by Wooden decking provides an outdoor walkway or platform made of wooden boards or planks. It is mainly used in residential and commercial constructions as an aesthetic extension of interior space into the outdoors. Wooden decking offers advantages like natural appearance, ability to withstand weather conditions, ecological sustainability and cost effectiveness. With rising urbanization and influence of modern residential architecture, wooden decking has become an integral part of home landscaping and outdoor living space design.
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 key trends:
The wooden decking market is witnessing growing preference for eco-friendly and sustainably sourced decking materials. Manufacturers are shifting focus towards developing decking products made from fast growing softwoods and recycled wood content to reduce environmental impact. Pressure treated hardwood continues to dominate the segment owing to its durability and weather resistance. However, thermally modified timber and tropical hardwood species are gaining prominence due their low maintenance requirements. Composite decking made from recycled plastic and wood fibers is emerging as a viable alternative to pressure treated wood as it requires no staining or sealing. Product innovation centered around improved aesthetics, enhanced lifespan and lower ecological footprint will promote further expansion of the global wooden decking market over the forecast period.
Porter’s Analysis
Threat of new entrants: The wooden decking market requires high initial investments and established distribution channels which acts as a barrier for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative decking material options.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw material sources.
Threat of new substitutes: Substitutes like composite decking, PVC decking, aluminum decking pose threat to wooden decking market.
Competitive rivalry: Market competition is high due to presence of numerous established players.
Key Takeaways
Global Wooden Decking Market Demand is expected to witness high growth. Regional analysis related content comprises Regional analysis related content North America dominates the market due to high consumer spending on outdoor renovation in the US and Canada. The Asia Pacific region is expected to grow at the fastest pace with increasing construction activities in China and India.
Key players related content comprises 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 key players are focusing on adopting growth strategies such as partnerships, new product launches and geographical expansion to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
