CLEVELAND, Oct. 21, 2021 /PRNewswire/ -- Paver sales will continue to receive a boost from outdoor living and hardscaping trends, according to a new Freedonia Group analysis.
Already a growing trend pre-pandemic, interest in outdoor living and hardscaping increased significantly in 2020 as homeowners sought to improve the functionality of their outdoor spaces in order to provide a safe and aesthetically pleasing area to socialize and entertain:
- The rising popularity of outdoor living will continue to spur increasingly elaborate home renovation projects – such as installing pools and outdoor kitchens to supplement existing seating, dining, and grilling areas – many of which will involve the use of pavers.
- Design trends promoting use of higher value hardscaping products – such as colored/textured concrete pavers and porcelain pavers – will also bolster sales.
US Demand for Pavers to Reach $1.7 Billion in 2025
The Freedonia Group forecasts US demand for pavers to increase 2.6% per year through 2025, with most gains stemming from price increases:
- Unit growth will be restrained by competition from clay brick pavers (excluded from the scope of this study) due to their aesthetic appeal and comparable price.
- Additionally, demand was already at a high base in 2020, when the residential market was relatively strong. While unit sales of pavers will remain elevated into 2022, they will begin to decline from their peak before 2025, dragging down average growth.
Demand for pavers will be supported by strong consumer interest in outdoor living and hardscaping. This will continue to benefit installation of paved patios and walkways, primarily in residences, but also in nonresidential buildings such as offices, buildings, restaurants, and parks.
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Pavers examines the US paver industry by product, market, and material. Historical data (2010, 2015, and 2020) and forecasts for 2025 and 2030 are presented for paver demand in current US dollars (including inflation) and in units.
Pavers are categorized by two types:
The market scope of the study consists of the following types:
- residential markets (conventional single-family houses, multifamily structures such as apartments, and manufactured housing)
- commercial markets (institutional buildings; office, trade, and lodging structures; industrial facilities; and other commercial facilities such as airport and bus terminals, recreational buildings, police stations, fire stations, and prisons)
- nonbuilding markets, including transportation infrastructure such as highways and streets; and utilities, including sewer and water supply, power, and telecommunications infrastructure
Residential and commercial markets include both new construction and renovation.
Demand for pavers is also segmented by the following US geographic regions:
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SOURCE The Freedonia Group