Worth $8.5 Billion by 2026, Wood Decking Set to Have Strong Growth Worldwide

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    Version: 9; chest: April 2022
    Executive pool: 414
    companies: 99 – Players covered include Cox Industries, Inc. James Latham plc (Lathams Limited); Setra Group AB; Universal Forest Products, Inc.; UPM-Kymmene Company; Vetedy Group West Fraser Timber Company Limited; Weyerhaeuser Company and others.
    coverage: All major geographies and major sectors
    Slides: Wood type (pressure treated wood, cedar wood, redwood, other wood species); type of construction (repair and remodeling, new roofs); Application (residential, non-residential)
    Geographical areas: Globalism; United State; Canada; Japan; China; Europe (France; Germany; Italia; United kingdom; Spain; Russia; and the rest Europe); Asia Pacific (Australia; India; South Korea; and the rest Asia Pacific); Latin america (Argentina; Brazil; Mexico; and the rest Latin america); The Middle East (Iran; Israel; Kingdom Saudi Arabia; The United Arab Emirates; and the rest The Middle East); And the Africa.

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    Amidst the COVID-19 crisis, the global laminate flooring market is estimated at 7.6 billion USD In 2022, it is expected to reach a revised size of 8.5 billion US dollars by 2026, at a compound annual growth rate of 2.6% during the analysis period. Laminate flooring products are set to benefit from the impressive improvement in economic activity and the real estate sector across countries. The COVID-19 pandemic has presented a turbulent phase for different classes of the real estate sector, emptying offices, stores and restaurants. And while the job market looked dry, industrial activity declined during the early stages of the crisis. However, the economy and the real estate sector recovered quickly and provided a boost to job opportunities and consumer income. The real estate sector recorded a significant rise in rent growth in the industrial and apartment markets. On the other hand, certain sectors of the real estate sector have changed and required re-employment. In addition, glitches in the supply chain have hampered production while product and labor shortages have led to inflation fears. After strong growth in 2021, the global economy is expected to show decent expansion in 2022.

    The US economy is expected to remain on track due to inventory rebuilding, lack of any fiscal hurdle and deferred consumption. While the UK and Europe It is destined to show strong growth, such as countries Japan And the China It is likely to see a modest level of expansion. The industrial sector is expected to perform impressively due to tenant demand due to the reconfiguration of supply chains and the explosive growth of e-commerce. Factors such as rising incomes and lack of supply are expected to drive the housing sector. The office sector is likely to see high usage rates after the challenging year of 2021 due to occupancy issues and uncertainty. On the other hand, the growing popularity of the hybrid business model is expected to affect the desk demand. In the coming years, industrial properties combined with multi-family properties are expected to deliver solid performance and create new avenues for decorating providers.

    Wooden decks transform living spaces by creating flat surfaces that can be used for a variety of outdoor applications such as expanding living areas in residential environments, landscaping, terraces, swimming pools, patios, balconies, and more. Available in many colors, wood decking panels enhance the look of various types of yards, outdoors, fences, and homes. Luxury homes in particular make extensive use of wood decking to design floors and garden railings. Laminate flooring offers a range of advantages such as strength, ease of maintenance, affordability, natural appearance, durability and a wide range. Wood surfaces used in residential applications include IPE, tropical hardwood, redwood, cedar, and pressure-treated lumber, among others. Wooden decks are gaining more and more popularity among individuals as they not only add extra space to the home but are also a great addition to outdoor living. These surfaces are easy to maintain and have a longer life. Some of the major factors fueling the demand for wood decks include strong economic development, increased investment in infrastructure development, and rapid industrialization. The high demand for greener buildings coupled with the rapid expansion of construction markets, particularly in North Amarica And the Asia Pacific The regions are expected to drive the demand for mass wood decking to newer heights in the coming years. Additionally, the upsurge in remodeling of old construction markets and massive new construction projects is expected to fuel the booming wood decking market.

    Rising energy costs and increasing awareness about green buildings will stimulate demand in the global wood decking market. Increasing per capita income has played a major role in increasing the demand for luxury homes and changing consumer lifestyle. In addition, the many additional benefits of installing wood decks are expected to increase market demand. The higher disposable income also pushes consumers to prioritize home renovations and spend on high-quality products and contemporary building materials. Pressure-treated planks seem to be the most popular type of wood, gaining a huge share in the overall market in the past few years. The demand for pressure treated lumber is largely driven by its many benefits such as high durability, low labor as well as installation costs among others. The wood is also highly resistant to insects, rot, and rot as it is chemically treated under pressure. The most common wood species for building pressure-treated shingles are southern yellow pine and Douglas fir due to their low cost and availability. Chemically treated to achieve insect and moisture resistance, these varieties are usually made of softwood.

    Additionally, redwoods and cedars are likely to see potential growth over the coming years. Cedar is an economical wood decking material that is resistant to rotting, weathering, and termites. By contrast, redwood is the preferred material for painting or staining because of its durability and ability to easily avoid warping. Redwood is very suitable for painting and staining and is not easily deformed. While cedar is known to be fairly cost-effective, redwood is 32 percent stronger than cedar. Although these two materials perform well in residential environments, redwoods have gained wider traction in luxury homes.

    The residential sector represents the leading end-use category due to rising energy prices and increased awareness regarding green buildings to enhance energy efficiency. The residential sector is emerging to be a major consumer of wood decking, thanks to the rapidly increasing demand for improved aesthetics and outdoor leisure and recreational amenities for the home. Rising energy costs and increased awareness of the benefits of greener and more energy efficient buildings are expected to boost market growth. In addition, the booming new construction market in various developing regions, due to the increasing population, is expected to increase the demand for wood decking in the coming years. The growing importance of the construction sector to the economy bodes well for the market. for example, Europe The construction sector is of strategic importance to the region, accounting for about 9 percent of GDP. The increasing expenditure towards new construction along with the increasing luxury homes is expected to provide profitable opportunities for market growth in the residential sector.

    The non-residential sector is likely to witness stable growth in the coming years due to the expected rise in commercial construction activity such as restaurants, resorts, offices, hotels, marinas, etc. High urbanization, especially in emerging countries, is driving commercial construction and, therefore, supporting market growth. Moreover, government measures to reduce greenhouse gas emissions and increase preference for sustainable buildings are expected to increase the demand in the wood decking market in the coming years. The increasing use of wood surfaces in the commercial sector, particularly in developed countries such as the United Kingdom, FranceAnd the GermanyAnd the ItaliaAnd the Switzerland The demand is driving significantly in the wood decking market. Moreover, growth in commercial construction in economies such as Russia And the Italia It is the increased demand in the market. The great acceptance of wooden surfaces can be attributed to many useful features. more

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