Composite decking continues to gain industry momentum, as outdoor living projects remain a high priority for homeowners when considering renovation projects. Composite decking is widely used for its special features as opposed to natural wood decking products. Growth in demand for low maintenance building projects is expected to drive the composite decking market over the forecast period. The wide availability of new and innovative products has been one of the market drivers for the composite decking market. Recovery of the residential housing market in North America has fuelled growth of the global composite decking market. The major element influencing the composite decking market are replacement of old-fashioned decking materials with uncapped and capped composite decking products. These products have some superior properties such as resistance to color fading, rotting, mold and decay growth formation. Uncapped composite decking is costlier compared to capped composite decking and accounts for low cost in the long run. Capped composite decking is basically plastic composites which have a resin protected layer that is attached with the help of the wooden core. The resin protected layer restricts mold growth creation, splintering, and rotting.
The composite decking market is segmented by three types- by application, by type, and by resin type. On the basis of type, the composite decking market is segmented by capped composites and uncapped composites. Uncapped composite decking is expected to be the dominant segment owing to the low maintenance cost and increasing popularity among consumers. On the basis of resin type, the composite decking market is segregated by polypropylene, polyethylene, polyvinyl chloride, and other related types of resin-based composite decking. Polypropylene resin is resilient to thermal expansion and contraction, and can also preserve the structural integrity as well as long stability of decking. Polypropylene has improved creep resistance and is less greasy. Besides, as polypropylene resin is firmer compared to other resins, longer decking panels can be manufactured using polypropylene resin. Owing to these reasons, polyethylene is a dominant segment and it is expected to remain so over the estimated period. On the basis of application, the composite decking market is segmented by residential and non-residential. The non-residential composite decking market is expected to be the dominant segment. The non-residential application of composite decking includes marinas, docks, commercial establishments, public boardwalks, patios, and flooring.
On the basis of geography, the composite decking market is segmented by North America, Europe, Asia Pacific, Middle-East & Africa, and Latin America. North America accounted for majority of the market share of composite decking in 2015 and is expected to remain dominant over the forecast period. The recovery of the residential markets in North America has been one of the major drivers for the composite decking market. Europe has a considerable market share in the global composite decking market. Asia Pacific is one of the fast growing regions for composite decking and it is expected to remain so over the forecast period. The replacement of traditional types of composite decking materials with uncapped type of decking has fuelled the demand for composite decking in this region. Middle East & Africa has an emerging composite decking market owing to the introduction of innovative types of composite decking products.
The key players in the composite decking market are TimberTech (U.S.), Trex Company, Inc. (U.S.), Advanced Environmental Recycling Technologies, Inc. (U.S.), Fiberon LLC (U.S.) and UPM Biocomposites (Finland). Some of the other players in the composite decking market are TAMKO Building Products, Inc. (U.S), Universal Forest Products, Inc. (U.S), Axion International, Inc.(U.S), Integrity Composites (U.S), and Green Bay Decking (U.S).
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.