Global Wooden Decking Market Size is Projected to Reach USD 8.62 billion by 2031, Growing at a CAGR of 1.21%: Straits Research

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The rise in renovation and remodeling projects, as well as the rising demand for housing and opulent infrastructure in developed nations like the United States and Canada, are the reasons propelling the expansion of the wooden decking industry.

New York, United States, Feb. 26, 2024 (GLOBE NEWSWIRE) — Decking is a one-of-a-kind home construction and alteration method that makes the outdoor space more attractive and functional. Decking consists of hardwood planks nailed to the ground and used for foot traffic in gardens and other outdoor areas. It entails constructing an outdoor floor primarily from outdoor lumber that is resistant to the outdoor environment. Wooden decking for homes offers numerous benefits. Wood decking is an excellent addition to a home and is simple to install and maintain with the proper instructions. It offers the opportunity to combine interior and exterior design elements. To reduce maintenance costs and achieve the desired visual appeal, it is necessary to install high-quality wood decking.

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The Growing Market in Remodeling and Refurbishment Activities to Drive the Global Wooden Decking Market

According to Straits Research, “The global wooden decking market size was valued at USD 7.74 billion in 2022. It is estimated to reach USD 8.62 billion by 2031, growing at a CAGR of 1.21% during the forecast period (2023–2031).” The global construction market is expanding steadily. Asia-Pacific, North America, the Middle East, and Africa are seeing significant investments in the construction and restoration industries due to the numerous opportunities available in these regions, the rising demand for structures, and their growing populations. People accept wooden or timber decking because it can be used in various ways as part of garden landscaping to expand a home’s living space and as an alternative to stone-based features such as patios. This is the result of rising global living standards.

Moreover, “green spaces” or “sky parks” are frequently created on high-rise office and residential buildings with rooftop decks using urban landscaping techniques. Due to the increasing popularity of outdoor living, many landscape architecture firms focus on designing, constructing, and maintaining these spaces. In the residential sector, wooden decking is frequently used to construct new structures, repair existing structures, and renovate existing structures. Wooden decking is used for a variety of purposes in residential construction, including flooring, paths, pool decks, cladding, and siding. For instance, the Chinese government unveiled ambitious development plans that included preparations for relocating 250 million people to its new megacities over the next decade.

Consequently, there may be a significant market opportunity for wood decking to be used in a variety of building construction applications in the future, thereby enhancing the overall quality. As a result of the events held there, the Japanese construction industry is anticipated to flourish. Office, hotel, residential, retail, and educational facilities, as well as office, retail, and residential space, are all included in the 2023-scheduled Yaesu redevelopment project. The demand for wooden decking may increase as a result of these expanding construction projects. Such developments and plans are anticipated to increase demand for wooden decking in light of the rising global remodeling and refurbishment activities.

Wood Modification Required for Enhanced Properties to Create Global Wooden Decking Market Opportunities

In recent years, significant advancements have been made in the field of wood modification. Environmental concerns and the demand for high-quality, consistent wood products prompted these modifications. A chemical process known as acetylation is used to impart specific qualities to wood. As opposed to pressure treatment, which injects wood with preservatives such as ammoniacal copper quaternary compounds, acetylation modifies wood chemically. Multiple companies are increasing the production of acetylated wood and introducing new products.

Wood that has been acetylated is utilized in a variety of ways. For window frames and shutters, cypress warps less than other types of wood. Depending on its construction, it provides superior thermal insulation and energy efficiency. It works well for aesthetically pleasing siding, facades, and cladding. Manufacturers of acetylated wood provide 25-year underground and 50-year above-ground warranties. After its useful life, the material can be recycled or used as a clean fuel source, providing sustainability. In light of these factors, the acetylation of wood will likely generate substantial demand for wooden decking in the coming years.

Regional Analysis
North America is forecasted to command the regional wooden decking market while expanding at a CAGR of 5.63%. Canada’s economy is a sophisticated mixed economy. The national economy expanded by 1.9% in 2019. As a result of good business policies for both domestic and international markets and a robust research and development infrastructure, Canada’s manufacturing sectors were expanding at a healthy rate. According to the Canadian Construction Association, the construction industry is one of Canada’s largest employers and a significant contributor to the nation’s economic growth. 7% of the nation’s gross domestic product is contributed by this sector (GDP). In recent years, Canada’s residential and commercial sectors have experienced consistent growth. Consequently, the market for wooden decking is expanding positively.

Mexico, which is governed by NAFTA, is the manufacturing hub of North America. Due to Mexico’s advantageous location for material transportation, climatic conditions, and land-to-sea connectivity, all multinational corporations decided to locate their production facilities there. The building and construction industry forms the basis of the Mexican economy. In the past five decades, the nation urbanized faster than most OECD (Organization for Economic Co-operation and Development) nations. In the short- and medium-term, new government programs such as Programa Nacional de Infraestructura (PNI) will support the construction of new housing units in the nation’s major metropolitan areas. These factors contribute to the expansion of the wooden decking market.

Europe is predicted to proliferate at a CAGR of 5.41% and hold USD 33,503 million. It is anticipated that the robust performance of the construction industry will drive demand for wood in construction applications. The rising demand for real estate, the increase in building investments, and the increase in government spending on infrastructure are all advantageous for European construction companies. Meager interest rates from the European Central Bank, an increase in the number of people living in cities, and substantial immigration over the past five years have contributed to the construction boom. The sector is also contributing to the acceleration of global economic growth. Immigration is increasing at a rate that is increasing the demand for new residential construction.

Key Highlights

  • Based on the type, the pressure-treated wood section is projected to advance at a CAGR of 4.77% and hold the largest revenue share.
  • Based on the application, the floor section is forecasted to advance at a CAGR of 5.7% and hold the largest revenue share.
  • Based on the end-user, the residential section is forecasted to advance at a CAGR of 5.51% and hold the largest revenue share.
  • Based on regional segmentation, North America is forecasted to command the regional wooden decking market while expanding at a CAGR of 5.63%.

Competitive Players

The Top 10 players in the global wooden decking market are The AZEK Company Inc., Deckorators Inc., Deck Solutions LLC, DuraLife Decking & Railing System, Fiberon, Humboldt Sawmill Company LLC, Kebony AS, Metsa Wood, Thermory, Trex Company Inc.,

Market News

  • In 2022, the AZEK Company Inc. unveiled a new line of products under the TimberTech and StruXure brands. These items, which include a new cabana model, new decking colors, new railing options, and a debut furniture collection, will go on sale in 2023 and debut at the PGA TOUR Champions event known as the TimberTech Championship in 2022.

Global Wooden Decking Market: Segmentation

By Type

  • Pressure-treated Wood
  • RedWood
  • Tropical HardWood
  • Cedar
  • Wood-Plastic Composites (WPC)
  • Other Types

By Application

  • Pressure-treated Wood
  • RedWood
  • Tropical HardWood
  • Cedar
  • Wood-Plastic Composites (WPC)
  • Other Types

By End-User

  • Residential
  • Non-residential/Commercial

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of the world

Get Detailed Market Segmentation @ https://straitsresearch.com/report/wooden-decking-market/segmentation

About Straits Research Pvt. Ltd.

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