Wooden Decking Market's Potential with a 2.9% CAGR and US$ 10.4 Billion Anticipation
The Wooden Decking Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Wooden Decking market. Encompassing the research's scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Wooden Decking. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.
The global Wooden Decking Market is poised for significant growth, with a projected valuation of approximately US$ 7.8 billion in 2023. This upward trajectory can be attributed to the rising adoption of high-quality wooden decks within the residential sector, which continues to propel market expansion. It is anticipated that by 2033, the market will attain a valuation of US$ 10.4 billion, showcasing a Compound Annual Growth Rate (CAGR) of 2.9% from 2023 to 2033.
One of the key drivers fueling this expansion is the mounting demand stemming from repair and remodeling projects. As these projects become increasingly prevalent, they contribute to the overall growth and vitality of the wooden decking market. Furthermore, the market is set to benefit from the ongoing trends of urbanization and heightened investments in infrastructural development, particularly within emerging economies. These factors underscore the market's promising outlook during the forecast period.
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Additionally, technological advancements in the manufacturing processes and the introduction of innovative materials have bolstered the sustainability and appeal of wooden decks. These advancements are expected to play a pivotal role in stimulating demand within the wooden decking market, further enhancing its growth prospects.
Increasing applications in the residential and commercial sectors have created opportunities for market growth. The rising demand for eco-friendly and sustainable flooring solutions is expected to drive the growth of the market during the forecast period.
The increasing investments in construction coupled with rising consumer preferences for aesthetics are the factors anticipated to positively influence the market over the forecast period. Growth of residential and nonresidential application segments backed with population expansion is anticipated to fuel the product demand.
Growing investments in the construction sector in Europe and North America are likely to boost the demand for wooden decking. The increasing investment in real estate projects and the increasing number of hotels, restaurants, and corporate offices in emerging economies such as India and China are expected to drive the wooden decking market growth during the forecast period.
Key Takeaways from the Market Study
• From 2018 to 2022, the market demand expanded at a CAGR of 3.8%
• Based on the wood type, the pressure-treated wood segment accounts for a CAGR of 2.7%
• By construction type, the repair & remodeling segment is expected to expand at a CAGR of 2.5% during the forecast period
• North America to emerge as a promising market, capturing a CAGR of 2.8%
• Asia Pacific to be an opportunistic market, expected to capture a CAGR of 2.8% during the forecast period.
“Growing popularity of outdoor spaces and technological innovation in wooden decking is expected to drive the market in the forecast period. The increasing demand from the residential sector globally is projected to play a vital role in strengthening the market”.
Competitive landscape
Prominent players in the wooden decking market are Georgia-Pacific LLC; Boral Ltd.; Boise Cascade Company; Builders FirstSource, Inc; AZEK Building Products, Inc., among others.
Some notable developments are as follows:
• In October 2022– AZEK Company Inc. unveiled its newest manufacturing facility in Boise, Idaho – AZEK’s first in the Western part of the United States. The 350,000-square-foot state-of-the-art facility further advances AZEK’s strategy to drive material conversion to its types of sustainable, low-maintenance, and environmentally sustainable outdoor living products, providing capacity that will allow the Company to scale to market demand for its products.
• In September 2022- Fiberon announces the launch of Wildwood composite cladding, providing the unrivaled beauty and warmth of the wood combined with the durability of high-performance, low-maintenance materials. Wildwood composite cladding features an open-joint profile and is available in a variety of board lengths and widths for added design flexibility.
Know More about What the Wooden Decking Market Report Covers
Future Market Insights offers an unbiased analysis of the global wooden decking market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the wooden decking market, the market is segmented based on the wood type, construction type, and application across five major regions.
Key Segments Covered in the Wooden Decking Industry Analysis
By Wood Type:
• Pressure Treated Wood
• Redwood
• Cedar Wood
• others
By Construction Type:
• Repairs & Remodelling
• New Decks
By Application:
• Residential
• Non-Residential
By Region:
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa
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