Wooden decking is a versatile product that can be used for many different applications. It can be used for outdoor patios, pathways, swimming pool decks, and flooring. Its popularity is projected to continue increasing with the rising number of residential projects.
Market Statistics:
The global wooden decking market is estimated to account for US$ 20,851.70 Mn in terms of value by the end of 2021.
Global Wooden Decking Market: Drivers
The residential sector is a major application area for wooden decking. It is used in new construction and renovation projects, as well as for pathways, swimming pool decks, and flooring. The market is expected to grow due to the increased demand for residential projects worldwide. The growing trend of green buildings and investment in industrial and commercial infrastructure are also expected to contribute to market growth.
Global Wooden Decking Market: Opportunities
The industry is expected to get benefit from the increasing popularity of wood-plastic composite and sustainable homes. Additionally, homeowners will be looking for customized designs. This is particularly true if they have a small backyard. It will also benefit from the growing popularity of large moveable windows. Furthermore, as the number of people living in the country increases, the number of homes being built will also rise.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/wooden-decking-market-5296
Global Wooden Decking Market: Restraints
The outbreak of coronavirus disease (COVID-19) acted as a restraint for the wood processing and decking market in 2020, as supply chains were disrupted by the trade restrictions and consumption decline due to lockdowns imposed by governments globally.
Global Wooden Decking Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of Covid-19 had a negative impact on businesses throughout 2020-2021. The construction industries suffered losses, which impacted the world economy. Many construction companies went through a financial recession, resulting in laying off their workers. Overall, the construction industry was significantly impacted during the pandemic period. According to the European Construction Industry Federation (FIEC), the construction industry activity is estimated to contract by 8.5% in 2020. The situation worsened in later 2021, as the investments in construction, both the private and public sectors, did not recover from the impact of the second and third waves of the pandemic.
Key Takeaways:
The global wooden decking market was valued at US$ 20,851.70 Mn in 2021 and is forecast to reach a value of US$ 30,230.00 Mn by 2030 at a CAGR of 5.27% between 2022 and 2030.
Residential segment held dominant position in the global Wooden Decking market in 2021, accounting for 69.35% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Wooden Decking Market Trends:
Construction activities are expected to drive the wooden decking market in the future. The United States, the largest economy in the world, is expected to see a considerable increase in construction activities, especially in the residential sector. The growth of the housing industry in the United States and Canada should be a boost to the market.
Increasing consumer disposable income and increasing construction activities in the residential sector is projected to drive market growth over the forecast period. In addition, the increase in home improvement expenditures is also expected to boost demand for wooden decking.
Global Wooden Decking Market: Competitive Landscape
The AZEK Company Inc., Deckorators Inc., Deck Solutions LLC, DuraLife Decking & Railing Systems, Fiberon, Humboldt Sawmill Company LLC, Kebony AS, Metsa Wood Thermory, Trex Company Inc., United Construction Products Inc. (BISON Innovative Products), Mendocino Forest Products Company LLC, NeoTimber, Shubh Composites, and Tecnodeck (Mitera Group)
Global Wooden Decking Market: Recent Developments
- In September 2021, Metsa Tissue announced that it is planning a new tissue paper mill in the United Kingdom. The annual production capacity would be 240,000 tons. Metsa Wood announced that it is planning a new EUR 200 million Kerto LVL mill to be built in the Aanekoski mill area.
- In February 2021, Metsa Tissue announced to renew a tissue paper machine at the Mantta mill.
- In January 2021, Metsa Board announced that it would initiate pre-engineering on increasing the annual folding boxboard production capacity by approximately 200,000 tons at the Husum mill.
- In October 2019, Metsa Board announced that it would begin the renewal of the Husum pulp mill in phases.
- In October 2019, Thermory acquired a 100% stake in Siparila, a Finnish manufacturer of painted wood materials.
- In October 2019, The Company announced to increase the production capacity at the Loo factory and in Finland.
- In October 2021, The Company announced its plan to add a third US-based Trex Residential manufacturing facility in Little Rock, Arkansas.
