Over the past few years, decking market has grown tremendously with the growing demand. Composite decking & railing products are gaining attention rapidly, owing to its better features as compared to the composite decking & railing made from natural wood. Its features like low thermal expansion, resistance to slip and fading, among others make it a popular choice, thereby increasing the demand, which in turn is boosting the market growth.
What’s driving the Market?
The growth of the global market for composite decking & railing market is being primarily influenced by the following factors:
- Increasing demand for low-maintenance building products
- Recovery of the residential market in the U.S. after recession in 2008
- Easy availability of the new and innovative products
Apart from these, increasing demand from emerging economies and growing awareness about capped composites is expected to push the market towards growth even further. Furthermore, the growing construction industry in countries like the Middle East, Brazil, and China are likely to create an array of growth opportunities in the near future.
However, availability of substitutes, rising need for producing low-cost composite decking & railing, and lawsuits filed against the companies involved in this market may act as deterrents for the growth of this market.
Know the Market
The size of the global composite decking market & railing market which was estimated to be USD 1.70 Billion in 2015 is expected to hit USD 3.09 Billion by 2020, advancing at a considerable CAGR of 12.60% during the forecast period. As of now, North America is the biggest market, with the U.S. taking up the major share of the market. Among countries, the U.S., Germany, and China are the key markets, offering ample growth potential. However, the Middle East market within the RoW region is expected to grow at the highest CAGR over the forecast period.
Among applications, the non-residential segment is the fastest-growing application in this market, and will continue to do so in the coming years as well. Based on types of resins, the polyethylene-based composite decking & railing holds the largest market share, whereas polypropylene-based composite decking & railing is the fastest-growing segment since it is used for its production in regions with high temperatures.
On the basis of types, this market is dominated by capped composites, with North America being the major market for it.
The major companies functioning in the global market for composite decking market & railing includes manufacturers such as Trex Company, Inc. (U.S.), UPM Biocomposites (Finland), Advanced Environmental Recycling Technologies, Inc. (U.S.), TAMKO Building Products, Inc. (U.S.), and TimberTech (U.S.) among others.
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Scope of the Research
According to the researchers, the global market for composite decking & railing has been analyzed and forecasted on the basis of following categorization:
- Type: Capped Composites, Uncapped Composites
- Resin Type: Polyethylene, Polypropylene, Polyvinyl Chloride, Others
- Application: Residential, Non-Residential
- Geography: North America, Europe, Asia-Pacific, RoW
