Decking is a flat surface capable of supporting weight and is generally constructed outdoors as a part of garden landscaping, connected to a building, that adds a new aesthetic dimension to the house. Decking helps in transforming a plain-looking backyard into an entertaining area for family or friends to enjoy or relax. Wooden decks have become popular and stimulate enthusiasm for outdoor living and add spaciousness to a house. Wooden decking is being used in a number of homes for building patios, landscaping for gardens, or for extended the living area owing to its ease of design versatility and adaptability to varied purposes. Consumers have increasingly been opting for wood decks due to their long lifespan and low maintenance requirements. Homeowners’ expenditure for improvement of homes or outdoor living areas encompassing decks, patios, and balconies is likely to significantly impact the demand for decking materials in the near future.
Key drivers boosting the popularity of wooden decking are increased investment for infrastructural development, rapid industrialization, and strong economic conditions. The wooden decking market has also gained popularity due to growing awareness among people regarding the use of wooden deck floorings and railings for enhancing the aesthetic beauty of houses. In developed regions, such as the U.S., Germany, and Japan, people are spending significantly on remodeling their homes, which in turn, has resulted in continuous demand for wooden decking, thereby boosting the market growth. However, hardwoods are expensive than other decking materials (steel/concrete), which is likely to hamper the wooden decking market. Nevertheless, growing demand for new-fashioned buildings and speedy industrial development are creating lucrative opportunities for the wooden decking market.
The global wooden decking market can be segmented based on type, construction type, application, end-user, and region. In terms of type, the market can be categorized into pressure treated wood, cedar wood, redwood, and tropical hardwoods. Based on construction type, the market can be divided into decks on new construction, decks on existing construction, and repairs & remodeling. By application, the market can be divided into rails & infrastructure and building materials. Furthermore, in terms of end-user, the wooden decking market can be classified into residential buildings and commercial buildings. The market is anticipated to be dominated by residential buildings owing to the rising disposable income of people, stimulating construction activities of new houses in urban regions, subsequently raising the demand for wooden decks.
Based on region, the global wooden decking market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to dominate the global market during the forecast period, followed by Europe and Asia Pacific. The U.S. is the leading consumer of wooden decks, followed by Germany and China. Asia Pacific is anticipated to exhibit growth at a dominant CAGR, owing to rapid industrialization, investment in industrial sectors, and growing number of construction projects in the emerging countries such as India and China. Furthermore, increase in construction of residential and commercial buildings, coupled with growing population, is propelling the wooden decking market.
Leading manufacturers operating in the wooden decking market are UPM-Kymmene Oyj, Weyerhaeuser Company, West Fraser Timber Co. Ltd., Universal Forest Products, Inc., Metsä Group, Setra Group, James Latham, Koppers Inc., Mendocino Redwood Company, LLC, VETEDY GROUP, Danzer, Kebony, and Thermory AS. Manufacturers are increasing their R&D capabilities to diversify their product range and are also making efforts to enhance their product quality with the introduction of new designs. Players in the wooden decking market are anticipated to face competition due to the presence of a large number of local vendors. This is likely to lead to the introduction of many advanced products in the market during the forecast period.
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
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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.
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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.
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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.
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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.