February 25, 2024
Wooden Decking Market

Wooden Decking Market: Growing Demand for Outdoor Living Spaces Drives Market Growth

The 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 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Wooden decking refers to the construction of outdoor platforms and structures made from wood. It offers several advantages, including durability, natural aesthetics, and versatility in design. The increasing demand for outdoor living spaces, driven by factors such as urbanization and the growing preference for residential properties with gardens and balconies, is fueling the growth of the wooden decking market. Moreover, the rising popularity of eco-friendly and sustainable building materials further contributes to market growth.

Market Key Trends:

One key trend in the wooden decking market is the increasing adoption of composite decking materials. Composite decking is a combination of wood fibers, plastic, and other materials, offering enhanced durability and resistance to harsh weather conditions compared to traditional wood decking. It requires less maintenance and is available in a wide range of colors and finishes, making it a popular choice among consumers. The growing awareness regarding the benefits of composite decking, such as its resistance to rot, mold, and insects, is expected to drive its demand in the market.

Porter’s Analysis:

Threat of New Entrants: The wooden decking market is expected to face a moderate threat of new entrants due to the high capital requirement for setting up manufacturing facilities and distribution networks. Additionally, established brands already enjoy economies of scale and strong brand loyalty, making it difficult for new players to enter the market.

Bargaining Power of Buyers: Buyers in the wooden decking market have moderate bargaining power due to the availability of a wide range of suppliers and products. However, the market is highly fragmented, with multiple small and large players competing, giving buyers more options and bargaining power.

Bargaining Power of Suppliers: Suppliers in the wooden decking market have moderate bargaining power due to the availability of alternative materials and suppliers. However, suppliers also face competition from substitute materials such as composite decking and aluminum decking, reducing their overall bargaining power.

Threat of New Substitutes: The threat of new substitutes in the wooden decking market is high, primarily due to the availability of alternative materials such as composite decking, aluminum decking, and PVC decking. These materials offer advantages such as lower maintenance, longer lifespan, and greater resistance to weather elements.

Competitive Rivalry: The competitive rivalry in the wooden decking market is intense, with numerous players competing for market share. Key players are constantly engaged in product innovation, pricing strategies, and marketing tactics to gain a competitive edge. Additionally, there is a growing focus on sustainability and eco-friendly practices in the market, further intensifying competition.

Key Takeaways:

The global wooden decking market is expected to witness high growth, exhibiting a CAGR of 5.27% over the forecast period of 2022-2030. The market’s growth can be attributed to the increasing demand for outdoor living spaces, growing urbanization, and rising consumer preference for natural aesthetics.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the wooden decking market. The region’s growth can be attributed to the strong presence of key players, increasing renovation and remodeling activities, and the popularity of outdoor entertaining spaces.

Key players operating in the wooden decking market include 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). These key players are focusing on product innovation, acquisitions, and partnerships to strengthen their market position and cater to evolving customer preferences.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it