Wooden Decking Market Is Projected to Significant Growth During the Forecast Period of 2018 to 2026
Decking is a flat surface capable of supporting weight and is generally constructed outdoors as a part of garden landscaping, connected to a building, that adds a new aesthetic dimension to the house. Decking helps in transforming a plain-looking backyard into an entertaining area for family or friends to enjoy or relax. Wooden decks have become popular and stimulate enthusiasm for outdoor living and add spaciousness to a house. Wooden decking is being used in a number of homes for building patios, landscaping for gardens, or for extended the living area owing to its ease of design versatility and adaptability to varied purposes. Consumers have increasingly been opting for wood decks due to their long lifespan and low maintenance requirements. Homeowners’ expenditure for improvement of homes or outdoor living areas encompassing decks, patios, and balconies is likely to significantly impact the demand for decking materials in the near future.
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Key drivers boosting the popularity of wooden decking are increased investment for infrastructural development, rapid industrialization, and strong economic conditions. The wooden decking market has also gained popularity due to growing awareness among people regarding the use of wooden deck floorings and railings for enhancing the aesthetic beauty of houses. In developed regions, such as the U.S., Germany, and Japan, people are spending significantly on remodeling their homes, which in turn, has resulted in continuous demand for wooden decking, thereby boosting the market growth. However, hardwoods are expensive than other decking materials (steel/concrete), which is likely to hamper the wooden decking market. Nevertheless, growing demand for new-fashioned buildings and speedy industrial development are creating lucrative opportunities for the wooden decking market.
The global wooden decking market can be segmented based on type, construction type, application, end-user, and region. In terms of type, the market can be categorized into pressure treated wood, cedar wood, redwood, and tropical hardwoods. Based on construction type, the market can be divided into decks on new construction, decks on existing construction, and repairs & remodeling. By application, the market can be divided into rails & infrastructure and building materials. Furthermore, in terms of end-user, the wooden decking market can be classified into residential buildings and commercial buildings. The market is anticipated to be dominated by residential buildings owing to the rising disposable income of people, stimulating construction activities of new houses in urban regions, subsequently raising the demand for wooden decks.
Based on region, the global wooden decking market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to dominate the global market during the forecast period, followed by Europe and Asia Pacific. The U.S. is the leading consumer of wooden decks, followed by Germany and China. Asia Pacific is anticipated to exhibit growth at a dominant CAGR, owing to rapid industrialization, investment in industrial sectors, and growing number of construction projects in the emerging countries such as India and China. Furthermore, increase in construction of residential and commercial buildings, coupled with growing population, is propelling the wooden decking market.
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Leading manufacturers operating in the wooden decking market are UPM-Kymmene Oyj, Weyerhaeuser Company, West Fraser Timber Co. Ltd., Universal Forest Products, Inc., Metsä Group, Setra Group, James Latham, Koppers Inc., Mendocino Redwood Company, LLC, VETEDY GROUP, Danzer, Kebony, and Thermory AS. Manufacturers are increasing their R&D capabilities to diversify their product range and are also making efforts to enhance their product quality with the introduction of new designs. Players in the wooden decking market are anticipated to face competition due to the presence of a large number of local vendors. This is likely to lead to the introduction of many advanced products in the market during the forecast period.
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