Wooden Decking Market is Estimated to Witness High Growth Owing to Growing Demand for Outdoor Amenities

Wooden Decking Market


Wooden decking comprises wooden boards designed to provide various functional and aesthetic benefits of an outdoor space. It enhances the utility and beauty of balconies, patios, gardens, backyards, and swimming pools. Wooden decking provides a comfortable, low-maintenance surface for outdoor activities such as dining, relaxing, and entertainment. It comes in various types such as redwood, cedar, and pressure-treated lumber and imparts a natural look to the outdoor area. The growing interest of homeowners in upgrading outdoor spaces and increasing spending on landscaping and outdoor renovations have driven the demand for wooden decking solutions in recent years.

The global 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 Opportunity:
The growing construction of new homes and rising disposable income especially in developing nations have opened up new prospects for wooden decking market players. Decking offers an affordable way for homeowners to enhance their living spaces while increasing their property value. Decking installers and contractors are seeing higher demand for sophisticated deck designs incorporating lighting, benches and pergolas to serve dining, relaxation and entertaining needs. Wood decking manufacturers can capitalize on this opportunity by developing product lines catering to the evolving aesthetics and multifunctional requirements of outdoor decks. They can focus on rapid installation solutions to capture market share as well as target developing economies experiencing a construction boom through effective distribution partnerships. This presents a lucrative avenue for wooden decking suppliers to witness continued growth over the coming years.

Porter's Analysis:
Threat of new entrants: New companies can enter the wooden decking market easily as the raw materials required are available and construction of decking requires basic tools and machinery. However, established players have economies of scale and brand reputation that act as a barrier.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established players in the market offering similar products. However, branded products demand price premiums keeping buyers' power in check.
Bargaining power of suppliers: Wood is the major raw material and suppliers of wood have negligible bargaining power due to the availability of substitutes. Suppliers of machinery also have low bargaining power.
Threat of new substitutes: Composite decking is a potential substitute but does not match the aesthetics and authenticity of wooden decking. Hence threat is moderate.
Competitive rivalry: The market is moderately competitive due to the presence of many regional and international brands. Competition is based on product quality, design, and branding.

SWOT Analysis:
Strengths: Wood provides a natural and aesthetic look. It is cheaper than composite materials and requires low maintenance.
Weaknesses: Wood is prone to warping, cracking and rotting over time requiring repair/replacement. Initial installation cost is higher than alternate materials.
Opportunities: Increasing homeowners' spending on outdoor improvement and renovation projects boosts demand. Rapid growth of real estate construction worldwide also drives the market.
Threats: Trade restrictions and environmental regulations can impact sourcing of raw wood. Substitute materials like composites which require no maintenance also pose competition.

Key Takeaways:
Global Wooden Decking Market Demand is expected to witness high growth due to increasing construction of homes and commercial buildings worldwide. North America dominates the market currently due to higher consumer spending on outdoor construction in countries like the US. The Asia Pacific region is expected to be the fastest growing market for wooden decking over the forecast period led by countries like China, India, and Japan. Rapid urbanization and improving economic conditions are driving quality construction with wooden decking in outdoor and balcony areas.

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). AZEK Company is a leading player offering innovative composite decking products for commercial and residential construction. Trex Company specializes in wood-alternative decking and railing products made from recycled wood and plastic film.  

Comments

Post a Comment

Popular posts from this blog

Forging has significant application in creation of various metal for wide range of applications

Image
Forging refers to any process that produces metal from scratch by subjecting it to an external force. Metal forgers can be persons or machines. This techniques may involve grinding (for example, to produce alloyed steel) or may involve the application of pressure to apply heat to the metal piece until it is malleable. The actual process depends on various factors, including the material being forged, its shape, and the degree of stress that is placed on it. Forged grain is the product of Forging with grains of metals pushed against each other through a forge-like tool and into the cladding that forms the final shape of the metal after it has been done. It is the principal production process in most metals. It uses local or repetitive thrusts delivered by a hammer or die to apply mechanical blows to the metal piece until it becomes malleable. It is frequently classified according to the speed at which it's done: fast, cold, or hot. There are many types of forgers available today
Read more

The Vaccine Contract Manufacturing Industry to Flourish Due to Urgent Need to Develop Reliable and Cost-Effective Vaccines against Covid-19

Image
Germany Vaccine Contract Manufacturing industry is expected to witness significant growth in the near future, due to emergence of Covid-19. In Germany, from 3 January 2020 to 4:06pm CEST, 18 August 2021, there have been 3,835,375 confirmed cases of COVID-19 with 91,921 deaths, reported to WHO. As of 15 August 2021, a total of 97,884,043 vaccine doses have been administered. The increasing demand for safe and cost-effective vaccines due to unmatchable quality, consistent delivery, and unparalleled security, have contributed to the increasing growth and scope of this industry. The increasing demand for vaccines and resulting profit potential have led to significant growth in the number of contract manufacturing plants located across the world. A major focus of such plants is developing cost effective, high quality vaccines that could be made available to public health organizations and other medical organizations. Several new and innovative technologies are also being developed to man
Read more

Ginseng Market Outlook, Analysis and forecast up to 2028

Image
  Ginseng Market Ginseng is a slow-growing perennial plant with green oval-shaped leaves and meaty roots that can persist for more than a century. Ginseng is classified into two types: American ginseng and Asian ginseng. Panax quinquefolius is the scientific name for American ginseng, whereas Panax ginseng is the scientific name for Asian ginseng. Ginseng is widely used as a herb to increase the body's energy levels. Ginseng's antioxidant and anti-inflammatory qualities serve to enhance the immune system, lowering the risk of viral and microbial infections. Ginseng also helps to lower the risk of diseases such as lung cancer, skin cancer, and liver cancer. Other health advantages of ginseng include lower blood sugar levels and improved cognitive functions such as memory and conduct. Ginseng is mostly grown in the United States, Canada, and South Korea. Ginseng has been used as a herbal medicine in China for generations, and the country is one of its largest users. Asia Pacifi
Read more