The Wooden Decking Market is Estimated To Witness High Growth Owing To Prefabricated Decking Trends
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| Wooden Decking Market |
The wooden decking market is estimated to be valued at US$ 23107.38 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Wooden decking refers to decking or flooring made from wood which is installed
exteriorly to the buildings. Wooden decking provides an aesthetic look along
with durability and requires low maintenance. Some key advantages of wooden
decking include its ability to withstand harsh weather conditions, natural
appeal, and enhancement in overall appearance of buildings, homes, and outdoor
spaces.
Market key trends:
One of the major market trends fueling the growth of wooden decking market is
increasing popularity and adoption of prefabricated decking. Prefabricated
decking arrives at job site almost completely pre-assembled reducing the need
for heavy on-site construction. This allows deck builders to complete projects
more quickly and economically as compared to traditional deck construction
methods. Moreover, prefabricated decking ensures higher quality and consistency
in construction as most of the work is done under controlled manufacturing
environment. Decking manufacturers are also offering various pre-cut and easy
installation kits for do-it-yourself consumers which is further propelling the
demand for prefabricated decking systems. Additionally, implementation of
advanced technologies by manufacturers to develop lightweight, easy to install,
and low maintenance prefabricated decking solutions will continue driving their
market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires
large investments and established supply chains to enter this market. However,
the market is growing at a steady pace providing opportunities.
Bargaining power of buyers: The bargaining power of buyers is high as wooden
decking is a commodity product with substitutes available. Buyers can negotiate
on price and demand quality standards.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
raw material suppliers have established themselves. However, product
differentiation keeps their power in check.
Threat of new substitutes: The threat of substitute products like composite
decking is high as they provide similar aesthetic look with lower maintenance
needs.
Competitive rivalry: Intense due to many global and regional players competing
on pricing and innovation.
SWOT Analysis
Strength: Wide availability of wood raw material sources. Ability to withstand
weathering better than other materials.
Weakness: Require regular maintenance and are prone to cracks if not installed
properly. Not termite resistant.
Opportunity: Increasing trend of outdoor living spaces and grilling decks.
Growth in DIY home improvement activities.
Threats: Stringent environmental regulations for wood extraction. Increased
preference for low-maintenance composite decking.
Key Takeaways
Global
Wooden Decking Market Demand is expected to witness high growth,
exhibiting CAGR of 5.2% over the
forecast period, due to increasing consumer spending on home improvement and
outdoor projects. The U.S. dominates the market currently due to widespread
adoption of decking spaces.
Regional analysis: The North American region dominates the wooden decking
market currently. The U.S. accounts for the major market share due to large
number of households with decks installed. The Asia Pacific region is forecast
to witness the highest growth owing to rising construction spending, growth in
number of new households, and rising affinity towards outdoor living spaces
especially in China and India.
Key players: Key players operating in the wooden decking market are The AZEK
Company Inc., Deckorators Inc., Deck Solutions LLC, DuraLife Decking &
Railing Systems, Fiberon, Humboldt Sawmill Company LLC, Kebony AS, Metsa Wood
Thermory, Trex Company Inc., United Construction Products Inc. (BISON
Innovative Products), Mendocino Forest Products Company LLC, NeoTimber, Shubh
Composites, and Tecnodeck (Mitera Group). The market has a mix of global and
regional level players competing on price and innovation.
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