Increasing Demand for Wooden Decking to Drive Growth of the Global Wooden Decking Market

 

Wooden Decking Market 

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 of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Wooden decking refers to the construction of outdoor flooring or platforms using wood as the primary material. It offers several advantages such as durability, aesthetic appeal, easy installation, and low maintenance. The rising demand for outdoor living spaces and the growing popularity of sustainable and eco-friendly construction materials are driving the growth of the global wooden decking market. Wooden decking is widely used for residential and commercial applications, including decks, patios, balconies, and rooftops.

Market Key Trends:
One key trend in the global wooden decking market is the increasing adoption of composite decking materials. Composite decking is a mix of wood fibers, recycled plastic, and bonding agents, offering enhanced durability, resistance to fading, and low maintenance compared to traditional wooden decking. Composite decking materials are gaining popularity due to their attractive appearance, long lifespan, and resistance to rot, insects, and weather conditions. The growing awareness about environmental issues and the need for sustainable alternatives are also driving the demand for composite decking.

Segment Analysis:
The wooden decking market can be segmented based on type, application, and end-use industry. Based on type, the market can be further categorized into pressure-treated wood, cedar wood, redwood, and others. Among these, pressure-treated wood dominates the market segment due to its durability, cost-effectiveness, and resistance to rotting and termites. Pressure-treated wood is widely preferred for outdoor decking purposes, especially in residential projects, as it offers long-term durability and requires minimal maintenance.

Based on application, the market can be divided into residential and commercial sectors. The residential sector holds a significant share in the wooden decking market, owing to the growing demand for aesthetically appealing outdoor spaces in residential properties. Homeowners are increasingly investing in outdoor decks and patios to enhance the curb appeal and value of their homes, which is driving the demand for wooden decking materials.

In terms of end-use industry, the market can be segmented into construction, retail, and others. The construction industry is the major consumer of wooden decking, as it is extensively used in the construction of residential and commercial buildings. The rising construction activities, particularly in developing economies, are fueling the demand for wooden decking materials.

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 is primarily driven by the increasing construction activities worldwide, coupled with the growing demand for outdoor living spaces. The trend of creating outdoor decks and patios for recreational purposes, along with the rising focus on home improvement and renovation projects, is further boosting the market growth.

Regionally, North America dominates the wooden decking market, accounting for the largest market share. The region's strong residential construction sector, coupled with the high disposable income of homeowners, is driving the demand for wooden decking materials. Additionally, the popularity of outdoor living spaces and the preference for natural and sustainable materials in residential construction projects are contributing to the market growth in North America.

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 companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market.

Read More:

https://www.marketwebjournal.com/wooden-decking-market-insights-analysis-and-size/

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