Wooden Decking Market Share, Growth Potential & Trends

The wooden decking market is likely to register significant gains in coming years due to increasing demand for renovation of old infrastructures and strong product demand from commercial and residential sectors, including for new construction or repair/replacement of old parts. Wood decking is usually made from natural top-quality materials, which over a period can be considered a good investment.
The three most common picks when it comes to wood decks are namely pressure-treated, cedar, and redwood, wood that can be made of numerous types of wood species.
The wooden decking market is segmented into material, form, application, end-user and regional landscape.
With respect to material, the market for wooden decking is classified into cedar, redwood, pressure-treated wood, and others. Here, the others segment is likely to witness a respectable CAGR of over 2.4% through the forecast time. Ipe wood, mahogany, and teak are some of the materials covered in this segment. Ipe wood is considered to be one of the most robust and inexpensive hardwoods, it is also mildew as well as termite resistant.
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Based on application, the wooden decking market is categorized into floors, walls, railings, and others. Railing segment is projected to grow at a fastest pace over the forecast time period.
In 2020, the walls segment held around 19% of overall market share and is expected to further add to this market share over the coming time period. The others segment is also slated to grow significantly over the next few years.
In terms of end-user, the overall wooden decking market is bifurcated into non-residential and residential.
The residential segment is further classified into repair/replacement and new construction. New construction segment of residential application is projected to grow at the CAGR of 2.8% over the forecast time period.
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Meanwhile, repair/replacement segment is expected to grow steadily owing to increasing demand for renovation of old infrastructures primarily in the U.S. and European countries.
Non-residential segment is further divided into new construction and repair/replacement. New construction segment is expected to grow at the CAGR of 2.9% through the slated timeframe. Repair/replacement segment is likely to grow at a moderate rate over the forecast time period.
From a regional frame of reference, in 2020, Europe wooden decking market accounted for around 31% of the overall market share and is anticipated to see tremendous growth over the coming years.
The wooden decking market in Latin America held a market share of over 5% in 2020 and is projected grow at a CAGR of more than 2.0% over the projected time period. Meanwhile, the MEA wooden decking market will showcase significant growth owing to growing application of the product in commercial sectors.