Composite Decking Market Size to Grow by USD 2275.99 Million From 2022 to 2027, Assessment on Parent Market, Five Forces Analysis, Market Dynamics & Segmentation

NEW YORK, Nov. 15, 2022 /PRNewswire/ -- The Global Composite Decking Market share is set to increase by USD 2275.99 million from 2022 to 2027. Moreover, the market's growth momentum will accelerate at a CAGR of 14.1% as per the latest market forecast report by Technavio. The market will also record a 10.69% Y-O-Y growth rate during the forecast period. To know more about the historic market size– Request a Free Sample Report!

Global Composite Decking Market - Parent Market Analysis

Technavio categorizes the global composite decking market as a part of the global building products market, covering companies engaged in the production of building components such as windows and doors, ceiling and wall fixtures, flooring, roofing and gutter materials, cabinets, plumbing fixtures, insulation materials, and home improvement products and equipment. Technavio calculates the global building products market size based on combined revenue generated by manufacturers of building and home improvement products and equipment.

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Global Composite Decking Market Characteristics with Five Forces–

The Global Composite Decking Market is fragmented, and the five forces analysis by Technavio gives an accurate vision –

Bargaining Power of Buyers

The threat of New Entrants

Threat of Rivalry

Bargaining Power of Suppliers

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Global Composite Decking Market – Customer Landscape

The disruption threats are strategic in nature, and operational risks for suppliers have been mapped based on their negative business impact and probability of occurrence.

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Global Composite Decking Market - Segmentation Assessment

Geography Segment Overview

Technavio's market research report entails detailed information on regional opportunities in store for vendors, which will assist in generating sales revenues. The Global Composite Decking Market as per geography is categorized into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides an accurate prediction of the contribution of all regions to the growth of the Global Composite Decking Market size and actionable market understandings.

Regional Highlights

North America is the fastest-growing region in the global composite decking market compared to other regions. 32% of the growth will originate from North America. Most homes in North America have exterior decks. The demand for composite decking is increasing among homeowners who prefer to have personal outdoor spaces. Customers are investing in renovation and home improvement services. These factors are expected to drive the demand for composite decks during the forecast period. The US, Canada, and Mexico are major countries for the composite decking market in North America.

Type Segment Overview

The Global Composite Decking Market as per application segmentation is categorized into Residential and Non-residential.

Revenue Generating Segment - The composite decking market share growth by the residential segment will be significant during the forecast period. The rise in residential construction activities in Europe, the US, and APAC is expected to drive the growth of this segment during the forecast period. The growing disposable incomes of people and rapid urbanization in countries in APAC, such as India, China, Malaysia, and Indonesia, are leading to the need for constructing new residences and public infrastructure. Hence, governments of several countries have implemented such initiatives, which is anticipated to increase the volume of residential construction and drive the growth of the segment during the forecast period.

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Global Composite Decking Market – Market Dynamics

Major Driver Boosting the Market

The revival of the construction industry is driving the global composite decking market growth.

Rapid urbanization and rising per capita income in countries such as China, India, and Indonesia have increased the demand for new residential housing in APAC.

Several countries in APAC and the Middle East are expected to improve opportunities for growth during the forecast period. Such construction activities are expected to drive the demand for composite decking, which, in turn, will fuel the growth of the market during the forecast period.

Major trends influencing the growth of the market

The rising adoption of prefabricated construction solutions is a key trend that will fuel the global composite decking market growth.

Prefabricated structures are becoming popular due to their low cost and time-saving features.

Many newly designed prefabricated buildings are considered better than conventional residences in several aspects. The decking used in prefabricated construction allows the partial customization of design and specifications prior to delivery.

Therefore, the rising adoption of prefabricated construction solutions is anticipated to support the growth of the global composite decking market during the forecast period.

Major Challenges interrupting the market growth

The availability of substitutes is challenging the global composite decking market growth.

Alternatives such as tile and fiber cement decking can be used interchangeably to decorate the exterior of residences. Tiles can provide an aesthetic appearance, and cement offers high resistance to heat and moisture.

The wide availability and low cost of these substitutes are increasing their demand, which can reduce the demand for composite decking.

Modified wood is the most suitable available decking material for homes. Developments in modified wood and the need for limited maintenance will increase the demand for such alternatives during the forecast period, which will affect the growth of the global composite decking market negatively during the forecast period.

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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19-impacted market research reports.

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Composite Decking Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027

Detailed information on factors that will assist composite decking market growth during the next five years

Estimation of the composite decking market size and its contribution to the parent market

Predictions on upcoming trends and changes in consumer behavior

The growth of the composite decking market

Analysis of the market's competitive landscape and detailed information on vendors

Comprehensive details of factors that will challenge the growth of composite decking market vendors

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Composite Decking Market Scope

Report Coverage

Details

Page number

120

Base year

2022

Historical year

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 14.1%

Market growth 2023-2027

USD 2275.99 million

Market structure

Fragmented

YoY growth (%)

10.69

Regional analysis

North America, Europe, APAC, South America, and the Middle East and Africa

Performing market contribution

North America at 32%

Key consumer countries

US, Canada, China, India, and Australia

Competitive landscape

Leading companies, Competitive Strategies, Consumer engagement scope

Key companies profiled

APR Composites, Buyrite Enterprises Ltd., CertainTeed, DuraLife Decking and Railing Systems, Fiberon, Fortress Iron LP, Genova Products, Green Bay Decking, NewTechWood America Inc., Oakio Plastic Wood Building Materials Co. Ltd., Shanghai Seven Trust Industry Co. Ltd., Shubh Composites, TAMKO Building Products LLC, The AZEK Co. Inc., Trex Co. Inc., TRUNORTH COMPOSITES INC., UFP Industries Inc., UPM Kymmene Corp., Wallong Technology Co. Ltd., and Zhongshan Sundi New Building Materials Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of Contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global composite decking market 2017 - 2021

4.2 Application Segment Analysis 2017 - 2021

4.3 Resin type Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Application

6.1 Market segments

6.2 Comparison by Application

6.3 Residential - Market size and forecast 2022-2027

6.4 Non-residential - Market size and forecast 2022-2027

6.5 Market opportunity by Application

7 Market Segmentation by Resin Type

7.1 Market segments

7.2 Comparison by Resin Type

7.3 Polyethylene - Market size and forecast 2022-2027

7.4 Polypropylene - Market size and forecast 2022-2027

7.5 Polyvinyl chloride - Market size and forecast 2022-2027

7.6 Others - Market size and forecast 2022-2027

7.7 Market opportunity by Resin Type

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 North America - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 APAC - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Canada - Market size and forecast 2022-2027

9.11 India - Market size and forecast 2022-2027

9.12 Australia - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 APR Composites

12.4 Buyrite Enterprises Ltd.

12.5 CertainTeed

12.6 DuraLife Decking and Railing Systems

12.7 Fiberon

12.8 Fortress Iron LP

12.9 Genova Products

12.10 Green Bay Decking

12.11 NewTechWood America Inc.

12.12 Shanghai Seven Trust Industry Co. Ltd.

12.13 TAMKO Building Products LLC

12.14 The AZEK Co. Inc.

12.15 Trex Co. Inc.

12.16 UFP Industries Inc.

12.17 UPM Kymmene Corp.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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