Decking Market size to increase by USD 6.27 billion from 2023 to 2028 | Changing lifestyles and increasing use of outdoor living spaces to drive the growth- Technavio

NEW YORK, Dec. 14, 2023 /PRNewswire/ -- The decking market size is expected to grow by USD 6.27 billion from 2023 to 2028. However, the growth momentum of the market will be progressing at a CAGR of 6.51% during the forecast period. The market is segmented by Application (Residential and Non-residential), Product (Composite, Wood, Plastic, and Aluminum), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).

Changing lifestyles and increasing the use of outdoor living spaces are notably driving the market growth. Decking is a popular way to add extra space to both homes and gardens. Many homeowners in the US and Canada choose backyard decks for relaxing and enjoying meals. Decking is also a preferred option for buyers because of its appealing appearance and low cost. 

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Key Highlights:

• The report recognizes the following as some of the key players in the decking market: Advantage Trim and Lumber Co., Beologic N.V., CRH Plc, Fortune Brands Innovations Inc., Hardy Smith Designs Pvt. Ltd., Humboldt Redwood Company LLC, James Latham Plc, JSW STEEL Ltd., METSA GROUP, NewTechWood America Inc., Saraswati Wood Pvt. Ltd, The AZEK Co. Inc., Timber Holdings USA, Trex Co. Inc., UFP Industries Inc., UPM-Kymmene Corp., VETEDY GROUP, West Fraser Timber Co. Ltd., Weyerhaeuser Co., and Xylos Arteriors India Pvt Ltd
• Decking Market is fragmented in nature.
• Market to observe 5.54% YOY growth in 2024.

Market Dynamics:

Trend & Challenges

The growing home improvement industry is an emerging trend shaping the market growth. The home improvement industry is being driven by an increase in demand for customized outdoor design by consumers, as well as a rapid rate of urbanization. During the forecast period, the global decking market is expected to grow due to a shift in consumer preference for better home amenities, which has led to an increase in demand for products that provide enhanced comfort and convenience.

Consolidation of the global decking market is a significant challenge hindering the market growth. Due to the increasing demand for decking, competition among established companies has intensified. As a result, they are now prioritizing aftersales services and vertical integration. Some companies have expanded their product portfolios by introducing various types of decking, such as composite, aluminum, and plastic decking. 

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Keg Segments:

• The market share growth by the residential segment will be significant during the forecast period. The residential construction activities in the US, Europe, and APAC are expected to drive the growth of the decking market segment. In the US, the growth of the residential decking segment will be fueled by an increase in maintenance and repair projects. The rising disposable incomes of people and rapid urbanization in countries such as China, India, Malaysia, and Indonesia in the APAC region are leading to the construction of new homes and public infrastructure.

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Related Reports:

The Global Composite Decking Market is estimated to grow by USD 2,275.99 million at a CAGR of 14.1%  between 2022 and 2027. 

The wood-plastic composites market size is estimated to grow at a CAGR of 11.25% between 2022 and 2027. The market size is forecast to increase by USD 4,479.48 million.  

ToC:

Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application 

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio