changing lifestyles and increasing use of outdoor living spaces is driving the Decking Market
Technavio analyzes that the Decking Market is expected to grow at a CAGR of 6.51% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6.27 billion.There are various factors that contribute to the growth of the market. The decking market is experiencing significant growth due to the shifting trend towards outdoor living and the increasing preference for enhancing the aesthetic value of residential and commercial properties. With changing lifestyles, people are spending more time outdoors, leading to a surge in demand for high-quality decking solutions. These decks not only serve as functional spaces but also add value to the overall property design. The use of advanced materials and innovative designs further adds to the appeal of decking as an attractive and practical home improvement option.
The decking market is poised for significant expansion, driven primarily by the surge in residential construction activities in the US, Europe, and Asia-Pacific (APAC) regions. In the US, the residential segment of the market will be fueled by the initiation of maintenance and repair projects, as well as the increasing disposable incomes of homeowners. Meanwhile, in APAC, rapid urbanization and the construction of new residences and public infrastructure in countries like China, India, Malaysia, and Indonesia, supported by government initiatives, will propel the growth of the decking market in the region. Key players in this market include Fiberon and Metsa Wood, who supply raw materials for both wooden and plastic decks. Repairs and remodeling projects, as well as the increasing popularity of plastic decks, will further contribute to the market's growth trajectory.
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Decking Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Wooden Decking Market encompasses various materials such as Pressure-treated Wood, Redwood, Tropical Hardwood, Cedar, and Wood-Plastic Composites. Companies specializing in Plastic Decking produce Composite Decks and Wood-Polymer Composites. Wood modification techniques extend the life of Wooden Decking, including Cladding and Siding. Repairs and refurbishment are essential for all Decking Materials, including Plastic decks and Wooden boards. Outdoor spaces like Gardens, Patios, Balconies, and Swimming pools benefit from these materials, adding to the Interior square footage. Raw material suppliers provide essential resources for the production of these Decking Materials.
The global decking market is a significant segment of the larger building products industry, according to Technavio's market research. This market encompasses businesses producing various building components, including composite and tropical hardwood decking. The building products market's growth is propelled by the burgeoning construction sector in developed and emerging economies. Manufacturers of decking, windows and doors, flooring, roofing, and home improvement products collectively contribute to the market's revenue. Technavio's analysis indicates that this market will continue to expand due to the construction industry's robust growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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