Press Release
Press Release
According to a new report by EMR titled, ‘Global Fencing Market Report and Forecast 2024-2032’, the global fencing market stood at a value of around USD 33.73 billion in 2023. The market is further expected to grow at a CAGR of 6.5% in the forecast period of 2024-2032 to attain nearly USD 59.49 billion by 2032.
The fencing market is driven by the rising application of fence in the industrial sector. Machine safety in manufacturing is of utmost importance. Proper fencing provides security and protection to the machinery, equipment, and employees as well. Safety fencing systems in various industries are used as a physical barrier between equipment operators and potentially dangerous machines, in order to prevent catastrophic accidents which have the potential to kill or severely injure the employees. Industrial fencing also protects the equipment from being theft or being misused by an outsider.
In terms of region, North America is likely to account for a significant share in the market, owing to the rising demand for fence from the residential and agricultural sector. The growing efforts by the real-estate housing in countries, like Canada and United States of America, is anticipated to bolster the global fencing industry, owing to the growing need for safety and security of the elderly population. In terms of agriculture, the growing demand for fence in the farming industry is likely to aid the market growth in the region. The fence used towards farming protects the crops from wild animals or herbivores, such as deer, antelope, and panda, among others.
In June 2021, Bekaert (EBR: BEKB) announced the expansion of its Bekaert Lipetsk plant in Russia. The expansion of the plant will be focused on bolstering the new production line of bead wire, and expansion of the current tire cord manufacturing capacity. The agricultural portfolio of Bekaert includes barbed wire, field fence, fixed knot, smooth wire, non-climb fencing, along with a wide range of fence accessories. The Benzinal coated steel wire, offered by the company, happens to be corrosion and heat resistance, and is likely to witness a high demand for the border protection in conflicted areas.
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The major players in the fencing industry include Atkore International, Ameristar Perimeter Security, Bekaert, Betafence, CertainTeed Corporation, and Gregory Industries, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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