The wooden decking Market is estimated to be valued at US$ 23107.38 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Wooden decking refers to lumber-based decking materials that are used for outdoor flooring or walkways around homes. Wooden decking offers an aesthetically appealing look and livable outdoor spaces. Some key wooden decking products include redwood, cedar, and pressure-treated softwoods among others. Wooden decking enhances the curb appeal of homes and maintains an eco-friendly construction profile.
Market Dynamics:
There are two key drivers contributing to the growth of the wooden decking market. Firstly, the rising demand for sustainable construction materials is driving the adoption of wooden decking over composites and plastics. Wood is a naturally renewable resource and wooden decking offers lower environmental impact than synthetic decking materials. Secondly, the increasing home remodeling and improvement activities are also fueling the sales of wooden decking. As discretionary spending on outdoor lifestyles rises, homeowners are investing more in creating comfortable and aesthetically designed outdoor spaces through wooden decks and decking floors. However, periodic maintenance and replacement requirements of wooden decking pose a challenge to its market growth. Furthermore, fluctuations in wood prices also impact the supply and prices of wooden decking products.
Segment Analysis
The global wooden decking market is dominated by the pressure treated wood sub-segment. Pressure treated wood accounts for over 60% of the total market share due to its ability to withstand harsh weather conditions and prevent rotting. The pressure treatment process fills the wood cell structure with preservative chemicals that protects the wood from rot, decay, and termite damage for years. This makes pressure treated wood ideal for outdoor applications in decks and boards.
PEST Analysis
Political: Countries have implemented strict regulations regarding the use of preservatives in pressure treated wood due to environmental concerns. Some preservatives containing arsenic and chromium have been banned.
Economic: Rising disposable incomes and increased spending on home renovation and improvement projects is driving demand for wooden decking. Additionally, growth in residential and commercial construction sectors fuels market expansion.
Social: Deckingwood has gained popularity as an efficient way to increase usable outdoor space. Growing interest in do-it-yourself projects and outdoor recreational activities supports the wooden decking market.
Technological: New wood species and preservative formulations have been developed with lower environmental impact. Companies also offer composite and cellular PVC deck boards that provide similar aesthetic appeal with less maintenance.
Key Takeaways
Global Wooden Decking Market Demand was valued at US$ 23107.38 Mn in 2023 and is expected to reach US$ 38772.56 Mn by 2030, expanding at a CAGR of 5.2% during the forecast period. North America dominates the wooden decking market, accounting for over 35% share due to extensive construction of single-family homes with wooden decks in countries like the United States and Canada.
The residential segment is the major end-user of wooden decking and will continue to augment market value at a 5.4% CAGR from 2023 to 2030. Rapid suburbanization and rising home ownership are fueling demand for wooden decking in residential projects across major markets.
Key players operating in the wooden decking market are The AZEK Company Inc., Deckorators Inc., Deck Solutions LLC, DuraLife Decking & Railing Systems, Fiberon, Humboldt Sawmill Company LLC, Kebony AS, Metsa Wood Thermory, Trex Company Inc., United Construction Products Inc. (BISON Innovative Products), Mendocino Forest Products Company LLC, NeoTimber, Shubh Composites, and Tecnodeck (Mitera Group). These market players are focusing on new product launches and capacity expansions to strengthen their foothold in the global industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
