MarketsandMarkets projects that the wooden decking market size will grow from USD 7.21 Billion in 2015 to USD 7.81 Billion by 2021, at an estimated CAGR of 1.43%. The wooden decking market is expected to witness high growth as a result of the rising urbanization, large-scale investments in infrastructure & industrial sectors, and rising construction activities in emerging economies. The repairs and remodelling segment is projected to have the largest market share and dominate the wooden decking market from 2016 to 2021. New decks on new houses plays a key role in changing the wooden decking landscape and is projected to grow at the second-highest rate during the forecast period.
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Wooden decks are used in residential and non-residential buildings. The global market, in terms of end use, was dominated by residential buildings. Rising disposable incomes of the urban population is stimulating the construction of new houses in urban regions, giving rise to an increased demand for wooden decks. The residential market is driven by the rise in new and existing housing completions. Furthermore, wood provides properties such as superior aesthetics, quality, durability, and strength. Growth in construction expenditures in the non-residential sector will continue to support the demand for wooden decks.
It is projected to witness significant growth in the next few years with the increasing demand for new constructions all over the world due to rapid urbanization and industrialization. Large-scale investments in industrial and infrastructure sectors, rising construction activities in emerging economies, and development of innovative products in the decking market are some of the factors driving the growth of the wooden decking market.
Currently, North America is the largest consumer of wooden decks. The U.S., Germany, and China are among the key markets of wooden decks. The Asia-Pacific wooden decking market is projected to register the highest CAGR during the forecast period. The growth of the construction industry and improving financial conditions in the region has led to the increase in demand for wooden decks. The growth of the wooden decking market in these regions is driven by factors such as the increasing construction of residential and non-residential buildings, along with the growing population and economic development.
Factors such as fluctuations in wood and related material prices and availability of substitutes such as plastic decks and wood-polymer composite decks might restrict the growth of the market. The global wooden decking market is dominated by players such as UPM-Kymmene Corporation (Finland), Weyerhaeuser Company (U.S.), West Fraser Timber Co. Ltd. (Canada), Universal Forest Products, Inc. (U.S.), Metsä Group (Finland), Setra Group (Sweden), James Latham plc (U.K.), Cox Industries Inc. (U.S.), Humboldt Redwood Company and Mendocino Redwood Company (U.S.), Vetedy Group (U.S.). These players adopted various strategies such as new product developments, agreements, partnerships, and expansions to cater to the needs of the wooden decking market.
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