Newark, NJ, Oct. 27, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global wooden decking market expects to grow from USD 15 billion in 2020 and reach USD 21.33 billion by 2028, growing at a CAGR of 4.5% during the forecast period 2021-2028.
Decking is a term used to describe wooden boards fastened to the ground in a garden or other outdoor space and used for walking. It's adaptable, and cutting and rearranging it to create different designs and layouts is simple. These decks' cost-effectiveness, outstanding durability, and attractive design are just a few of its benefits. Wooden decks are growing more popular as people want to spend more time outside and have more room in their homes. Wooden decking is being utilized in a range of homes for building patios, landscaping for gardens, and extending the living area due to its simplicity of design versatility and adaption to diverse applications.
Decking aids in transforming a plain-looking backyard into a relaxing or entertainment area for family and friends. Wooden decks have become popular because they encourage outdoor living and provide a home with more space. Due to its simplicity of design versatility and adaptation to various purposes, wooden decking is being utilized in many homes for establishing patios, landscaping for gardens, or extending the living area. Wood decks are becoming more popular among consumers due to their extended lifespan and low maintenance requirements. Homeowners' spending on decks, patios, balconies and other outdoor living areas is projected to substantially impact decking material demand shortly.
Growing Wooden Decking across the globe, versatility in nature, expanding infrastructural development, high durability, rapid industrialization, and strong economic circumstances are the factors driving the market. Rising worries about high maintenance expenses and the cost of hardwoods being more expensive than other decking materials are limiting market expansion. Market growth possibilities are predicted to be provided by rising awareness of wooden decking, rising demand for new-style buildings, and rapid industrial development.
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Key players operating in the global wooden decking market include Vetedy Group, Humboldt Redwood Company, Koppers, UFP Industries, AZEK Building Products, Cox Industries Inc., Alfresco Floors, Kebony Mendocino, Redwood Company, United Construction Products, Metsa Wood, DuraLife, Universal Forest Products, James Latham PLC, Setra Group and Weyerhaeuser Company. To gain a significant market share in the global Wooden Decking market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Pressure-Treated Wood dominated the market and held the largest market share of 48% in the year 2020
Based on type, the global wooden decking market is segmented into pressure-treated wood, redwood, cedar. The pressure-treated wood segment dominated the market and held the largest market share of 48% in 2020. This growth is attributed to low cost and availability. Southern yellow pine and Douglas fir are the most commonly used pressure-treated woods for decking. This wood is usually softwood that has been chemically treated to make it pest and moisture resistant.
Floors segment dominated the market and held the largest market share of 60% in the year 2020
Based on application, the global wooden decking market is segmented into railing, walls, floors. The floors segment dominated the market and held the largest market share of 60% in 2020. This growth is attributed to the increasing demand for premium products, rising demand for aesthetically pleasing, durable alternatives to traditional flooring materials, and increased awareness of energy-efficient housing.
The residential segment dominated the market and held the largest market share of 70% in the year 2020
Based on end-user the global wooden decking market is segmented into residential and non-residential. The residential segment dominated the market and held the largest market share of 70% in 2020. This growth is attributed to the increasing consumer preference for green buildings, sustained investments in commercial real estate, and government rules that will boost the market for wood goods.
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Regional Segment of Wooden Decking Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global wooden decking market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region held the largest market share of 41.16% in the year 2020. This growth is ascertained by the U.S. in the North America region owing to expanding population causing a rise in residential building, which will enhance total demand for wooden decking. However, growing home repair spending has substantially impacted the demand for wooden decking in the country. Because of the growing acceptability of wooden decking, changing lifestyles, and rising disposable income in Europe, the market is likely to increase significantly. The Asia-Pacific region is witnessing significant growth and holds the largest share by growing construction activities in the region. Further, to improve the visual aspect of a property, several homebuilders and homeowners are installing decking systems in patios and gardens.
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About the report:
The global wooden decking market is analyzed based on value (USD billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insights into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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