Newark, July 31, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 8 billion in 2023 global wooden decking market will reach USD 10.75 billion in 2033. In its most basic form, wooden decking refers to building a deck out of wooden planks to expand a veranda, an outdoor seating area or any other type of construction that homeowners may choose. Redwood, ipe, pressure-treated lumber, and cedar are among the woods that are most frequently utilised. Wooden decking is a multi-stage process. The first step is to layout the area where the decking will be installed. The next step is to select the building materials, design, and other pertinent elements and put the plan on paper. After building the frame and foundation, wooden planks are added, followed by finishing details like steps or railings. It provides more outdoor area for a range of uses, including dining, entertainment, and relaxation. Wooden decking is popular among homeowners and business owners of cafés, restaurants, and entertainment areas since it raises the overall resale value, aesthetic appeal, and practicality of these spaces. Decking made of wood is better than other types since it gives the space a more organic feel.
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Key Insight of the Global Wooden decking Market
North America will dominate the market during the forecast period.
Given its large land area and sparse population, North America is home to a sizable portion of homeowners who can afford to add wooden decks to their outdoor living areas. The region's plentiful forest reserves meet this demand. Because hardwood decking is more affordable or economical than its alternatives, there is a far greater demand for it. Furthermore, a large number of innovative manufacturers provide consumers with innovations that enhance the quality, endurance, durability, and performance of wood. The market's expansion is aided by the established wood, building, and construction industry, which provides regional consumers with a wide range of options and expertise.
In 2023, the pressure-treated wood segment dominated the market with the largest market share of 37% and revenue of 2.96 billion.
The type segment is divided into pressure-treated wood, redwood, tropical hardwood, cedar, wood-plastic composites, and others. In 2023, the pressure-treated wood segment dominated the market with the largest market share of 37% and revenue of 2.96 billion.
In 2023, the repair and remodelling segment dominated the market with the largest market share of 56% and revenue of 4.48 billion.
The construction type segment is divided into new construction and repair and remodelling. In 2023, the repair and remodelling segment dominated the market with the largest market share of 56% and revenue of 4.48 billion.
In 2023, the residential segment dominated the market with the largest market share of 68% and revenue of 5.44 billion.
The end user segment is divided into residential and non-residential. In 2023, the residential segment dominated the market with the largest market share of 68% and revenue of 5.44 billion.
Advancement in market
The Vitrified Composite decking planks from Ryno, a decking and paving firm, are available in a variety of wood finishes and are intended to mimic the look and feel of real hardwood. The newest offering from Ryno's high-performing decking solutions are the Vitrified Composite boards, which are intended to be a low-maintenance, non-combustible substitute for conventional wooden decking. The boards, which are composed of feldspar and clay mixtures, come in five wood-like finishes: Brazilian Walnut, African Greywood, White Poplar, Sun-bleached Oak, and Himalayan Birch.
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Market Dynamics
Driver: The growing need for home and business remodelling and renovation.
The need for tranquil houses where people can unwind, enjoy, and socialise in a secure, attractive, and comfortable setting has grown as a result of the hectic, stressful, and chaotic lives of today's population. Consumers may now afford to spend more on items like tranquil homes that are important to their mental health because to rising disposable income. Homeowners can use the expanded area provided by outdoor decks however they see fit. It allowed them to build a building as an addition to their home where they could enjoy entertainment, leisure, or quiet times whenever they wanted. These structures are more appealing and in demand in the market since they can be easily customised to meet the demands, preferences, and tastes of customers. The need for a private outside space was made more pressing by the COVID-19 pandemic, which increased demand for outdoor deck construction as more people started reconstructing and renovating their homes, fuelling the market's expansion. The need for outdoor decks in the global market has also been fuelled by the preferences of commercial spaces that overlook nature or any other type of scenic beauty.
Restraints: The difficulties of maintaining wooden decking.
Wood needs to be maintained since, in outdoor locations, it is exposed to damp, light, and microorganisms that can cause it to degrade quickly. To prevent this kind of deterioration, it must be dyed and examined frequently. the absence of which causes decay, shortening the wood's lifespan and raising the expense of fixing these structures This causes rot and shortens the wood's lifespan, raising the cost of either treating the structures or replacing them entirely. Since they are subjected to the whims of the outside day and night, they require more thorough inspection and upkeep since they are exposed to elements such as sunshine, rain, wind, insects, fungus, algae, snow, wind, and any other changes in temperature or pressure. Consequently, the difficulties in maintaining hardwood decking may persuade customers to spend their money on better options, which would restrict the market's expansion.
Opportunities: The growing movement towards sustainability.
The need for sustainable goods and methods, such as wooden decking, has grown as the globe steadily transitions to a more sustainable economy. Wood is a sustainable resource with ethical practices. Wood is a renewable resource that is gaining popularity among homeowners thanks to ethical rules and practices adopted by the forestry sector and other stakeholders. When considering various synthetic materials, the main advantage of timber decking is its lower carbon emissions. Over the course of the forecast period, consumer eco-consciousness or the climate will boost the market's growth.
Challenges: Environmental concerns.
Despite stringent regulation in place promoting sustainable forestry, there are individuals and companies that engage in overexploitation which leads to unhindered deforestation, causing biodiversity loss, increased carbon emissions and eventually irreversible climate change crisis. it also leads to habitat loss of both the fauna and human settlements who have lived in these areas for centuries. Climate change has become a pressing concern and therefore felling trees to feed the wood industry will take a back foot. Therefore, the environmental concerns will challenge the market’s growth.
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Some of the major players operating in the global wooden decking market are:
• Humboldt Redwood Company
• James Latham Plc
• Latham PLC
• Metsä Group
• Setra Group AG
• Trex Company Inc.
• UFP Industries Inc.
• UPM Kymmene Corporation
• Vetedy
• Weyerhaeuser Company
Key Segments covered in the market:
By Type
• Pressure-Treated Wood
• Redwood
• Tropical Hardwood
• Cedar
• Wood-Plastic Composites
• Others
By Construction Type
• New Construction
• Repair and Remodelling
By End User
• Residential
• Non-Residential
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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