Globally, the overall wooden decking market is set to record an annual remuneration of US$18.04 billion over the span of 2021 to 2027. Strict embargoes on sustainable materials for home décor and home furnishing, subject to the rising concerns of safety and toxic emissions, have indeed led to a spike in global demand for wooden decking. This is rather evident from Westminster’s 2019 declaration of replacing timber decking in residential balconies with wooden decking. As per news reports, the Westminster council had announced removing timber decking from the balconies of more than 700 flats across the borough as a “safety measure” against the prevalence of fire outbreaks.
The expansion is attributed to the rising use of the product in the commercial sector owing to its cost-effectiveness and the prominence of the following trends:
Introduction to the concept of green buildings
The outgrowing demand for green buildings, aligned with expanding construction activities, particularly in Asia Pacific and North America, is estimated to support the overall wooden decking market trend. Moreover, the rising refurbishment of old buildings and surging investment in new construction are likely to boost the demand for wooden decking across the countries in these regions.
Exclusive demand for wooden decking in the economies of North America and APAC
Given that the demand for wooden decking is gradually rising across North America subject to the mounting residential construction activities in the United States, in conjugation with the renovation of old buildings. That said, wooden decking market demand is anticipated to spur in the upcoming years, while the region had already seized a market share of 35% in 2020.
Meanwhile, Asian countries will also contribute significantly in the overall market growth due to the emerging applications of wooden decking in commercial areas including hotels, resorts and institutions. Not to mention, stringent government regulations and mandates on the grounds of promoting the merits of wooden products is slated to further proliferate the market for wooden decking.
Ongoing efforts by industry leaders
Various industry conglomerates operating in the wooden decking marketplace are going nine yards for product development, devising new marketing strategies and tactics via being involved in mergers, acquisitions and collaborations. For instance, Universal Forest Products Inc had in 2014 announced inking a distribution agreement for CAMO Hidden Deck Fastening System. The product stands best to complement the company’s ProWood pressure-treated decking brand and is anticipated to be used as a best practice when deploying treated lumber deck boards.
Rising significance of pressure-treated wood decking
Speaking of pressure-treated wood decking, it was observed that in 2020, the segment acquired a lion’s share in the overall market, amounting to a 48% business stake. What has been fostering the demand for pressure-treated wood decking is its umpteen benefits like cost-effectiveness, lower installation cost, low labour cost and superior durability. Besides, the product is also chemically treated under pressure to make the wood more resistant to rot, molds and insects. On this note, the wooden decking market from the pressure-treated wood segment is poised to depict a CAGR of 2.8% through 2027.
Increasing deployment in residences
Expanding urbanisation across various developing and developed regions has enunciated the need for more and more residential complexes, in turn resulting in a decent uptick in wooden decking product deployment. Industry experts claim that the residential spaces would contribute to 70% of the overall market space in the upcoming years.
Source: Global Market Insights, Inc.