What is the future of Wooden Decking Market? Know Covid Impact on Size, Share & Forecasts
Wooden Decking market is likely to witness a modest CAGR of 2.8% during the forecast period.
July 20,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Wooden Decking Market.
Wooden Decking market is likely to witness a modest CAGR of 2.8% during the forecast period. Organic growth of the construction industry coupled with rising per capita income, and increasing investment by individuals to provide more aesthetic looks to their residential households as well as workplaces are the major factors for the healthy growth of the market for wooden decking.
Wooden Decking is a flat wooden floor surface constructed outside the residential buildings as extended living areas of the house or as a part of garden landscaping, railings, etc.
Wooden Deckings should be capable of withstanding weights as they are generally constructed above the ground and are usually covered by railings for safety.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the construction type, the market is segmented as repairs & remodeling and new constructions. The repairs & remodeling segment held the larger share of the market in 2020, and is expected to remain dominant during the forecast period. Increasing repairs & remodeling activities to improve the aesthetics of the residential construction sector are the major factors behind the dominance of the segment over the next five years.
Based on the end-user type, the wooden decking market is segmented as residential and non-residential. The residential segment dominates the market, owing to surge in its demand for improving aesthetics and recreational facilities in the outdoors of residential constructions.
In terms of regions, North America is estimated to be the largest market, whereas Asia-Pacific is projected to be the highest-growing region in the market, fueled by its higher demand in emerging economies of the region such as China, India, and Japan. Highly growing construction industry along with rapid urbanization and rising disposable income in the emerging economies such as China, Japan, and India, are the major growth factors of the Asia-Pacific’s wooden decking market during the forecast period.
Key Players:
UPM-Kymmene Oyj
Weyerhaeuser Company
West Fraser Timber Co. Ltd.
UFP Industries, Inc.
Metsä Group
Setra Group AB
James Latham plc
Cox Industries, Inc.
Humboldt Redwood Company and Mendocino Redwood Company
Vetedy Group.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Wooden Decking Market analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors