Home > Pressrelease > Wooden Decking Market size worth over $18.04 Bn by 2027
Wooden Decking Market size worth over $18.04 Bn by 2027
- Published Date: February 26, 2021
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.
The application of wooden decking is increasing rapidly across the residential sector with the growing construction industry and rising disposable income particularly in emerging economies. Additionally, the wooden decking is gaining popularity due to growing awareness among people regarding the use of wooden deck railings and flooring for enhancing the aesthetic look of houses. The consumption of wooden decks is also expected to boom owing to increasing demand for luxury homes with increasing per capita income and changing customer lifestyles.
In commercial buildings, wooden decking is increasingly being adopted on account of its aesthetic appearance, cost-effectiveness, strength, and durability. Wooden decking is widely used in schools, either to link classrooms together, to provide an area for a congregation or for an outdoor area. With the rising popularity of outdoor areas in the leisure industry, a wooden deck is a perfect choice to create a realistic and beautiful al-fresco dining experience. The rising commercial construction activities in developing economies, including China, India, Indonesia, and Brazil, are projected to spur the wooden decking market demand. Moreover, rising government initiatives toward green buildings are likely to accelerate the market revenue.
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The growing investments in renovation and refurbishment of old buildings is one of the major factors driving the industry growth. In developed countries, such as France, Germany, and Italy, people are widely opting for wooden products to decorate their homes and exterior areas. Wooden decking is increasingly being installed in gardens, patios, and porches to enhance the appearance of homes.
However, the availability of alternatives of wood decks, such as composite decking solutions, is likely to hamper the wooden decking market growth. In contrast, rapid developments in developing countries and increased popularity for new-fashioned homes are anticipated to offer new growth opportunities to the overall wooden decking industry.
Browse key industry insights spread across 215 pages with 205 market data tables & 11 figures & charts from the report, “Wooden Decking Market Size By Type (Pressure-Treated Wood, Redwood, Cedar), By Application (Railing, Walls, Floors), By End-user (Residential [New Construction, Repair/Replacement], Non-residential [New Construction, Repair/Replacement]), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The redwood segment will grow significantly during the assessment period
The redwood type segment captured more than 17% of the wooden decking market in 2020 and is anticipated to grow at around 3% CAGR through 2027. The natural strength and durability of redwood make it an ideal material for any type of deck. Redwood is weather-resistant and has the capability to deter pests such as termites. According to survey report of the carpenters’, redwood is a relatively easy wood to produce decking, as it is a softer wood. However, redwood is expensive compared to cedar and pressure-treated wood.
The pressure-treated wood is widely used wood for decks impelled by its benefits such as cost-effective, less labor cost, strength, and long-life. Pressure-treated wood is strong and can withstand significant wear and tear. It is also resistant to scratches and dents. This wood has the ability to repel insects as it contains toxins. The pressure-treated wood segment is projected to grow significantly led by the rising application of these decking in residential buildings. Furthermore, cedar also finds applications in many commercial buildings and the residential sector. Cedar is also one of the largely used wood for decking propelled by its versatility such as long-life span, requires less maintenance, and does not warp or split easily.
Rising application of wooden decking for flooring
Floors category dominated the application segment and shall account for around 40% of the global wooden decking market in 2027. The demand for wooden decking is increasing rapidly for flooring and railing purposes. The product is widely used in residential and commercial flooring due to its long-life, strength, and resistant to rots and insects. The railing segment is estimated to witness substantial demand on account of the rising application of railings in residential sectors.
North America to exhibit steady growth
North America held the largest market share of more than 35% in terms of revenue share and is expected to maintain its dominance during 2021 to 2027. The regional market is majorly driven by growing investments in new homes and rising demand for renovation of old buildings. The rising awareness concerning environment and surging trend toward green buildings are also major factors driving the regional market revenue.
The Asia Pacific wooden decking market is anticipated to expand at the fastest pace through 2027. The growing new construction activities in developing economies, such as India and China, coupled with the rising disposable income are likely to boost the usage of wooden decking in residential as well as non-residential areas.
Some of the top players of wooden decking market include Vetedy Group, Humboldt Redwood Company, Koppers, AZEK Building Products, Inovar Floors, Alfresco Floors, Kebony, United Construction Products, Metsa Wood, DuraLife, Universal Forest Products, and Thermory AS among others. The major participants are mainly focusing on expanding their product range and regional presence to maintain their market share.