July 19, 2024
Wooden Decking Market

Projected Technological Advancements to Boost the Growth of Global Wooden Decking Market

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 Overview:

Wooden decking refers to flooring made from timber that is installed outdoors, usually adjacent to a house or other building, and generally directly on the ground or on joists. Wooden decking is primarily made from various types of wood such as redwood, cedar, tropical wood, and composites. Wooden decking provides a sturdy yet beautiful outdoor flooring surface. Wooden decking offers natural beauty, durability, high load bearing capacity, and low maintenance. Its natural texture provides safety and slip resistance. These advantages have led to increased demand for wooden decking from residential as well as commercial sectors for landscaping and outdoor recreational areas.

Market Key Trends:
Technological advancements in wooden decking material are expected to drive the market growth over the forecast period. Manufacturers are developing durable and sustainable wooden decking materials using various wood treatment technologies, protective coatings, and composites. For instance, the use of Thermory technology by Metsa Wood provides wooden decking boards with enhanced durability and longevity of up to 50 years without any surface treatment. Composite decking materials blend wood fiber or wood flour with plastic to produce a low-maintenance and highly durable decking alternative to traditional wood. These technological advancements are increasing the longevity and reducing the maintenance needs of wooden decking, thereby fueling their adoption.

Porter’s Analysis

Threat of new entrants: The wooden decking market has moderate barriers for new entrants due to established brand value and customer loyalty for existing key players.

Bargaining power of buyers: Buyers have low bargaining power in this market due to standardized products and differentiated quality offered by key players.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of quality wood raw material sources and operational dependencies of manufacturers.

Threat of new substitutes: Threat from substitute products like plastic and composite decking is moderate as wooden decking is still preferred for its natural aesthetic look.

Competitive rivalry: High.

Key Takeaways

Global Wooden Decking Market Demand is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period 2023 to 2030, due to increasing residential and commercial construction activities. The market size for 2023 is estimated at US$ 23107.38 Mn.

Regional analysis

North America dominated the global wooden decking market in 2022 accounting for over 35% market share and is expected to remain fastest growing region during the forecast period. Rising population in the US along with increasing remodeling and replacement activities is fueling market growth in the region.

Key players

Key players operating in the wooden decking market include 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). Trex Company Inc. is one of the market leaders commanding over 10% revenue share in 2022.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it