CLEVELAND, Oct. 19, 2021 /PRNewswire/ -- Installing new patios was one of the big trends of the home-renovation boom of the pandemic era, as consumers sought to expand the amount of space available in their yards for activities such as gardening, cooking, entertaining, swimming, or just enjoying the scenery:
- Pools and spas, outdoor kitchens, and other high-value outdoor living installations such as gazebos and sheds - all in high demand among homeowners throughout the pandemic - often require hardscaping for their installation.
- Additionally, many restaurants and bars trying to stay afloat during the pandemic expanded and upgraded outdoor seating areas by installing patios and other hardscapes to allow for social distancing.
Paver Sales Remain Elevated in Short Term as Contractors Catch Up on Backlog
As a result of these trends, demand for pavers - a popular hardscaping product used in patio installations - jumped nearly 7% in 2020, according to a new Freedonia Group analysis. However, while DIY sales surged in 2020, the professional market did not grow as fast, preventing even faster growth overall - and leaving additional room for growth in the short term:
- In addition to financial uncertainty, healthy concerns, and other factors related to the pandemic hindering sales early in the pandemic, labor shortages, long wait times, and supply chain slowdowns caused some projects to be deferred further even as economic conditions improved.
- While long waits and supply chain issues have persisted through 2021, they continue to become less of a factor, allowing more delayed projects will be completed.
The study forecasts near-term sales of pavers to remain elevated as pent-up demand for large-scale hardscaping installations is fulfilled. However, the large number of installations completed during the pandemic era will limit sales opportunities going forward, and growth will moderate through 2025 to $1.7 billion, with most gains stemming from price increases.
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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:
About the Freedonia Group- The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
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SOURCE The Freedonia Group