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Wooden Decking Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Wooden Decking Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • January 2022
  • 136 pages
  • ID: 6227778
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The wooden decking market was valued at USD 20,851.70 million in 2021, and it is expected to witness a CAGR of more than 5% during the forecast period (2022-2027).

The impact of COVID-19 on the construction and buildings is adversely affecting the wooden decking market. In 2020, due to the COVID-19 pandemic, most of the construction and infrastructure projects were shut down for a specified period. Due to this, the demand for wooden decking was reduced drastically. The latest detection of COVID-19 variant ‘Omicron’ in late 2021 and its increasing cases globally are major concerns worldwide, which might affect the construction activities and the wooden decking market in the near future.

Key Highlights
Over the long term, the major factors driving the market studied are increased remodeling and refurbishment activities and the demand for housing and lavish infrastructure in developed nations.
Replacement by composite decking is expected to hinder the growth of the market studied.
Wood modification for enhanced properties is likely to act as an opportunity during the forecast period.
The Asia-Pacific region is expected to register the highest growth rate during the forecast period.

Key Market Trends

Residential Sector to Dominate the Market

Wooden decking is used in the residential sector, both for new construction and repair and refurbishment in buildings. It is used for various purposes, such as cladding and siding, pathways, swimming pool decks, and flooring in residential construction. The increasing demand for residential projects worldwide is expected to drive the wooden decking market over the forecast period.
Globally, there has been a significant undersupply to meet the demand for housing. This presented a major opportunity for investors and developers to embrace the alternative methods of construction and new partnerships in order to bring forward development.
The construction sector in the Asia-Pacific region is the largest globally, and it is increasing at a healthy rate due to the rising population, increasing middle-class income, and urbanization.?
Furthermore, India is expected to witness an investment of around USD 1.3 trillion in housing over the next six years, during which it is anticipated to witness the construction of 60 million new homes. The rate of availability of affordable housing is expected to rise by around 70% in 2024. The Indian government’s ‘Housing for All by 2022’ is also a major game-changer for the industry. This initiative aims to build more than 20 million affordable homes for the urban poor by 2022. This will provide a significant boost to housing construction.
Demographics in the country are expected to continue to spur the growth in residential construction. Rising household income levels, combined with population migrating from rural to urban areas, are expected to continue to drive demand for the residential construction sector in the country.
In 2020, Singapore awarded 2,680.2 contracts in the private residential sector and 2,901.6 contracts in the public residential sector. According to the Government of Singapore, a total of 5,581.7 contracts were awarded in 2020 compared to 8,570.2 in 2019.?
Besides, over the past few years, Vietnam has emerged as an attractive destination for residential tourists and migrants, which has led to increased demand for housing units in the country. This has led to the increased requirement of bigger residential complexes in the country, thus driving residential construction.
Similarly, the United Arab Emirates has an exceptionally well-connected residential plaza under construction in the heart of Dubai’s new growth corridor, Al Furjan. Azizi Developments has been engaged in the development of the plaza, which includes 16 luxurious penthouses, 46 one-bedroom units, 86 two-bedroom residences, and 286 studios.
While all such planned investments and projects have been delayed due to the adverse effect of COVID-19, the market is expected to recover with the resumed construction activities, which is anticipated to drive the demand for wooden decking during the forecast period.

North America to Dominate the Market

North America is one of the largest economies, with the United States and Canada in the leading positions.
The United States is the world’s largest and most powerful economy. The US construction industry is expected to increase, driven by the growth in the residential sector.
Residential construction for single families witnessed growth in the states of Florida, Georgia, North Carolina, Washington, Utah, Tennessee, Ohio, California, Idaho, and South Carolina. Geographically, the country’s southern region is expected to experience the highest growth, followed by the West, the Midwest, and the Northeastern regions.
The United States has one of the world’s largest construction industries globally. In November 2021, construction of 1,679,000 residential units started, which is expected to boost the demand for wooden decks in the market during the forecast period. However, residential construction dropped by 0.7% in October 2021 compared to September 2021, which indicates a slight decrease in the demand for new houses in the United States. The construction in the country has been on track to recovery since late 2020 and is estimated to grow during the later part of the forecast period.
In Canada, the residential and commercial sectors witnessed steady growth in the recent past. The country has some of the largest construction projects, such as Panda Condominium, Harwood Condominium, Power and Adelaide Condominium, and Amazon Distribution Centre/Ottawa.
As part of the ‘Investing in Canada Plan,’ the government announced plans to invest nearly USD 140 billion for major infrastructure developments by 2028.
There has been a boom in constructing skyscrapers in Canada (especially in Toronto). Over 30 high-rise buildings are expected to be completed by 2025, and another 50 such buildings are in the proposal and planning phases in Toronto.
The growing construction industry in the United States and Canada is projected to propel the North American wooden decking market during the forecast period.

Competitive Landscape

The wooden decking market is fragmented in nature. The major companies include The AZEK Company LLC, Trex Company Inc., DuraLife Decking & Railing Systems, Fiberon, and Metsa Wood.

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