Wood And Composite Decking Market: Introduction
In residential or multifamily construction, a wood and composite decking, typically constructed outdoors are a flat surface capable of supporting the load, similar to a floor, often elevated from the ground. The growing preference of outdoor living, superior aesthetics, and lower maintenance are the cited features responsible for the expanding wood and composite decking market. Growing desire for unique outdoor living spaces being the prominent factors delineating the growth in the wood and composite decking market. Moving ahead, in terms of material type, alternative materials to wood decking are projected to experience above-average annual gains in annual demand through the forecast period. The strong correlation between wood and composite decking sales, remodeling spending, and consumer confidence are expected to bolster the outlook for the global wood and composite decking market.
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Wood And Composite Decking Market: Dynamics
Demand for wood and composite decking used in residential construction and the repair and remodel of existing homes affects the overall prices of construction. Residential construction, which can be squarely correlated with the growth of wood and composite decking market, is influenced by factors such as population growth, the level of employment, consumer confidence, consumer income, availability of financing, interest rate levels, and the pricing and supply of existing homes on the market.
Further, a number of factors can influence the supply of wood and composite decking materials, including changes in production capacity, utilization rates, weather scenario, raw material supply, and availability of transportation.
The closure of a large number of mills across the world could have a material adverse effect on the demand for wood and composite decking materials. Moreover, competition from substitute materials of wood and composite decking and the regulatory constraints on the harvesting of timber from public forests have significantly altered the competitive environment within the wood and composite decking market.
Additionally, numerous growth strategies adopted by the key manufacturers in the global wood and composite decking market such as Trex, among others include expanding their technologies, launching new products, pursuing profitable acquisitions, and developing international markets.
Wood And Composite Decking Market: Segmentation
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Wood And Composite Decking Market: Regional Outlook
The global wood and composite decking market is going through a period of rapid growth and dramatic change with respect to the types of materials available to build decks. In the global wood and composite decking market, natural wood species (i.e., redwood, cedar, yellow-cedar, and tropical hardwoods) are facing acute competition from engineered decking products, primarily composites or plastic lumber.
Moreover, in North America, the wood and composite decking market has become increasingly competitive over the past decade. Untreated domestic wood is preferred by the consumers in Europe, although the share of wood and composite decking is increasing. Germany, being at the apex in terms of production and consumption of wood and composite decking materials.
In addition to that, BENELUX wood and composite decking market continue to follow Germany, followed by France and Spain. Importantly, wood and composite decking are increasingly replacing concrete stone decking that is the traditional decking material in European countries. Subsequently, augmenting the consumption of wood and composite decking materials across the region.
Asia Pacific is expected to register exceptional growth in the wood and composite decking market at an expected hefty CAGR. However, in volume terms, the region is set to follow developed markets such as North America.
Wood And Composite Decking Market: Key Players
List of some of the prominent market participants in the global Wood and Composite Decking market discerned across the value chain include:
- Trex Company, Inc.
- JAF International Services Ltd.
- Weyerhaeuser Company
- Wolf Home Product
- CLUBHOUSE DECKING
- AZEK
- Mitera Group (Tecnodeck)
- Fiberon
- Silvadec
- TruNorthDeck
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