Global Wooden Decking Market Is Estimated To Witness High Growth...

Global Wooden Decking Market Is Estimated To Witness High Growth Owing To Increasing Demand for Outdoor Living Spaces and Growing Construction Industry Trends

Posted 2023-11-01 12:12:26

The Global Wooden Decking Market is estimated to be valued at US$20,851.70 million in 2021 and is expected to exhibit a CAGR of 5.27% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Wooden decking refers to the construction of outdoor platforms or floors using wood materials. It is widely used for enhancing outdoor living spaces, such as patios, pool areas, and garden landscapes. Wooden decking offers various benefits, including aesthetics, durability, and ease of installation. It provides an attractive and natural look to outdoor areas, and it is highly customizable to suit the specific design requirements of residential and commercial properties. The market for wooden decking is driven by the increasing demand for outdoor living spaces, along with the growing construction industry trends.

Market Dynamics:
The wooden decking market is driven by two main factors: the increasing demand for outdoor living spaces and the growing construction industry trends. With the rising trend of creating comfortable and functional outdoor areas, the demand for wooden decking has significantly increased. Homeowners and commercial property owners are investing in wooden decks to create attractive and functional outdoor spaces for relaxation and entertainment purposes. Additionally, the growth of the construction industry, especially in developing economies, is fueling the demand for wooden decking materials. The construction of residential and commercial buildings, coupled with urbanization and infrastructure development, is driving the market growth. These factors are expected to positively impact the growth of the global wooden decking market over the forecast period.

SWOT Analysis of the Wooden Decking Market:

Strength:
- The wooden decking market has experienced consistent growth, with a CAGR of 5.27% expected from 2022 to 2030.
- Increasing consumer preference for wooden decks due to their aesthetic appeal and durability is a major strength.
- The market is supported by the availability of a wide variety of wood species and finishes.

Weakness:
- One weakness of the wooden decking market is the relatively high maintenance required compared to alternative decking materials.
- The susceptibility of wooden decks to damage from weather conditions, pests, and decay is another weakness that may deter some consumers.

Opportunities:
- With the growing focus on sustainable and eco-friendly construction practices, there is an opportunity for wooden decking materials to promote their environmental benefits.
- The increasing demand for outdoor living spaces and the trend of utilizing rooftops and balconies for leisure activities offer opportunities for the wooden decking market to expand.

Threats:
- The availability of alternative decking materials, such as composite and plastic decking, poses a threat to the wooden decking market.
- Fluctuating prices of raw materials, such as wood, can impact the profitability of the market.

Key Takeaways:

The Global Wooden Decking Market is expected to witness high growth, exhibiting a CAGR of 5.27% over the forecast period. This growth can be attributed to the increasing preference for wooden decks due to their aesthetic appeal and durability. The market size is projected to reach USD 20,851.70 million in 2021.

Regionally, North America is the fastest-growing and dominating region in the wooden decking market, with a significant demand for outdoor living spaces and a preference for wooden decks in residential and commercial projects.

Key players operating in the wooden decking market include The AZEK Company Inc., Deckorators Inc., DuraLife Decking & Railing Systems, Kebony AS, Trex Company Inc., and others. These companies have a strong market presence and are focused on product innovation and expanding their customer base.