Composite Decking Market Size to grow by USD 2.82 billion between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Composite Decking Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: The Composite Decking Market is a segment of the expansive Global Building Products Market, according to Technavio. This market encompasses corporations involved in the manufacturing of various building components, including windows and doors, flooring, roofing and gutter materials, insulation, cabinets, plumbing fixtures, and home improvement products and equipment. Technavio determines the size of the Global Building Products Market by aggregating the revenues of these manufacturers. The market's expansion is primarily driven by the robust growth of the construction sector in both developed and emerging economies. - The Composite Decking Market is experiencing significant growth, fueled by the Revival of construction industry. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Revival of construction industry
  • Increasing interest in sustainable decking materials
  • Availability of substitutes for composite decking
  • Threat from unorganized global composite decking market
• Growth Projections

The market size is estimated to grow by USD 2.82 billion, at a CAGR of 14.04% during the forecast period. In the construction sector, prefabricated structures, including composite decking, have gained significant traction due to their cost-effectiveness and time efficiency. Components of these structures are manufactured in a controlled environment and transported to the site for final assembly. Quality and design standards are paramount in prefabricated construction, ensuring compliance with codes such as the US Housing and Urban Development (HUD) Code or the International Residential Code (IRC). These stringent regulations contribute to the superiority of prefabricated composite decking over traditional options.

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• Regional Insights

The composite decking market in North America has experienced significant growth between 2010 and 2021. With the construction of approximately 18,000 more single-family homes featuring decks during this period, the demand for affordable and durable composite decking alternatives has surged. Homeowners are investing in renovations and improvements to enhance their living spaces and increase property value. This trend is anticipated to continue, driving the composite decking market's growth throughout the forecast period.

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