by The global 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Wooden decks are raised platforms that provide an area for outdoor recreational activities. They are made from various wood types such as redwood, cedar, and pressure-treated pine. Composite wood is also gaining popularity in decking due to its weather resistance and lower maintenance as compared to traditional wood. Wooden decking provides an aesthetic appeal and enhances the overall value of properties.
Market key trends:
One of the key trends in the wooden decking market is the rising demand for eco-friendly and sustainable products. Composite decking made from recycled wood fiber or Thermo-treated wood is witnessing high demand owing to their environment-friendly production process. Composite decking does not require periodic staining and painting like traditional wood, thereby reducing the carbon footprint of maintenance activities. Furthermore, Thermo-treated wood undergoes a heating process that enhances its durability and stability without the use of chemical preservatives. The increasing consumer awareness about sustainability is fueling the adoption of eco-friendly decking materials.
SWOT ANALYSIS
Strength: Wooden decking market has a natural look and feel. It provides thermal insulation and absorbs sound thereby creating a comfortable outdoor space.
Weakness: Wood is prone to splinters, cracks, warping and degradation from exposure to weather over time requiring periodic maintenance. Timber decking is flammable compared to plastic alternatives.
Opportunity: Growth in construction of modern homes with luxury outdoor spaces and increasing remodelling and renovation activities is augmenting demand. Rising popularity of eco-friendly and sustainable construction materials also presents an opportunity.
Threats: Threat from substitute materials like plastic and composite decking. Stringent government regulations regarding deforestation can limit timber supply.
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 demand for aesthetically appealing outdoor spaces in residential and commercial applications.
Regional analysis: North America dominates the market with the largest share due to strong construction industry and increasing spending on home remodelling and improvement activities in the US and Canada. Asia Pacific is expected to be the fastest growing market led by countries like China and India experiencing significant growth in the real estate and construction sector.
Key players operating in the wooden decking market are The AZEK Company Inc., Deckorators Inc., Deck Solutions LLC, DuraLife Decking & Railing Systems, Fiberon, Humboldt Sawmill Company LLC, Kebony AS, Metsa Wood Thermory, Trex Company Inc., United Construction Products Inc. (BISON Innovative Products), Mendocino Forest Products Company LLC, NeoTimber, Shubh Composites, and Tecnodeck (Mitera Group). The AZEK Company, Trex and Fiberon are dominating players due to their wide distribution network and new product launches catering to rising consumer demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
