential, commercial, and others. By geography, the global plastic fencing market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The global plastic fencing market in North America is further segmented into the US, Canada, and Mexico. The global plastic fencing market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The global plastic fencing market in Asia Pacific is further categorized into Australia, India, Japan, China, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. Further, the global plastic fencing market in South & Central America is categorized into Brazil, Argentina, and the Rest of South & Central America.
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Impact of COVID-19 Pandemic on Global Plastic Fencing Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 outbreak disrupted the supply chain of key raw materials and hampered the growth of the plastic fencing market. The adverse effects of the pandemic on the construction industry reduced the demand for plastic fencing from these industries across the globe.
Various economies have started reviving their operations. As a result, the demand for plastic fencing has started increasing. The rising use of plastic fencing in construction is expected to offer opportunities for the global plastic fencing market during the forecast period.
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