Outdoor Living Trend Spurring Boom in Hardscape Demand
Despite slow growth in sales of existing homes, sales of hardscape products such as boulders, edging and pavers will see robust growth through 2021.
Demand for hardscape products in the U.S. is expected to increase 5.6% per year to $3.5 billion in 2021, according to a recent study by The Freedonia Group. Despite slow growth in sales of existing homes, which is an indicator of home remodeling trends (including landscaping), sales of hardscape products such as boulders, edging and pavers will see robust growth through 2021. Increasing demand will be buoyed by strong growth in new housing construction, which will support new hardscaping installations when homes are first built. In addition, the rising popularity of outdoor living spaces such as patios and outdoor kitchens, which are often constructed using large volumes of hardscaping, will bolster demand.
Impermeable pavers such as asphalt result in water runoff that may back up sewer systems and pollute water supplies. This has inspired cities to adopt permeable alternatives, most of which are made of concrete, for sidewalks, plazas and parking lots. As a result, concrete pavers accounted for 78% of hardscaping concrete sales in 2016, and demand is forecast to rise 5.9% annually to $1.4 billion in 2021.
Despite a slowdown in demand, decorative products will retain nearly 41% of the landscaping product market in 2021. A spike in sales of outdoor lighting products, including higher-value LED and solar types, as well as healthy growth in pots and planters, will help sustain the projected 3.4% annual growth for decorative landscaping products through 2021, a deceleration from the 2011-2016 period.
For more information, visit www.freedoniagroup.com.