Wooden Decking Market Estimated To Witness High Growth Owing to Increasing Renovation and Remodeling Activities
The Wooden Decking market is estimated to be valued at US$ 23107.38 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Wooden decking is used as outdoor flooring for patios, backyards, balconies, and roof terraces. It is made from various types of wood including cedar, redwood pine, pressure treated wood and tropical hardwood. Wooden decking provides an attractive, long-lasting, and durable surface for outdoor living and recreation areas. It enhances the aesthetic appeal and value of the property. Wooden decking is used in residential and commercial constructions for terraces, walkways and other outdoor spaces.
Market Dynamics:
The growing renovation and remodeling activities across the residential sector is driving the growth of the wooden decking market. According to the Joint Center for Housing Studies of Harvard University, the remodeling expenditures in the U.S. are estimated to reach over US$ 340 billion by 2023. Furthermore, increasing spending on outdoor living spaces such as decks, patios and gardens is augmenting the market growth. Consumers are increasingly choosing wood decking owing to its superior appearance and environment friendly nature compared to plastic or composites. Also, rapid urbanization coupled with rising disposable incomes in developing regions is fueling the construction of new residential and commercial infrastructure, thereby boosting the demand for wooden decking.
SWOT Analysis
Strength: Wooden decking offers an aesthetic and natural appeal that concrete and composite decking cannot compete with. It is sustainable and environmentally friendly. Wood decks are relatively inexpensive to maintain and can last for decades with proper care.
Weakness: Wood is prone to damage from moisture and requires regular maintenance such as periodic staining or sealing to prevent rot and decay. Pests such as termites can damage untreated wood. tropical hardwood varieties are not always locally and legally sourced.
Opportunity: Increasing infrastructure spending on residential and commercial construction projects across developed and emerging economies will drive the demand for wooden decking. Rapid urbanization is triggering the rise of multi-family housing with outdoor decks.
Threats: Composite and plastic decking materials pose a threat as they eliminate the need for regular upkeep. Stringent environmental regulations restricting the use of tropical hardwoods can reduce raw material supply. Climate change may impact wood durability and engineering properties over the long run.
Key Takeaways
Global Wooden Decking Market Demand is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing investments in residential and commercial construction projects across developed and developing regions.
Regional analysis:
North America dominates the wooden decking market, accounting for around 45% share of the global market revenues in 2023. High prevalence of single-family houses with decks in the US and Canada drives the regional market. Asia Pacific exhibits the fastest growth aided by rising construction activities in China, India and other Southeast Asian countries.
Key players analysis:
Key players operating in the wooden decking market are The AZEK Company Inc., Trex Company Inc., Fiberon, United Construction Products Inc. (BISON Innovative Products), Metsa Wood Thermory. These manufacturers are focusing on new product launches made from sustainable timber varieties and composites to cater to the growing demand.
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