Portland, OR, Nov. 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global composite decking and railing market was estimated at $2.63 billion in 2020 and is expected to hit $9.18 billion by 2030, registering a CAGR of 12.6% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Increasing need for beautification of buildings and emergence of high quality fabric material drive the growth of the global composite decking and railing market. On the other hand, certain harsh weather conditions impede the growth to some extent. However, rapid urbanization of developing countries is anticipated to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Restriction in construction activities gave way to a steep decline in demand for composite decking and railing materials, thereby impacting the market negatively, especially during the initial period.
- Nevertheless, as the global situation is getting ameliorated, the market is projected to revive soon.
The global composite decking and railing market is analyzed across type, application, resin type, composition, product type, and region. By type, the uncapped segment held the highest market share in 2020, holding more than three-fifths of the global market. The capped segment, however, is projected to manifest the fastest CAGR of 13.0% from 2021 to 2030.
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By application, the residential sector segment contributed to the major share in 2020, accounting for nearly two-thirds of the global market, and is expected to lead the trail during the forecast period. Simultaneously, the non-residential sector segment is anticipated to cite the fastest CAGR of 13.3% from 2021 to 2030.
By region, North America held the highest market share in terms of revenue 2020, garnering more than two-fifths of the global market. LAMEA, on the other hand, is projected to showcase the fastest CAGR of 14.0% throughout the forecast period.
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Top Players:
The key market players analyzed in the global composite decking and railing market report include Fortress Building Products, (Fiberon), Genova Products Inc., Axion Structural Innovations LLC, Green Bay Decking, Shanghai Seven Trust Industry Co., Ltd, Fortune Brands Home & Security, Inc., The AZEK Company Inc. (TimberTech), UPM, Trex Company, Inc., and UFP Industries, Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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