Decking and Railing Market to Reach $18.1 Billion, Globally, by 2032 at 5.8% CAGR: Allied Market Research

The global decking and railing market growth is driven by several factors, including the rise in the number of residential projects, the increase in the number of home remodeling projects, and the advantages of decks and railings.  

PORTLAND, Ore, Sept. 7, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Decking and Railing Market by Composition (Solid and Hollow), By Product Type (Decking and Railing), By Material (Wood, PVC, Fiber Cement, Composite and Other), and By Application (Residential and Non-Residential): Global Opportunity Analysis and Industry Forecast, 2023–2032." According to the report, the global decking and railing industry was valued at $9.8 billion in 2020 and is projected to reach $18.1 billion by 2032, registering a CAGR of 5.8% from 2023 to 2032. 

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Decking and railing are two essential components in the construction and design of outdoor spaces, providing a functional and visually appealing environment for relaxation and entertainment. They are often selected based on factors such as durability, maintenance requirements, aesthetics, and budget. Proper installation and regular maintenance are important to ensure the longevity and safety of decking and railing systems. 

Prime Determinants of Growth: 

The global decking and railing market growth is driven by several factors, including the rise in the number of residential projects, the increase in the number of home remodeling projects, and the advantages of decks and railings. However, the high cost of materials and structural limitations in harsh weather restricts market growth. Moreover, advancements in building materials are anticipated to provide lucrative opportunities in the coming years. 

Report Coverage & Details: 

 
COVID-19 Scenario: 

• The outbreak of the COVID-19 pandemic had a negative impact on the global decking and railing market. Due to the subsequent global lockdowns, the decking and railing market faced a downturn. 
• However, as the global situation has returned to normal situation, the demand for decking and railing has increased. This, in turn presenting various growth opportunities for companies manufacturing decking and railing. 

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The solid segment to retain its lion's share throughout the forecast period- 

Based on composition, the solid segment held the highest market share in 2022, accounting for more than 90% of the global decking and railing market revenue, and is estimated to retain its lion's share throughout the forecast period. Because the solid decking and railing are long-lasting, stronger, and durable. However, the hollow segment is projected to manifest the highest CAGR of 6.4% from 2023 to 2032. owing to benefits associated with hollow composition such as it is easier to clean and maintain due to their open design, as there are fewer surfaces for dirt and debris to accumulate. 

The decking segment maintained its leadership status throughout the forecast period- 

Based on product type, the decking segment held the highest market share in 2022, accounting for more than four-fifths of the global decking and railing market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to it creating a functional and aesthetically pleasing extension of indoor living space to the outdoors. However, the railing segment is projected to manifest the highest CAGR of 6.0% from 2023 to 2032. Because it offers a protective barrier that prevents accidental falls from the elevated deck surface.   

The residential segment maintained its lead position during the forecast period- 

Based on application, the decking segment held the highest market share in 2022, accounting for more than four-fifths of the global decking and railing market revenue, and is expected to maintain its lead position during the forecast period. However, the non-residential segment is projected to manifest the highest CAGR of 6.2% from 2023 to 2032, owing to the high demand generated by the non-residential sector, owing to urbanization in developing countries. 

North America to maintain its dominance by 2032-

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global decking and railing market, and is likely to dominate the market during the forecast period. A significant increase in demand for decking and railing in residential as well as commercial segments is expected to fuel the market growth in the North American region. However, the LAMEA region is expected to witness the fastest CAGR of 6.6% from 2023 to 2032. Rapid urbanization and a growing population in certain parts of the LAMEA region have led to increased demands for substantial adoption of the product and it is expected to drive the growth of the decking and railing market.  

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Leading Market Players: - 

• Fortress Building Products, LLC 
• Trex Company, Inc. 
• GREEN BAY DECKING 
• UPM 
• Fortune Brands Innovations, Inc. (Fiberon) 
• UFP Industries, Inc. 
• Axion Structural Innovations LLC 
• Genova Products Inc. 
• Shanghai Seven Trust Industry Co., Ltd. 
• The AZEK Company Inc. (TimberTech) 

The report provides a detailed analysis of these key players in the global decking and railing market. These players have adopted different strategies such as new product launches, business expansion, acquisition, collaboration, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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 About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research