The global wooden decking market is anticipated to garner a CAGR of 1.37% during the forecast period (2017-2023), Market Research Future (MRFR) unveils in a detailed report. A deck can be referred to as a flat surface which can support weight. A deck is often constructed outdoors, similar to a floor, and is elevated from ground level. Wooden decking is generally used to construct garden landscaping, patios, extend living areas, and others.
Market Potential and Pitfalls
The global wooden decking market has witnessed a tectonic surge over the past few years, mainly due to the surging renovation and home improvement projects, especially in developed economies. Wooden decking is extensively used to build garden landscaping, patios, railings, extend living areas, and others. With the surging demand for low-maintenance and environmentally sustainable building products, the global wooden decking market is predicted to experience a thrust. Companies across the world are highly focusing on investing a huge amount on infrastructure, which will dictate the growth trajectory of the market. Moreover, with accelerating urbanization, the market is predicted to grow in the foreseeable future.
On the contrary, the extensive availability of substitutes like plastic decks is predicted to restrict the growth of the wooden decking market in the foreseeable future.
Global Wooden Decking Market: Segmental Analysis
The wooden decking market is segmented on the basis of application, type, and end user.
By type, the wooden decking market is segmented into redwood, pressure-treated wood, tropical hardwood, cedarwood, and others. Of these, the pressure-treated wood segment acquires the largest share as this type of wood is long lasting and durable. Pressure-treated wood can withstand extreme icy as well as moist conditions. It can also become resistant to internal decaying, insects, and rots, on being treated with waterborne preservatives. Such benefits have increased its preference among consumers.
By application, the wooden decking market is segmented into wall, floor, railing, and others. Wooden decks are highly preferred on walls, railings, and floorings, mainly due to aesthetic benefits.
By end user, the market is segmented into residential and non-residential. Of these, the residential segment is likely to dominate and is predicted to expand at the highest CAGR over the forecast period. Surging demand for wood decking across the residential segment due to changing consumer lifestyles and surging consumer disposable income are some of the factors predicted to propel the market’s growth in the residential segment. Also, the soaring demand from renovation and home improvement projects is likely to trigger the demand from the market.
Geographically, the wooden decking market spans across Europe, North America, Asia Pacific, and Rest of the World (RoW).
Considering the global scenario, North America is predicted to acquire the largest share in the global market. The soaring demand for low-maintenance building products in this region is propelling the market growth. The U.S. is considered to be the largest contributor in North America as well as globally, as residential structures and commercial developments are likely to trigger demand from the regional market. The rising consumer preference for sustained investments and green buildings in commercial real estate has positively influenced the market growth in the region.
Europe bags the second position in the market for wood decking. The surging volume of revamp and repair activities for existing infrastructure has created a huge potential for the market in the region.
The Asia Pacific will expand at the highest CAGR in the foreseeable future, mainly due to the booming construction activities in the region. Economies like India, China, Japan, and Singapore are considered the prominent markets in APAC. Soaring residential and non-residential construction activities propel the market growth in APAC. The surging awareness regarding wooden decking among the consumers is likely to offer growth opportunities for the market in the foreseeable future. The soaring preferences of consumers for lavish infrastructure is further predicted to offer the market a boost.
The players dominating the global wooden decking market include UPM-Kymmene Corporation (Finland), Mohawk Industries, Inc. (U.S.), West Fraser Timber Co. Ltd. (Canada), Weyerhaeuser Company (U.S.), Metsa Group (Finland), Universal Forest Products, Inc. (U.S.), James Latham plc (U.K.), Setra Group (Sweden), Humboldt Redwood Company and Mendocino Redwood Company (U.S.), Cox Industries Inc. (U.S.), Trex Company, Inc. (U.S.), Vetedy Group (U.S.)., Shaw Industries Group, Inc. (U.S.), Danzer (Austria).