New York, USA, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Wooden Decking Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Wooden Decking Market Information by Type, Application and End User, and Region - Forecast till 2030”, the market is estimated to grow at a 4.70% CAGR to reach USD 7,391.30 Million by 2030.
Market Synopsis
A wooden platform that is constructed on the ground and attached to the structure is frequently used as the house deck. Typically, a railing surrounds it to ensure safety. Doors from the house or even a stairway from the ground are typically used for access. Residential decks are typically located in rocky or steep terrain that would otherwise be unusable. Decks can be shaded from the sun by installing a pergola or canopy.
Wooden decking is used in a variety of applications, including as a landscape feature in the yard that helps extend the living space of the home and as an alternative to stone-based elements like patios. Aluminum, composite material, treated lumber, and composite material can all be used to make decks.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 7,391.30 Million |
| CAGR | 4.70% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application and End User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Most of the people are spending heavily on interior design and home renovation projects. |
| The rapidly growing demand for wooden decking in the new age and smart homes and industry. |
Market Competitive Landscape:
The important companies in the wooden decking industry are
- Mohawk Industries, Inc. (U.S.)
- UPM-Kymmene Corporation (Finland)
- Weyerhaeuser Company (U.S.)
- West Fraser Timber Co. Ltd. (Canada)
- Universal Forest Products, Inc. (U.S.)
- Metsa Group (Finland)
- Setra Group (Sweden)
- James Latham plc (U.K.)
- Cox Industries Inc. (U.S.)
- Humboldt Redwood Company & Mendocino Redwood Company (U.S.)
- Vetedy Group (U.S.)
- Trex Company, Inc. (U.S.)
- Danzer (Austria)
- Shaw Industries Group, Inc. (U.S.)
The competition in the wooden decking market is extremely cutthroat, in line with the surge in R&D activities and the launches of new technologies by value chain players. Additionally, major businesses are implementing a variety of corporate expansion methods in order to increase their footprint on a regional and international scale.
Market USP Covered:
Market Drivers:
The surge in remodeling and restoration projects has resulted in the stunning expansion of the wooden decking market. Most often, wood decking is used in the construction of new homes, the repair of damage to existing ones, and the renovation of existing residences. It's also used in residential buildings for a range of things, like flooring, walkways, swimming pool decks, and cladding and siding. The Asia-Pacific region is expected to be the largest and fastest-growing construction industry in both the residential and commercial sectors, accounting for close to 45% of global construction spending.
One can also expect the developed countries' mounting need for housing and opulent infrastructure to promote market expansion. The US Census Bureau estimates that the country spent over USD 1400 billion on private and public construction in 2020. Additionally, the government declared plans to invest roughly USD 140 billion for significant infrastructure improvements in the nation by 2028 as part of the "Investing in Canada Plan." The government intended to sanction USD 5.6 billion in funding for brand-new infrastructure projects between 2019 and 2020.
Market Restraints:
It is likely that the market expansion can be hampered by the rising replacement of wooden decking with composite decking. Building decks and outdoor spaces with composite decking is becoming more and more common. It is intended to provide unparalleled beauty, exceptional durability, and minimal care.
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COVID 19 Analysis
The COVID-19 pandemic considerably impacted the wooden decking market. Several nations had to go into lockdown in order to contain the growing number of cases due to the pandemic scenario. The result has been a disruption in the demand and supply chains, which has had an impact on the global market. Due to the pandemic crisis, several operations, manufacturing facilities, and infrastructure projects had to be suspended.
COVID-19 led to fluctuations in raw material prices, slowing down the global market's expansion. On the plus side, things are beginning to return to normal, which bodes well for future market growth. Additionally, the development of vaccines against the new coronavirus and the restart of various production facilities throughout the world would lead to the global market's full-scale capacity.
Market Segmentation
By Type
Pressure-treated wood, Redwood, Cedar, and Tropical hardwood are the major types of wooden decking products in the market.
The biggest share of the wooden decking market is held by the pressure-treated wood sub-segment. This is because pressure-treated wood is more affordable and lasts longer because it is durable and sturdy. It is particularly adept in keeping out moisture and resisting cracking when exposed to frosty and bitterly cold temperatures.
By Application
Floor, Wall, Railing and others are the key segments depending on wooden decking.
By End-User
Non-residential and residential are the end-users of wooden decking.
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Regional Insights
One of the world's greatest economies is that of North America, with the United States and Canada holding the top two spots. The greatest and most potent economy in the world is that of the United States. The expansion of the residential sector is anticipated to boost the US building industry. Florida, Georgia, North Carolina, Utah, Tennessee, Ohio, California, Idaho, and South Carolina all saw increases in single-family residential buildings. Geographically, the southern region of the nation is anticipated to grow at the fastest rate, followed by the western, midwestern, and northeastern regions.
Both the residential and commercial sectors have recently experienced consistent growth in Canada. The Panda Condominium, Harwood Condominium, Power and Adelaide Condominium, and Amazon Distribution Centre/Ottawa are some of the biggest development projects in the nation. The government announced intentions to invest almost USD 140 billion for significant infrastructure improvements by 2028 as part of the "Investing in Canada Plan."
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
