Increase in demand for residential projects, rise in demand for remodeling and retrofits, and Demand for pressure treated wood drive the growth of the global wooden decking market. North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the global wooden decking market. However, the outbreak of the COVID-19 pandemic had a negative impact on the growth of the global wooden decking market
Portland, OR, Dec. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global wooden decking market generated $13.85 billion in 2020, and is projected to reach $18.62 billion by 2030, witnessing a CAGR of 2.9% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increase in demand for residential projects, rise in demand for remodeling and retrofits, and need for pressure treated wood drive the growth of the global wooden decking market. However, availability of substitutes and high cost restrain the growth to some extent. On the other hand, surge in population and urbanization presents new opportunities in the upcoming years.
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The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global wooden decking market.
Delay in production due to less labor force, especially in the initial period of lockdown, has declined the usage of wooden decking in residential and commercial spaces, which in turn, hampered the market.
The report offers detailed segmentation of the global wooden decking market based on construction type, end user, and region.
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Based on construction type, the renovation & repair segment held the highest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 3.1% from 2021 to 2030.
Based on end user, the residential segment held the largest market share in 2020, holding more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 3.1% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the global wooden decking market, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific region is projected to manifest the fastest CAGR of 3.5% during the forecast period.
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Leading players of the global wooden decking market analyzed in the research include Humboldt Redwood Company, James Latham PLC, Long Fence, Metsa Group, Setra Group AB, UFP Industries, UPM-Kymmene Corporation, Vetedy Group, West Fraser Timber Co. Ltd., Weyerhaeuser Company.
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