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The decking market size is estimated to grow at a CAGR of 6.51% between 2023 and 2028. The market size is forecast to increase by USD 6.27 billion. The growth of the market depends on several factors such as changing lifestyles and increasing use of outdoor living spaces, the revival of the construction industry and the increasing replacement of wood with composite decking.
The report includes a comprehensive outlook on the Decking Market, offering forecasts for the industry segmented by Application, which comprises residential and non-residential. Additionally, it categorizes Product into wood, plastic, composite, and aluminum, and covers Geography regions, including North America, Europe, APAC, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Decking Market Forecast 2024-2028
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Decking is used to extend residences and landscaped gardens. Backyard decks are popular among residences in the US and Canada for lounging and dining. Residential buyers also prefer decking due to its aesthetic properties and low cost. Decking is used in non-residential applications such as hotel terraces, boardwalks, balconies, leisure centers, patios, and theme parks to effectively utilize open spaces.
In addition, some companies provide decking, which is easy to install, for commercial applications. Therefore, the changing lifestyles of people and the rising use of outdoor living spaces are increasing the need for decking, which will drive the growth of the global decking market during the forecast period.
Increasing demand for customized outdoor designing by consumers and rapid urbanization rate are the primary factors driving the home improvement industry. The increase in demand for products providing enhanced comfort and convenience due to a shift in consumer preference for better home amenities will positively influence the growth of the global decking market during the forecast period. The rising disposable income of the population, particularly in emerging economies, will increase the demand for home improvement services, including the installation of composite decks. Decking is a low-maintenance choice for outdoor entertainment areas.
However, the worldwide home improvement industry is expanding as a result of shifting consumer preferences and a rise in the number of young people who want to remodel their homes to reflect their aesthetics and improve their quality of life. Thus, the growing demand for home improvement services will increase the demand for decking to improve outdoor space design, which is expected to fuel the growth of the global decking market during the forecast period.
The rising demand for decking has intensified competition between established companies. Therefore, they are focusing on providing aftersales services and vertical integration. Some companies have expanded their product portfolios by adding different variants of decking, like composite, aluminum, and plastic decking. The companies are also focusing on integrating horizontally with construction contractors as a high volume of decking is installed during the initial construction process.
Moreover, some companies are expanding their product portfolios through acquisitions. Outdoor living space companies are also entering the market by acquiring other companies. Though the market is currently fragmented, horizontal integration activities by the companies will increase the consolidation ratio during the forecast period, which will hinder the market growth during the forecast period.
The market share growth by the residential segment will be significant during the forecast period. The growth of residential construction activities in the US, Europe, and APAC will drive the growth of the segment. The growth of the residential segment of the decking market in the US will be driven by the initiation of maintenance and repair projects. 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 and was valued at USD 8.66 billion in 2018. The recovery of the global housing market in countries such as the US, Canada, Germany, and Spain is expected to fuel the demand for decking. 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. Moreover, the growing residential construction industry in Middle Eastern countries such as the UAE will propel the demand for composite decking. Thus, such factors will drive the growth of the global decking market through the residential segment during the forecast period.
Based on product, the market has been segmented into composite, wood, plastic, and aluminum. The composite?segment will account for the largest share of this segment.? Composite decking is manufactured using reclaimed wood fibers and scrap polyethene (PE). Reclaimed wood is a by-product from the manufacturing of other timber to lumber-producing activities such as sawn wood and flooring. The major suppliers of reclaimed wood are companies that offer cabinets, flooring, and waste from sawing. PE is obtained from various sources. In affition, the changing trends in residential building construction are expected to drive the growth of the composite segment of the global decking market during the forecast period.
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North America is estimated to contribute 41% 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 US is the largest market in the decking market in North America. As more consumers in the US look to increase their available living space and increase the value of their property by adding a deck, consumer interest in outdoor living is expected to continue to rise, which is expected to have a positive impact on the decking market in the US.
Additionally, larger, more sophisticated decks with walls, water features, fire pits, pergolas, and outdoor kitchens are gaining popularity among homeowners in the US, which will drive the demand for economical and durable composite decks during the forecast period. The increase in home renovation and housing completions will be the main factors driving the demand for decking 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.
Advantage Trim and Lumber Co - The company offers a variety of hardwood decking, custom hardwood lumber, domestic and exotic wood flooring, and custom mouldings.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Advantage Trim and Lumber Co., Beologic N.V., CRH Plc, Fortune Brands Innovations Inc., Hardy Smith Designs Pvt. Ltd., Humboldt Redwood Company LLC, James Latham Plc, JSW STEEL Ltd., METSA GROUP, NewTechWood America Inc., Saraswati Wood Pvt. Ltd, The AZEK Co. Inc., Timber Holdings USA, Trex Co. Inc., UFP Industries Inc., UPM-Kymmene Corp., VETEDY GROUP, West Fraser Timber Co. Ltd., Weyerhaeuser Co., and Xylos Arteriors India Pvt 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 decking market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Decking Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.51% |
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Market Growth 2024-2028 |
USD 6.27 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.54 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Advantage Trim and Lumber Co., Beologic N.V., CRH Plc, Fortune Brands Innovations Inc., Hardy Smith Designs Pvt. Ltd., Humboldt Redwood Company LLC, James Latham Plc, JSW STEEL Ltd., METSA GROUP, NewTechWood America Inc., Saraswati Wood Pvt. Ltd, The AZEK Co. Inc., Timber Holdings USA, Trex Co. Inc., UFP Industries Inc., UPM-Kymmene Corp., VETEDY GROUP, West Fraser Timber Co. Ltd., Weyerhaeuser Co., and Xylos Arteriors India Pvt Ltd |
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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 forecast period. |
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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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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 Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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