Decking growth rate accelerates
Rising consumer confidence will promote gains in the large residential improvement and repair market. In the aftermath of the 2007-2009 recession, significant uncertainty persisted and many homeowners were reluctant to undertake decking projects. Many of the homeowners who postponed these plans will be able to undertake them over the forecast period. Rising market share for wood-plastic composite and plastic decking materials will boost value gains, as these products are sold at a higher pricing point than wood decking.
Wood-plastic composites rise in popularity
According to Wood & Competitive Decking, a new report from The Freedonia Group, alternative materials to wood decking, particularly wood-plastic composite and plastic, are expected to experience above average annual gains in demand through 2020. These materials have the advantage of requiring far less maintenance than wood decks. Wood-plastic composite decking is popular with consumers seeking decks that have longevity while maintaining a wood-like appearance. The rising use of capstone-coated decking, which provides enhanced protection against mold growth and premature degradation, will further boost wood-plastic composite decking demand. Plastic decking demand will be driven by the increased adoption of cellular PVC decking, which resembles natural wood and provides strong protection against the elements.
Wood retains dominant position
Freedonia projects that wood decking will continue to account for the majority of demand in volume and value terms. Wood's dominant market position is due to the material's low initial cost and the large installed base of wood decks, as some consumers will be reluctant to switch materials when renovating decks. However, US demand for wood decking is forecast to grow much more slowly than composite and plastic lumber through 2020.
Decking growth rate accelerates
The residential market was the largest end use for decking in 2015, with nearly three-fifths of demand. Rising private residential improvement and repair spending will boost spending on decking projects. Decking gains will also be supported by strong increases in new housing completions. In addition to boosting the new residential market, housing construction will aid the improvement and repair market because decks are often added within the first year after the house is built. Residential demand will be further driven by the trend toward increasing the square footage of decks, which will require more deck boards and railings. Many homeowners will seek to build outdoor kitchens, while firepits, hot tubs, and areas for seating and gathering are also popular uses for residential decks.
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