Wooden Decking Market - Growth, Trends, and Forecast (2022 - 2030)
Market Overview
The global wooden decking market is expected to record a CAGR of over 5% during the forecast period of 2019–2024. The major factors driving the market studied are an increase in remodeling and refurbishment activities and demand for lavish infrastructure in developed nations.
- Replacement by composite decking is expected to hinder the growth of the market studied.
- Increasing awareness about wooden decking in emerging nations is likely to act as an opportunity in the forecast period.
Key Market Trends
Residential Sector to Dominate the Market
- Wooden decking is used in the residential sector both for new construction and repair and refurbishment in buildings. It is for a wide variety of purposes, such as cladding and siding, pathways, swimming pool decks, flooring, etc. in residential construction. The increasing demand for residential projects worldwide is expected to drive the wooden decking market through the forecast period.
- Countries, such as the United States, Germany, and China are expected to dominate the residential construction market through the forecast period.
- In the United States, the residential construction sector is expected to rise by around 6% in 2019, with construction for single-family expected to rise by 9% during the same year.
- In China, residential property investment was up 11.6% in the first two months of 2019, the fastest pace since August 2014. According to China's National Bureau of Statistics, the primary residential sales reached USD1.9 trillion, in the year 2018.
- The European construction industry has now come on track since 2014. The construction output has been increased by more than 9% in the last four years. A growth rate of 6% is expected till 2020. The factor driving the growth in construction demand is the robust economic growth, with increasing household income and corporate profits.
- Overall, the booming residential market is expected to drive the use of wooden decking in the particular sector throughout the forecast period.
North America to dominate the market
- North America is one of the largest economies, having the United States and Canada in the leading position. United States is the world’s largest and most powerful economy in the world, with a per capita income of USD 65,058 in 2019. The economy’s growth rate was 2.9% in 2018 and is expected to slightly decrease to 2.3% in 2019.
- The construction industry in the United States is expected to rise by around 5% in 2019, which is higher than that of 2018. The residential sector in the country is also estimated to increase in 2019.
- Residential construction for single families has witnessed a growth in the states of Florida, Georgia, North Carolina, Washington, Utah, Tennessee, Ohio, California, Idaho, and South Carolina. Geographically, the southern region of the country is expected to have the highest growth of nearly 6%, followed by the West, the Midwest, and Northeast regions.
- The non-residential construction, educational building construction, and public building construction increased in 2018 and are expected to grow during the forecast period.
- The growing construction industry in the United States is projected to propel the North America wooden decking market through the forecast period.
Competitive Landscape
The global wooden decking market is partially fragmented in nature. The major companies include Universal Forest Products, Inc, United Construction Products, Inc., DuraLife, Thermory USA, and Trex Company, Inc, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The global wooden decking market is expected to record a CAGR of over 5% during the forecast period of 2019–2024. The major factors driving the market studied are an increase in remodeling and refurbishment activities and demand for lavish infrastructure in developed nations.
- Replacement by composite decking is expected to hinder the growth of the market studied.
- Increasing awareness about wooden decking in emerging nations is likely to act as an opportunity in the forecast period.
Key Market Trends
Residential Sector to Dominate the Market
- Wooden decking is used in the residential sector both for new construction and repair and refurbishment in buildings. It is for a wide variety of purposes, such as cladding and siding, pathways, swimming pool decks, flooring, etc. in residential construction. The increasing demand for residential projects worldwide is expected to drive the wooden decking market through the forecast period.
- Countries, such as the United States, Germany, and China are expected to dominate the residential construction market through the forecast period.
- In the United States, the residential construction sector is expected to rise by around 6% in 2019, with construction for single-family expected to rise by 9% during the same year.
- In China, residential property investment was up 11.6% in the first two months of 2019, the fastest pace since August 2014. According to China's National Bureau of Statistics, the primary residential sales reached USD1.9 trillion, in the year 2018.
- The European construction industry has now come on track since 2014. The construction output has been increased by more than 9% in the last four years. A growth rate of 6% is expected till 2020. The factor driving the growth in construction demand is the robust economic growth, with increasing household income and corporate profits.
- Overall, the booming residential market is expected to drive the use of wooden decking in the particular sector throughout the forecast period.
North America to dominate the market
- North America is one of the largest economies, having the United States and Canada in the leading position. United States is the world’s largest and most powerful economy in the world, with a per capita income of USD 65,058 in 2019. The economy’s growth rate was 2.9% in 2018 and is expected to slightly decrease to 2.3% in 2019.
- The construction industry in the United States is expected to rise by around 5% in 2019, which is higher than that of 2018. The residential sector in the country is also estimated to increase in 2019.
- Residential construction for single families has witnessed a growth in the states of Florida, Georgia, North Carolina, Washington, Utah, Tennessee, Ohio, California, Idaho, and South Carolina. Geographically, the southern region of the country is expected to have the highest growth of nearly 6%, followed by the West, the Midwest, and Northeast regions.
- The non-residential construction, educational building construction, and public building construction increased in 2018 and are expected to grow during the forecast period.
- The growing construction industry in the United States is projected to propel the North America wooden decking market through the forecast period.
Competitive Landscape
The global wooden decking market is partially fragmented in nature. The major companies include Universal Forest Products, Inc, United Construction Products, Inc., DuraLife, Thermory USA, and Trex Company, Inc, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
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