According to a new report published by Allied Market Research, titled,” “Wooden Decking Market by Type, Construction type, and End-User: Global Opportunity Analysis and Industry Forecast, 2021–2030, The global wooden decking market size was valued at $13,858.7 million in 2020, and is projected to reach $18,624.0 million by 2030, registering a CAGR of 2.9% from 2021 to 2030.
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Wooden decks are strong, durable, and have a lasting appearance compared to other decking materials. These extensions are an eco-friendly way to furnish both outdoor areas as well as the residential & commercial sectors. Gardening & landscaping, balconies, terraces, and expanded living rooms are all possible with the use of wooden decks. The demand for wooden decks with railings & public seating areas, and other new infrastructure concepts has increased in the residential and commercial sector. Decks are available in a variety of styles, including hardwood decking tiles and panels.
Rise in disposable incomes of urban residents drive the housing projects in urban areas, as a result there is an increase in demand for wooden decks for the infrastructure. Growth in investment of non-residential development in overpopulated regions is projected to continue to boost the growth of the wooden decks market. Furthermore, increase in the awareness of wooden deck flooring & railing, as well as increase in the demand for high-priced construction drive the wooden decking market. Moreover, there is increase in demand for eco-friendly construction, providing a positive impact on the wooden decking market during the forecast period.
Major key players in the wooden decking market are boosting the market position by implementing strategies such as acquisition, agreement and partnership. For instance, in October 2021, The Angelina Forest Products lumber plant in Lufkin, Texas, collaborated with the West Fraser Timber Co. Ltd. This collaboration will help West Fraser to extend the U.S. lumber operations. The new facility will increase the manufacturing of wooden decking and increase lumber activity. Such factors provide significant growth in wooden decking market during the forecast period.
However, due to a lockdown imposed in countries such as China, the U.S., India, and others, numerous manufacturers of wooden decking market globally had to halt the business production. This disruption had a direct impact on the sales of wooden decking. However, restarting of the production facilities and the introduction of coronavirus vaccines are expected to lead to the reopening of wooden decking firms.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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