The global forecast of the timber decking market is set to grow at a CAGR of 4.63% from 2016 to 2020, according to a Research and Markets report, “The Global timber Decking Market 2016-2020”.
Increased use of decking is predicted to be the key trend for market growth, commented an analyst from the research team.
In the 1980s and 1990s, decking was considered as an outdoor structure which added to the aesthetics of the house. But since 2009, the concept of decking has changed. Today, decking is perceived as an outdoor living space for consumers to have their kitchens and fireplaces for entertainment and amusement, hence changing the underlying concept of decks and driving demand significantly. In addition, it has also encouraged homeowners to think about the development of the deck from a different perspective along with the choice of material.
This leads to an increase in consumer spending, which will be a key driver for market growth as timber decking projects are capital-intensive. The impact of the consumer’s spending power can be seen from the trends in global imports of wood by different countries; the increase or decrease in imports depending on the demand and availability of the product.
Source: PR Newswire