The Wooden Decking Market is Estimated To Witness High Growth Owing To Prefabricated Decking Trends

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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