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The composite decking market size is projected to grow by USD 5.86 billion, at a CAGR of 14.04% between 2023 and 2028. Market growth hinges on various factors, including the resurgence of the construction sector, mounting enthusiasm for sustainable decking materials, and evolving lifestyles with a heightened focus on outdoor living spaces. The revitalization of the construction industry fuels demand for a diverse range of products and services, contributing to market expansion. Additionally, the growing preference for sustainable decking materials reflects a broader environmental consciousness, influencing consumer choices and market dynamics. Moreover, shifting lifestyles emphasize outdoor leisure and entertainment, prompting investments in outdoor living spaces and related amenities. These converging trends shape market trajectories, driving innovation and market penetration while responding to evolving consumer preferences and industry demands. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
Market Forecast 2024-2028
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Composite decking has emerged as a popular choice among homeowners and contractors due to its varied offerings and benefits. The market encompasses several varieties, including capped composite decking, which boasts a protective shell to mitigate issues such as fading, staining, and scratching. The shift in trend towards composite decking is driven by its superior load-bearing capacity and resistance to slip. Resin types, such as polyethylene and polypropylene, are integral components of composite decking. The market segmentation includes forms like solid and hollow, and product offerings cater to diverse needs. Cardinal Building Products, Green Bay Decking, Fiberon, MoistureShield, and others are key players in the building and construction industry, supplying composite decking and railing solutions. The rise in demand is influenced by factors like low thermal expansion and resistance to moisture. However, raw material costs and regulatory harvesting concerns may impact the market. Despite these challenges, the market is expected to grow as more homeowners and contractors recognize the benefits of composite decking over natural wood.
Also, the market continues to thrive, offering foot traffic friendly solutions that cater to a diverse clientele. Weather-resistant and low-maintenance composite decking railing are popular choices, as they withstand harsh weather conditions and require minimal upkeep. However, there are several restraining factors, such as color fading over time, that may influence consumer decisions. Interviews with industry executives reveal a growing trend toward data triangulation, allowing for more accurate forecasting and demand analysis. Composite decking manufacturers offer various color options to meet evolving consumer preferences. The choice of resin type and form plays a crucial role in determining the durability and longevity of composite decking.
Less stringent regulatory requirements in some regions have led to increased Harvesting and regulatory. Transcend Lineage, the luxury line of composite decking boasts advanced technology and superior aesthetics, appealing to discerning consumers. Industry associations play a vital role in promoting best practices and ensuring quality standards, contributing to the overall growth of the market. Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. A holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The residential segment holds a significant share of the total market value of the global composite decking market. Therefore, the volume of residential construction has a direct impact on the growth of the market. In addition, rapid urbanization and rising per capita income (PCI) in countries such as India, China, and Indonesia increased the demand for new residences in APAC in the last five years.
Even though the US is the largest contributor of revenue to the global composite decking market, several countries in APAC and the Middle East are expected to offer opportunities for growth in the market. In addition, India, China, Malaysia, Saudi Arabia, and the UAE are the fastest-growing countries in the global composite decking market due to the growing population and rapid urbanization, which increase the demand for new residences. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
There has been a growing popularity of prefabricated structures across the world due to their low cost and time savings in installation. In addition, various components or sections of buildings are fabricated under a controlled environment in a manufacturing facility and transported to the construction site for final assembly in prefabricated construction.
Moreover, the key areas of focus for prefabricated construction are quality and design standards, which mitigate the challenges associated with constructing site-built homes. In addition, many newly designed prefabricated buildings are considered better than conventional residences in several aspects. Furthermore, most decking used in prefabricated construction allows the partial customization of design and specifications before delivery. Therefore, the increasing adoption of prefabricated construction solutions is positively impacting the market. Hence, it is expected to drive the market growth during the forecast period.
Concrete flooring is an alternative to composite decking as it has the ability to withstand heavy stress and pressure. In addition, it is cost-effective and can last longer if maintained properly. In addition, other alternatives, such as tiles and fiber cement decking, can be used interchangeably to decorate the exterior of residences.
Moreover, tiles can be customized for aesthetic appearance, and cement decking offers good resistance to heat and moisture, which makes it suitable for use in hot and humid climates. In addition, even though the demand for such alternatives is lower compared with composite decking, their wide availability and low cost are increasing their demand. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The residential segment is estimated to witness significant growth during the forecast period. The rise in residential construction activities in the US, Europe, and APAC is expected to fuel the growth of the residential segment. In addition, the increasing disposable incomes of people and rapid urbanization in countries in APAC, such as China, India, Malaysia, and Indonesia, are necessitating the construction of new residences and public infrastructure.
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The residential segment was the largest segment and was valued at USD 1.15 billion in 2018. Therefore, the governments of several countries in the region have implemented such initiatives. Moreover, the recovery of the global housing market in countries such as the US, Canada, Germany, and Spain is expected to fuel the demand for composite decking. In addition, due to record-low mortgage rates and rising housing demand over the past two years, the US residential building industry has profited from expansionary monetary policy. In addition, the growing investment by countries such as the US and Germany for remodeling and renovation of residential buildings is fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the type, the segment is classified into polyethylene, polypropylene, polyvinyl chloride, and others. A variety of recycled plastics are used in the production of composite decking, and the polyethylene segment is the most commonly used due to its relatively low cost, ease of production, and large volumes of waste high-density PE (HDPE) plastic, such as old plastic shopping bags. In addition, PE exhibits near-zero moisture absorption (usually less than 0.02% after 24 hours of submersion) and extremely good chemical resistance, including resistance to potent acids like sulfuric, hydrochloric, and nitric, which makes it a perfect building material used in the production of composite decking. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 32% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The rise in residential construction activities in the US, Europe, and APAC is expected to fuel the growth of the residential segment. In addition, the increasing disposable incomes of people and rapid urbanization in countries in APAC, such as China, India, Malaysia, and Indonesia, are necessitating the construction of new residences and public infrastructure.
Therefore, the governments of several countries in the region have implemented such initiatives. In addition, the recovery of the global housing market in countries such as the US, Canada, Germany, and Spain is expected to fuel the demand for composite decking. Hence, such factors are driving the market growth in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
APR Composites: The company offers composite decking products such as residential, commercial, and marina decking.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Buyrite Enterprises Ltd., Compagnie de Saint Gobain, DuraLife Decking and Railing Systems, Fortress Iron LP, Fortune Brands Innovations Inc., Genova Products Inc., Green Bay Decking, Nanjing Xuhua Sundi New Building Materials Co. Ltd., NewTechWood America Inc., Oakio Plastic Wood Building Materials Co. Ltd., Shanghai Seven Trust Industry Co. Ltd., Shubh Composites, TAMKO Building Products LLC, The AZEK Co. Inc., Trex Co. Inc., TruNorth International Corp., UFP Industries Inc., UPM Kymmene Corp., and Wallong Technology Co. Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
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The composite decking market is a significant sector in the construction industry, characterized by the use of advanced materials in creating durable and aesthetically pleasing outdoor living spaces. Composite materials, a combination of natural and synthetic elements, offer several benefits such as resistance to weathering, easy maintenance, and longevity. Homeowners and businesses increasingly prefer composite decking due to its cost-effective nature and versatility. The material can be molded into various shapes and designs, catering to diverse architectural requirements. Furthermore, the availability of a wide range of colors and textures adds to its appeal. The composite decking market is driven by factors like growing urbanization, increasing disposable income, and a shift towards sustainable living. Additionally, technological advancements in manufacturing processes have led to improved product quality and affordability. Producers are focusing on innovation to meet evolving consumer demands. For instance, some companies are developing eco-friendly composite decking made from recycled materials. This trend is expected to gain traction in the coming years, contributing to the market's growth. In conclusion, the composite decking market is poised for steady expansion, driven by factors such as consumer preferences, technological advancements, and a focus on sustainability.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.04% |
Market Growth 2024-2028 |
USD 2.82 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
13.5 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
APR Composites, Buyrite Enterprises Ltd., Compagnie de Saint Gobain, DuraLife Decking and Railing Systems, Fortress Iron LP, Fortune Brands Innovations Inc., Genova Products Inc., Green Bay Decking, Nanjing Xuhua Sundi New Building Materials Co. Ltd., NewTechWood America Inc., Oakio Plastic Wood Building Materials Co. Ltd., Shanghai Seven Trust Industry Co. Ltd., Shubh Composites, TAMKO Building Products LLC, The AZEK Co. Inc., Trex Co. Inc., TruNorth International Corp., UFP Industries Inc., UPM Kymmene Corp., and Wallong Technology Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecasting period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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