Global Wooden Decking Market- Segmented by Type, Application, End-user Industry, and Geography - Growth, Trends, and Forecasts (2018-2023)
The global wooden decking market is expected to register a moderate growth during the forecast period, 2018 to 2023. Asia-Pacific is expected to be the fastest growing market during the forecast period. Rapid urbanization and increased investments in infrastructural activities in the emerging nations of Asia-Pacific are expected to favor market growth.
Increase in Demand for Lavish Infrastructure in Developed Nations
People have started to prefer wooden deck floorings, walls, and railings, for the aesthetic beauty they provide to the finished building, along with the feel the natural wood brings with it. Wooden decking is becoming popular with consumers seeking decks that have longevity. Additionally, the residential sector is expanding at a moderate rate in developed nations, such as United States, Japan, and Germany, amongst others, which is also fueling the demand. The rising use of wooden deck as garden landscaping will further boost wooden decking demand during the forecast period in these countries.
Residential Segment to Dominate the Market
The residential construction segment is expected to hold a share of close to 60% of the total market. In North America, the most popular method of residential construction includes the use of wooden frame. North American residential sector is expected to grow by 6% in 2018 and have around 1.3 million units (inclusive of both single family and multifamily) by the end of 2018. Some of the major factors that have aided the growth of the residential segment in the region includes population growth, increase in household formation, strong economic conditions clubbed with low mortgage rates. Additionally, the housing in the United States has increased from 135.58 million units in 2016 to 136.57 million units in 2017, which is also driving the demand for wooden decking market during the forecast period.
Asia-Pacific Dominate the Market Growth
Rapid urbanization and increased investments in infrastructural activities in the emerging nations of Asia-Pacific, are expected to favor market growth. Growing awareness about wooden decking among the consumers of the emerging nations, is expected to provide a lucrative opportunity for market growth. In the Asia-pacific region, China is expected to hold the largest share of the market. Growing housing sector in the region acts a major driver for the growth of the market. The housing sector of India contributes approximately 5% to its GDP. Additionally, the government initiatives, such as ‘Smart Cities’ is also boosting the construction growth in the country, which in turn fueling the demand for wooden decking market during the forecast period.
Major Players: Danzer, Grad, Kebony, Metsä Group and Universal Forest Products Inc., amongst others.
Reason to purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Application that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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