Wooden Decking Market | Innovations and Market Recovery

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Wooden Decking Market Innovations and Market
Recovery
In recent years, the demand for wooden decking
has increased for residential as well as
commercial and industrial purposes. As per our
analysis, the global wooden decking market is
likely to develop with a CAGR of 4.82 during the
forecast years from 2022 to 2028. Rapid
urbanization, elevated demand for housing, and an
increase in remodeling activities due to rising
living standards, are some of the key factors
driving the markets growth.
Robust Construction Sector Key Growth
Influencer Wood decking is widely employed in
the residential sector for newly constructed
dwellings and also for maintenance
renovation purposes. Americans spend over
400 billion on home renovations and repairs
every year, as per the Harvard Joint Center for
Housing Studies. The strong demand and the
availability of plentiful resources in the United
States have aided the growth of the North America
wooden decking market, which accounted for the
highest share globally in 2021. Moreover, the
rise in commercial and infrastructural
projects around the globe, such as the
development of hospitals, schools, government
facilities, airports, seaports, terminals, etc.,
has
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also boosted the demand for wooden decking.
In addition, governments across the world
are implementing supportive policies and plans
for the development of affordable homes. As a
result of the rising housing infrastructure
demand, coupled with the need for repairs
renovation, massive investments are being made in
the construction industry. This is anticipated to
strengthen the wooden decking market. Wide-scale
Adoption of Acetylated Wood In recent years,
significant advancements have been made in
the field of wood modification, prompted by
rising environmental concerns and enhanced demand
for high-quality wood products. Acetylation is a
chemical process used to provide specialized
properties to wood, such enhanced durability and
dimensional stability. Hence, several companies
are increasing their acetylated wood production.
For instance, Eastman Chemical, one of the
leading cellulose acetate makers in the world,
acetylates wood at its chemical complex in
Kingsport, Tennessee (the United States).
Furthermore, Accsys Technologies acetylates
wood in Arnhem, Gelderland (the
Netherlands), and also licenses its
acetylation technology to third parties. In
Triton Market Researchs report, acetylated wood
is studied under the other product types segment,
and is expected to grow at a CAGR of 4.06 during
the forecast period. Countering the Threat of
Substitutes Traditionally, wood has been the
most common decking material. However, wood
substitutes like metal, PVC, rubber paver
tiles, concrete, and other composites, are
also being increasingly preferred. Composite
decking comparatively requires less maintenance
and is designed to be more durable. Besides,
wood is a more expensive decking material.
The growing demand for the aforementioned
alternatives has opened up new opportunities for
their manufacturers, while also lowering buyers
switching costs. This, however, is a major
hurdle in the path of market growth. To regain
users attention, wooden deck manufacturers can
provide deck installation and maintenance
services, which include chemical treatment
periodic maintenance of wood planks, panels,
pillars, and decorative components. Market
players can also leverage the advantage wood
provides over composite decking materials during
summer, as composites are less resistant to heat,
given their density. Custom solutions and tech
integration are also some innovative measures to
capture customer interest. In October 2021,
TimberTech partnered with the premier online
landscape design platform, Yardzen, to simplify
the process for homeowners looking to
design custom outdoor decks. Incorporating
digitally connected processes and diversifying
supply sources will thus provide companies with
lucrative growth avenues. Preference for Green
Constructions
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With the growing focus on sustainability, green
construction initiatives are increasing all over
the world. These buildings are constructed
with environment-friendly materials, at
zero-emission construction sites, and are
energy-efficient. In 2021, India emerged as one
of the worlds leading nations to have green and
sustainable buildings and projects, ranking third
on the United States Green Building Councils
annual list of the top 10 countries outside of
the US for Leadership in Energy and Environmental
Design. France is also promoting the use
of eco-friendly components in building
construction to limit emissions and ensure
sustainability. Whereas, Argentina has initiated
its green building movement with more than 300
projects already being registered. Also, Lusail
City, is a futuristic sustainable city being
planned in Qatar, as part of a 45 billion
project. The rising demand for green buildings,
coupled with increasing construction activity, is
expected to drive the demand for wooden decks.
This, in turn, will bolster the development of
the overall wooden decking market.
FAQs Q 1) What are the revenue estimates for the
global market? The global wooden decking market
was valued at 20161.16 million in 2021 and is
expected to reach a revenue of 27936.26 million
by 2028.
Q 2) Which are the segments studied in the market
report? Product Type, Application, and End-user
are the main segments studied in the wooden
decking market report.