NEWARK, Del, May 19, 2023 (GLOBE NEWSWIRE) -- The global wooden decking market size is likely to be valued at US$ 7.8 Billion in 2023. The increasing application of high-quality wooden decks across the residential sector is driving the market growth. The market is estimated to garner US$ 10.4 Billion in 2033, recording a CAGR of 2.9% from 2023 to 2033.
Increasing repair and remodeling projects have resulted in the increased expansion of the wooden decking market. The wooden decking market is expected to grow during the forecast period owing to increasing urbanization and increased investment in infrastructural development in emerging economies.
Technological advancement in the manufacturing process and the development of new materials lead to the sustainability of wooden decks. These advancements are likely to drive the demand for the wooden deck market.
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Increasing applications in the residential and commercial sectors have created opportunities for market growth. The rising demand for eco-friendly and sustainable flooring solutions is expected to drive the growth of the market during the forecast period.
The increasing investments in construction coupled with rising consumer preferences for aesthetics are the factors anticipated to positively influence the market over the forecast period. Growth of residential and non-residential application segments backed with population expansion is anticipated to fuel the product demand.
Growing investments in the construction sector in Europe and North America are likely to boost the demand for wooden decking. The increasing investment in real estate projects and the increasing number of hotels, restaurants, and corporate offices in emerging economies such as India and China are expected to drive the wooden decking market growth during the forecast period.
Key Takeaways:
- From 2018 to 2022, the market demand expanded at a CAGR of 3.8%.
- Based on the wood type, the pressure-treated wood segment accounts for a CAGR of 2.7%.
- By construction type, the repair & remodeling segment is expected to expand at a CAGR of 2.5% during the forecast period.
- North America to emerge as a promising market, capturing a CAGR of 2.8%.
- Asia Pacific is an opportunistic market, expected to capture a CAGR of 2.8% during the forecast period.
“Growing popularity of outdoor spaces and technological innovation in wooden decking is expected to drive the market in the forecast period. The increasing demand from the residential sector globally is projected to play a vital role in strengthening the market,” – says a leading analyst at FMI.
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Competitive landscape:
Prominent players in the wooden decking market are Georgia-Pacific LLC; Boral Ltd.; Boise Cascade Company; Builders FirstSource, Inc; AZEK Building Products, Inc., among others.
Some notable developments are as follows:
- In October 2022, AZEK Company Inc. unveiled its newest manufacturing facility in Boise, Idaho - AZEK’s first in the Western part of the United States. The 350,000-square-foot state-of-the-art facility further advances AZEK’s strategy to drive material conversion to its types of sustainable, low-maintenance, and environmentally sustainable outdoor living products, providing capacity that will allow the Company to scale to market demand for its products.
- In September 2022, Fiberon announces the launch of Wildwood composite cladding, providing the unrivalled beauty and warmth of the wood combined with the durability of high-performance, low-maintenance materials. Wildwood composite cladding features an open-joint profile and is available in a variety of board lengths and widths for added design flexibility.
Key Segments Covered:
By Wood Type:
- Pressure Treated Wood
- Redwood
- Cedar Wood
- Others
By Construction Type:
- Repairs & Remodelling
- New Decks
By Application:
- Residential
- Non-Residential
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Know More about What the Wooden Decking Market Report Covers:
Future Market Insights offers an unbiased analysis of the global wooden decking market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the wooden decking market, the market is segmented based on the wood type, construction type, and application across five major regions.
Table of Content (ToC):
1. Executive Summary | Wooden Decking Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Wood
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