Global Composite Decking and Railing Market to Reach $6.5 Billion by 2026
Composite decking represents a man-made building product made of equivalent amounts of recycled plastic and recycled wood fibers. Building products of composite decking are rendered with exceptional resistance and durability features and they can last much longer than wood decks. There are scores of advantages with composite decking products. They are resistant to molds, stains and insects, have very high color retention and demand a very low maintenance. Cleaning the products is easier. Plastic elements for making composite decking are derived from soda bottles, milk jugs and such other materials. The plastic gives composite decking the durability characteristic. Materials go through the processes of heating, shaping and cooling for creating boards which appear more like wood. Even though when compared to conventional wood decking composite decking products are expensive, the durability and minimal maintenance features make them the better choice for homeowners in the long run. Composite deck can last for more than 30 years. They can be easily cleaned with just some warm soap water. They do not necessitate sanding, scraping, refinishing or staining unlike wood.
Amid the COVID-19 crisis, the global market for Composite Decking and Railing estimated at US$2.9 Billion in the year 2020, is projected to reach a revised size of US$6.5 Billion by 2026, growing at a CAGR of 14.1% over the analysis period. Capped Composites, one of the segments analyzed in the report, is projected to grow at a 14.6% CAGR to reach US$5.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Uncapped Composites segment is readjusted to a revised 12.8% CAGR for the next 7-year period. This segment currently accounts for a 28.5% share of the global Composite Decking and Railing market.
The U.S. Market is Estimated at $1 Billion in 2021, While China is Forecast to Reach $1.1 Billion by 2026 Select Competitors (Total 56 Featured)
The Composite Decking and Railing market in the U.S. is estimated at US$1.0 Billion in the year 2021. The country currently accounts for a 32.3% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.1 Billion in the year 2026 trailing a CAGR of 18.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.3% and 13.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.8% CAGR while Rest of European market (as defined in the study) will reach US$1.3 Billion by the close of the analysis period.
Major growth drivers for the market include recovery in construction industry worldwide and technological advancements. Homeowners are increasingly choosing composite decking and railing systems over systems made of natural wood because of the many beneficial features of the former including lower thermal expansion and color fading and higher resistance to slip among others. Composite decking is enjoying increasing popularity over wood owing to its appealing benefits, primarily lower maintenance and enhanced aesthetic appeal. Composite decking and railing systems combine the benefits of plastic, including easy care and low maintenance, with the aesthetics of wood. They are a blend of PV and recycled wood offering an elegant structure with durability and strength. While these products use different materials and fabrication methods, they score high in terms of value addition and visual appeal. Moreover, various manufacturers are introducing new product lines at affordable price points to further extend their gains over traditional wood options. The influx of new and economical composite decking is narrowing down the price premium in comparison to wood, which is likely to bolster the market growth over the coming years. The market is poised to gain from access to diverse finish and color options, along with increasing homeowner investment in remodeling or renovation projects.
- Advanced Environmental Recycling Technologies, Inc.
- Axion Structural Innovations Llc
- DuraLife Decking & Railing Systems
- Green Bay Decking LLC
- TAMKO Building Products, Inc.
- Trex Co., Inc.
- Universal Forest Products, Inc.
- Upm Biocomposites