SELBYVILLE, Del., March 2, 2021 /PRNewswire/ -- Global Market Insights Inc. has recently added a new report on the wooden decking market which estimates the market valuation for wooden decking will cross US$ 18.04 billion by 2027. The rising adoption of wooden decking in residential buildings will spur industry growth. Additionally, emerging applications of wooden decking in the commercial sector due to its cost-effectiveness are also likely to offer new growth opportunities.
The emerging demand for green buildings coupled with rising construction activities, especially in North America and the Asia Pacific, will support the overall wooden decking industry. The surging renovation of old buildings and increasing investments in new construction are anticipated to boost the demand for wooden decking. Additionally, the growing penetration of decking in several developing countries including China, India, Indonesia, Malaysia, Brazil, and South Africa is likely to spur the demand for wooden decking in the upcoming years.
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In 2020, pressure-treated wood decking was the largest segment that accounted for around a 48% share in the global wooden decking market. Pressure-treated wood offers several advantages such as cost-effectiveness, low labor cost, low installation cost, and excellent durability. Additionally, it is chemically treated under pressure to make the wood more resistant to insects, rot, and mold. Furthermore, redwood is projected to grow at the fastest pace, owing to its natural resistance to rot, insects, and moisture.
The residential segment will account for around 70% of the global wooden decking market in 2027. Rapid growth in the construction industry coupled with growing disposable incomes in emerging economies is one of the major factors driving the demand for wooden decking in residential buildings. Additionally, the growing awareness of energy-efficient building materials is anticipated to surge the adoption of wooden decking. The non-residential segment will grow significantly owing to the growing applications of wooden decking in resorts, offices, and hotels. Rapid urbanization in developing countries is one of the major factors driving product demand in the non-residential sector.
North America dominated the global wooden decking market with around a 35% share in 2020. The surging residential construction activities in the U.S. and renovation of old buildings are expected to expand product demand. Additionally, the growing installation of decking in the commercial sector will further support the market growth. The Asia Pacific is projected to grow significantly owing to the emerging applications of wooden decking in commercial areas such as institutions, hotels, and resorts. Additionally, government regulations and policies to promote the benefits of wooden products will support the penetration of wooden decking in the Asia Pacific, offering new opportunities for market growth.
The growing demand for wooden decking with unique structures and designs in residential & commercial buildings will positively contribute to the overall industry. Major players, such as Vetedy Group and AZEK Building Products, are majorly focusing on expanding their product range with innovation in products along with excellent wooden materials. For instance, AZEK Building Products specializes in exterior building products such as decking, trim, railing, moulding, capped wood composite decking and railing under the brand TimberTech.
Some of the major findings in the wooden decking market report include:
- The pressure-treated wood segment accounts for the largest share in the global wooden decking market. The segment is projected to grow at a CAGR of over 2.8% from 2021 - 2027.
- The floors segment dominated the global wooden decking market and accounted for 44% in 2020 and is expected to grow considerably during the forecast period.
- Wooden decking is widely used in residential buildings such as in patio, porch, and gardens. The residential segment generated revenue over USD 10.5 billion in 2020.
- Key industry players are majorly focusing on expanding their product range and strategic alliances, such as partnerships, collaborations, acquisitions, and joint ventures, to hold a market share in the industry.
- The market is moderately fragmented with the presence of large & small players and has a medium-level barrier for new entrants.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Wooden decking industry 360-degree synopsis, 2017 - 2027
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Application trends
2.1.4 End-User trends
2.1.5 Regional trends
Chapter 3 Wooden Decking Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2017 - 2027
3.3 COVID 19 impact on industry landscape
3.4 Industry ecosystem analysis
3.4.1 Distribution channel analysis
3.4.2 Value chain disruption analysis (COVID 19 impact)
3.4.3 Vendor matrix
3.5 Technology landscape
3.6 Pricing trends
3.6.1 North America
3.6.3 Asia Pacific
3.6.4 Latin America
3.7 Cost structure analysis
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth driver
220.127.116.11 Strong growth in the construction industry
18.104.22.168 Rising refurbishment and remodeling activities
3.9.2 Industry pitfalls & challenges
22.214.171.124 Availability of substitutes
3.10 Innovation & sustainability
3.11 Growth potential analysis, 2020
3.12 Porter's analysis
3.12.1 Supplier power
3.12.2 Buyer power
3.12.3 Threat of new entrants
3.12.4 Industry rivalry
3.12.5 Threat of substitutes
3.13 Company market share analysis, 2020
3.13.1 Top players analysis
3.13.2 Strategy dashboard
3.14 PESTEL analysis
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Wooden Decking Market size worth over $18.04 Bn by 2027
Wooden Decking Market size is forecast to exceed USD 18.04 billion by 2027; according to a new research report by Global Market Insights Inc.
SOURCE Global Market Insights Inc.