Wooden Decking Market - Forecast(2024 - 2030)
Wooden Decking Market size is forecast to reach $34.8 billion by 2030, after growing at a CAGR of 2.9% during 2024–2030. Growing construction activities and rising disposable income are the major factors expected to drive the growth of the wooden decking market. In addition, increasing demand for higher standard of living, rapid #industrialization, increasing demand for wood #decking in schools, hotels, and others are some of the other factors driving wooden decking market. In the wooden decking market, a notable trend is the increasing popularity of #sustainable and eco-friendly materials. Consumers are showing a growing preference for responsibly sourced wood, such as certified hardwoods and reclaimed timber, reflecting a broader commitment to #environmental #conservation. Another trend involves the integration of technology in wooden decking solutions, with the incorporation of smart features like LED lighting, wireless charging, and remote-controlled systems. This convergence of aesthetics and #functionality caters to a modern lifestyle, enhancing the overall appeal and usability of wooden decks in residential and commercial spaces. In addition, customer preference for green buildings, sustained investment in commercial real estate, and increased demand for wooden decking from commercial and residential sectors, increased private non-residential #expenditure and public non-residential expenditure are some of the other factors expected to drive the global wooden decking market.
The COVID-19 pandemic has had a notable impact on the wooden decking market, influencing various aspects of production, supply chains, and consumer behavior. In the initial phases of the pandemic, global lockdowns, travel restrictions, and disruptions in labor availability led to challenges in the supply chain for wooden decking materials. The closure of manufacturing facilities and restrictions on transportation affected the timely delivery of raw materials, causing delays in production and distribution. he construction industry, a significant consumer of wooden decking, experienced a slowdown as a result of pandemic-related disruptions. Many construction projects were put on hold or delayed, impacting the demand for decking materials. Uncertainty about the economic outlook also led some consumers to postpone or reconsider home improvement projects, affecting the market. The wooden decking market demonstrated resilience as it adapted to the challenges posed by the pandemic. Manufacturers and suppliers implemented safety measures in their operations, and innovations in virtual consultations and digital tools emerged to facilitate remote decision-making for consumers planning home improvement projects.
The report: “Wooden Decking Market– Forecast (2024–2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Wooden Decking Industry.
By Type: Redwood, Tropical Hardwood, Pressure Treated Wood, Cedar and Others
By Application: Railing, Floor, Wall, Water and Waste Management, Tunnel and Landfills, Bridge and Highways and Others
By End Use Industry: Residential, Non-Residential
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A wooden deck can keep a comfortable temperature even on a warm day, while plastic can get uncomfortably hot, as these decks are made up of composite lumber, treated lumber, and composite material. Therefore, the use of wooden decks in residential and nonresidential buildings has increased.
The growing construction industry in the United States is projected to propel the North American wooden decking market, during the forecast period.
The major factors driving the market is, increase in remodeling and refurbishment activities and demand for lavish infrastructure in developed nations.
Pressure treated wood held the largest share in the wooden decking market in 2023, as it can withstand in icy and moist weather conditions, and is durable and long lasting. In addition, pressure-treated wood is resistant to insects, rots and internal decay. Pressure treated lumber decks are also cheaper than cedar and redwood with the same quality. The only drawback of these decks is higher maintenance due to inconsistent appearance, splitting and easy staining.
End-User Industry — Segment Analysis
The residential segment held the largest share in the wooden decking market in 2023 and is growing at a CAGR of 3.2% through 2030. In the residential sector, wooden decking is used for both new construction and repair as well as renovation of houses. It is used for a wide range of purposes in residential building, such as cladding and siding, swimming pool decks, pathways, flooring and so on. The growing demand for residential projects worldwide is expected to drive the wooden decking market during the forecast period.
Geography — Segment Analysis
North America held the largest share in the wooden decking market in 2023 at 34%, owning to rising urbanization, large scale investments in infrastructure & industrial sectors, and rising construction activities in the region. The properties offered by wooden decks such as durability, sustainability, stability, splinter & rot resistance, and enhanced appearance is useful in application areas such as marinas, pool areas, resorts, docks, patios, hotels and others. The increase in disposable income of the urban population stimulates the construction of new houses in the region, which leads to an increase in demand for wooden decks.
Drivers — Wooden Decking Market
• Growing construction activities.
Growth in the global wood decking market is attributed primarily due to the rapid increase in construction activities. Due to its ease of design, flexibility and adaptability to various purposes, wooden decking is used in a variety of homes to create patios, landscaping for gardens or for expanding the living area. Due to its long lifespan, customers have increasingly opted for wood decks. Increasing expenditure on upgrading homes or outdoor living spaces that include decks, patios and balconies is likely to have a significant impact in the near future on demand for decking material. According to the U.S. Census Bureau, US construction industry worth $2.1 trillion in 2022. Approximately 1.55 million new housing units are planned annually in the U.S. Therefore, the increasing number of houses and increase in construction activities worldwide is driving growth in the wooden decking market.
Challenges — Wooden Decking Market
• Availability of substitute
Substitute availability such as plastic decks is the major factor expected to restrain the growth of the global wooden decking market. Keeping a wooden deck looking and feeling new, can take quite a bit of maintenance. Availability and price of wooden decking are determined by location. Although wooden decking comes at a lower upfront cost, the cost of maintenance will accumulate. Whilst a plastic deck requires nothing but a good wash once in a while. Therefore, owning to these factors customers may prefer plastics decks which act as a restraint to the wooden decking market growth.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Wooden Decking Market. In 2023, the market of Wooden Decking Market has been consolidated by the top five players accounting for of the share. Major players in the Wooden Decking market are
• West Fraser Timber Co. Ltd.
• Universal Forest Products, Inc.
• Humboldt Redwood Company and Mendocino Redwood Company
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