Valued to be $8.5 Billion by 2026, Wooden Decking Slated for Robust Growth Worldwide

SAN FRANCISCO , May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Wooden Decking - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 9; Released: April 2022
Executive Pool: 414
Companies: 99 - Players covered include Cox Industries, Inc.; James Latham PLC (Lathams Ltd.); Metsa Group; Setra Group AB; Universal Forest Products, Inc.; UPM-Kymmene Corporation; Vetedy Group; West Fraser Timber Co., Ltd.; Weyerhaeuser Company and Others.
Coverage: All major geographies and key segments
Segments: Wood Type (Pressure-Treated Wood, Cedar Wood, Redwood, Other Wood Types); Construction Type (Repairs & Remodeling, New Decks); Application (Residential, Non-Residential)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Amid the COVID-19 crisis, the global market for Wooden Decking estimated at US$7.6 Billion in the year 2022, is projected to reach a revised size of US$8.5 Billion by 2026, growing at a CAGR of 2.6% over the analysis period. Wooden decking products are slated to gain from impressive improvement in economic activity and the real-estate sector across countries. The COVID-19 pandemic presented a turbulent phase for different categories of the real-estate sector, emptying offices, stores and restaurants. While the job market looked dry, industrial activity tanked during initial phases of the crisis. However, the economy and the real-estate sector recovered quickly and provided boost to job openings and consumer income. The real-estate domain registered a notable spike in rent growth in industrial and apartment markets. On the other hand, certain segments of the real-estate sector changed and required repurposing. In addition, supply chain glitches hindered production while product along with labor shortages led to inflation concerns. Following a strong growth in 2021, the global economy is predicted to exhibit a decent expansion in 2022.

The US economy is anticipated to stay on a healthy track owing to inventory rebuilding, lack of any fiscal drag and deferred consumption. While the UK and Europe are estimated to display strong growth, countries such as Japan and China are likely to witness modest level of expansion. The industrial sector is expected to post an impressive performance due to tenant demand as a result of reconfiguration of supply chains and explosive growth of e-commerce. Factors such as rising income and supply shortages are anticipated to drive the residential sector. The office sector is likely to experience high utilization rates following a tough 2021 due to occupancy issues and uncertainty. On the other hand, rising popularity of the hybrid work model is expected to affect office demand. In the coming years, industrial properties along with multifamily properties are anticipated to deliver robust performance and create new avenues for decking providers.

Wooden decks transform living spaces by constructing flat surfaces that can be used for a variety of outdoor applications such as expanding the living areas in residential settings, garden landscaping, terraces, swimming pools, patios, and balconies, among others. Available in numerous colors, wooden decking boards enhance the appearance of different types of yards, exteriors, fences, and houses. Luxury homes in particular widely use wooden decking for floor design and garden railing. Wooden decking offers an array of benefits such as strength, easy maintenance, affordability, natural look, durability, and a wide variety. Wooden decks used in residential applications include IPE, tropical hardwood, redwood, cedar, and pressure-treated wood, among others. Wooden decks have garnered increased popularity among individuals as they not only add extra space to a house but are also a great addition for outdoor living. These decks are easy to maintain and come with a longer lifespan. Some of the key factors fueling the demand for wooden decks include strong economic development, increased investment in the development of infrastructure, and rapid industrialization. Soaring demand for greener buildings coupled with the rapid expansion of construction markets, especially in North America and Asia-Pacific regions is anticipated to push the demand for overall wood decking to newer heights in the years to come. Additionally, the rise in remodeling of older construction markets and roaring newer construction projects are expected to fuel the booming wooden decking market.

Rising energy costs and increasing awareness regarding green buildings will spur demand in the global wooden decking market. Increasing per capita income has played a key role in driving demand for luxury homes and changing consumer lifestyle. In addition, the many added benefits of installing wooden decks are expected to boost demand in the market. High disposable income is also prompting consumers to prioritize home renovations and spend on quality products and contemporary construction materials. Pressure-treated wood decking emerges to be the most popular type of wood, claiming a whopping share in the overall market in the last few years. Demand for pressure-treated wood is largely driven by its several benefits such as higher durability, lower labor as well as installation costs among others. The wood is also highly resistant to insects, molds, and rots, as it is chemically treated under the pressure. The most popular wood varieties to build pressure-treated wooden decking are Southern yellow pine and Douglas fir owing to their low cost and availability. Chemically treated to attain resistance to insects and moisture, these varieties are usually made from softwood.

In addition, redwood and cedar are likely to witness potential growth over the years ahead. Cedar is an economical material for wooden decking and is resilient against rots, weathering, and termites. In contrast, redwood is the preferred material for painting or staining because of its durability and ability to avoid easy warping. Redwood is highly suitable for painting, and staining and cannot be distorted easily. While cedar is known to be fairly cost-efficient, redwood is nearly 32 percent stronger than cedar. Even though both these materials perform well in residential settings, redwood has gained wider traction in luxury houses.

Residential segment represents the leading end-use category because of rising energy prices and greater awareness regarding green buildings to enhance energy efficiency. The residential segment emerges to be a major consumer of wooden decking, thanks to the rapid increase in the demand for enhancing aesthetics and leisurely and entertainment facilities in the outdoors of a house. Escalating energy costs and increasing awareness about the advantages of greener and energy-efficient buildings are anticipated to enhance the market growth. In addition, the booming new construction market in various developing regions, owing to the surge in population is further estimated to propel the demand for wooden decking in the years to come. The growing importance of construction sector for economy augurs well for the market. For instance, Europe's construction sector is strategically important for the region, accounting for almost 9 percent of gross domestic product. Rising expenditures toward new construction combined with ever-increasing luxury homes are expected to offer lucrative opportunities for market growth in the residential segment.

The non-residential segment is likely to witness stable growth over the upcoming years owing to anticipated rise in commercial construction activity such as restaurants, resorts, offices, hotels, and marinas, among others. High urbanization, particularly in emerging countries is driving commercial construction, thereby, supporting market growth. Furthermore, government measures to reduce greenhouse gas emissions and increasing preference for sustainable buildings is expected to fuel demand in the wooden decking market in the years ahead. The rising use of wooden decks in the commercial segment, particularly in developed countries like the UK, France, Germany, Italy, and Switzerland is significantly driving demand in the wooden decking market. Furthermore, growth in commercial construction in economies such as Russia and Italy is further propelling market demand. The high acceptance of wooden decks can be attributed to their many advantageous features. More

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