Wooden Decking Market Projected to Reach USD 7.81 Billion by 2021 | Key players include UPM-Kymmene Corporation, Weyerhaeuser Company, West Fraser Timber Co. Ltd., Universal Forest Products, Inc., Metsa Group, Setra Group, James Latham plc, Cox Industries

Wooden decks are manufactured using a primary wooden core structure and lumber. Wooden decks are strong, durable, and capable of bearing enough weight to support home owners enjoy an extended living area. MarketsandMarkets projects that the wooden decking market size will grow from USD 7.21 billion in 2015 to USD 7.81 billion by 2021, at a CAGR of 1.43% from 2016 to 2021. The increase in demand of wooden decks from residential applications is driving the growth of the wooden decking market.

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The key players in the wooden decking market are UPM-Kymmene Corporation (Finland), Weyerhaeuser Company (U.S.), West Fraser Timber Co. Ltd. (Canada), Universal Forest Products, Inc. (U.S.), Metsa Group (Finland), Setra Group (Sweden), James Latham plc (U.K.), Cox Industries Inc. (U.S.), Humboldt Redwood Company and Mendocino Redwood Company (U.S.), and Vetedy Group (U.S.). These players have adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, partnerships & agreements, investments & divestures, and new product launches are some of the key strategies adopted by the market players to achieve growth in the wooden decking market.

The year 2014 witnessed several mergers & acquisitions and agreements & partnerships in the wooden market by the key players in order to expand their geographical footprint and improve their distribution network through the means of vertical acquisitions. Agreements & partnerships was the second-most adopted key strategy by the market players to increase their share. The increase in demand for wooden decks and high construction growth in emerging markets have encouraged companies to adopt this strategy.

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Weyerhaeuser Company (U.S.) merged with Plum Creek Timber Company, Inc. to produce advanced timber and forest products. It continuously focuses on enhancing its global presence by acquiring smaller companies. The company acquired Longview Timber LLC (U.S.) from affiliates of Brookfield Asset Management (Canada), which expanded Weyerhaeuser's timber holdings in the Pacific Northwest by 33%. The company operates globally with its broad range of product portfolio and is focused on establishing its operations globally.

West Fraser (Canada) focuses on achieving a premium position in the market by strategic acquisitions of a number of sawmills and related timber harvesting rights as well as development of lumber businesses. For instance, in 2014, it acquired two sawmills in Arkansas (U.S.) and one in High Prairie, Alberta (U.S.). In 2012, the company acquired a sawmill at Edson, Alberta (U.S.). These acquisitions have supported the company’s strategic objective of generating profitable growth in the wooden decking market.

The residential buildings industry is estimated to play a key role in the wooden decking market.

Decks are constructed outdoors above the ground and are connected to a building. Wooden decks have multiple applications such as garden landscaping, extension of living area of a house, dinning, play group area, and interiors of houses. A significant change has been observed in the construction industry with the introduction of wooden decks as it offers high-performance, more space, and low-cost building products. Also, wood decks offer benefits such as high quality, increased efficiency, and better finishing. MarketsandMarkets projects that the global wooden decking market size will grow USD 7.21 billion in 2015 to USD 7.81 billion by 2021, at a CAGR of 1.43%. Increase in infrastructural activities, industrialization, and recovery of global economy are expected to be the main drivers of the wooden decking market.

The residential sector is projected to be the fastest-growing market in the wooden decking market because of the properties exhibited in wood decks such as resistance to rot, splinter, color fading, long product durability, stable, and sustainable. The residential application dominated the wooden decking market globally in 2015 and this trend is expected to continue during the forecast period. As residential applications require non-splintering, rot-resistant, and non-color fading decking products, wood decks are largely used in this sector. The non-residential application of wooden decking includes docks, marinas, public boardwalks, commercial establishment patios, and flooring.

On the basis of type, the market for wooden decking is segmented into pressure treated wood, cedar wood, redwood and others (tropical hardwoods, tigerwood, mahogany, teak, and ipe wood). Pressure-treated is projected to grow at the highest rate, as it can withstand moist and icy weather conditions, durable, and long lasting. Pressure-treated wooden products are treated with waterborne preservatives, thus it is widely used in residential, industrial, and commercial structures; this segment is projected to grow at the highest CAGR.

In 2015, North America dominated the global wooden decking market by volume, with U.S. being the fastest-growing market in this region. This was followed by Europe, Asia-Pacific, and RoW. Wooden decking products offer properties such as long product durability, strength and firmness, and have natural enhanced looks in comparison to alternative decking products. The high growth in demand for wooden decking products is anticipated from the Asia-pacific and RoW regions. China and Japan are projected to be the fastest-growing markets for wooden decking in the Asia-Pacific region.

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