Composite Decking and Railing Market Size Forecast to Reach $5.6 Billion by 2026
Composite Decking and Railing Market size is forecast to reach $5.6 billion by 2026, after growing at a CAGR of 12.8% during 2021-2026. Composite Decking and Railing combines the look of wood with the durability and an easy care of modern day with a low- maintenance material. It is a blend of the recycled wood flour and Polyvinyl Chloride (PVC) which provide an exceptionally beautiful structure with strength and weatherability.
Decking made of capped composites and capped polymer (100 percent PVC) is a great choice for any outdoor room. They are practically maintenance-free, splinter-free, highly resistant to the elements, and easy to clean, unlike real wood. Composites railing doesn’t rot, twist, wrap, crack or split as the wooden one does. Because of the use of recycled product, it is has become the smart choice for eco-conscious consumer. The growth is mainly due to its low maintenance benefits. The major use of these is in the building and construction work.
COVID-19 Impact
The emergence of COVID-19, have noticeable impact on global economic growth. The Composite Decking and Railing Market has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. In turn has affected the demand and supply chain as well which has been restricting the growth in year 2020. Post pandemic, the demand for composite decks among homeowners has increased as global economy are bouncing back on track. To make its goods more affordable, the manufacturer has increased capacity and reduced prices.
Composite Decking and Railing Market Segment Analysis – By Product Type
Capped Composites held the largest share of 35% in the Composite Decking and Railing Market in 2020. This growth is mainly attributed to the increasing demand for composites in low maintenance and bring new improvements in the aesthetic. The capped composites consist of a cover which is bounded to the core while manufacturing as in the case of golf ball. This is inhibited with UV inhibitors, beautiful color, and antioxidants. The capped composites decking and railing are made up of 75-95% of the recycled material.
Composite Decking and Railing Market Segment Analysis – By Resin Type
Polyethylene held the largest share of 32% in the Composite Decking and Railing Market in 2020. Polyethylene is the most used plastic in the world. Polyethylene is further divided into Low Density Polyethylene (LDPE) and High-Density Polyethylene (HDPE). It is a low maintenance product and is a thermoplastic that can be shaped into any form and variety. Polyethylene has several performance benefits like its higher strength and stiffness which is good for residential applications which require up to 16-inch joints to the center.
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Composite Decking and Railing Market Segment Analysis – By End Use
Commercial Construction dominates the Composite Decking and Railing Market growing at a CAGR of 13.2% during the forecast period. The commercial construction is the fastest growing industry in composite decking and railing market. It is majorly used because of its confrontation to the thermal contraction and expansion when in sunlight. Major applications include cafes, hotels, resorts, docks, marinas, pool areas and many others.
The new composites have combined with the general advantages of semi-crystalline thermoplastic matrix composites with respect to the molding processes, chemical resistance, damage tolerance, environmental resistance and all other recycling possibilities with the growing demand for lower cost production and a higher production rates in larger volumes market such as construction industries and others. There is a growing composite industry and its demand for composites particularly in the regions of Asia-Pacific, North America and Europe.
The segment is witnessing growth due to the rising penetration from untapped markets. First-mover advantage in untapped regions and relatively low acquisition costs remain key driving forces in this application market. Furthermore, R&D in Composites Decking and Railing market will support the growth of the Composite Decking and Railing Market.
Composite Decking and Railing Market Segment Analysis – By Geography
North America region held the largest share in the Composite Decking and Railing Market in 2020 up to 40%, owing to the increasing construction region. According to Deloitte report 2019, US construction industry is among the world’s largest, with annual expenditures of over 1.3t USD. With this annual spending driving the US economy, US construction companies, for example, spend more than 10t USD in goods and services, employing over 10 million workers.
By 2022, the total value of the construction put in place for the US market will likely reach 1.46t USD, up from an estimated 1.35t USD in 2019, indicating a stable growth for US E&C market. Canada is also in the path of growing construction as increasing population and demand for construction. Europe and APAC also drive the demand for construction industry and is growing at a very faster pace. Asia pacific will be the fastest growing region in the coming years. Currently the Composite Decking and Railing Market has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. It in turn has affected the demand and supply chain as well which has been restricting the growth in year 2020.
Composite Decking and Railing Market Drivers
Rise in Demand for Composites Decking and Railing in Construction
Industrialization has led to the increase in demand for composites in various industries for different purposes. The rise in demand for composite decking and railing can be witnessed in residential and non-residential construction. The increase and benefit of recycling of the product is driving the customer who are conscious about the environment concern.
Composite Decking and Railing Market Challenges
Upsurge in Demand for Low Maintenance Building Products and Availability of Substitute
The rise in demand for low-maintenance building products, as well as easy access to substitutes, may act as a stumbling block to the market’s growth. Low-maintenance homes are becoming increasingly popular. When it comes to home selections, whether for new construction or re-modelling projects, choosing items that will last the longest (and require the least amount of maintenance) is ideal. When it comes to composite decking alternatives, modified wood is arguably the best decking material on the market for homeowners. Although the most dense and long-lasting tropical hardwoods can’t quite tick all the boxes that modified wood can.
Composite Decking and Railing Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Composite Decking and Railing Market. Major players in the Composite Decking and Railing Market are UPM Biocomposites, Advanced Environmental Recycling Technologies, Inc., Fiberon, AZEK Building Products (TimberTech), Advantage Trim & Lumber, Timber Holdings USA, Trex Company, Inc., Cali Bamboo, LLC, DassoXTR, and Moso and Others.
Acquisitions/Technology Launches/ Product Launches
In January 2021, Envision Building Products LLC, headquartered in Lamar, Missouri, acquired Fairway Architectural Railing Solutions. The acquisition will lead to strengthen the product portfolio which will make Envision Building Products LLC, an undisputed market share leader of non-wood railing in the US market.
Key Takeaways
Asia Pacific dominates the Composite Decking and Railing Market owing to rapid increase in Building and Construction.
There is a general shift in trend from natural woodwork towards composite decking and railing.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end use industry in Composite Decking and Railing Market and their specific segmented revenue.
Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Composite decking and railing related industries has been negatively affected, thus hampering the growth of the market.
Related Reports :
A. Polyvinyl Chloride (PVC) Market
https://www.industryarc.com/Report/18795/polyvinyl-chloride-market
B. Polyethylene Market
https://www.industryarc.com/Report/16134/polyethylene-market.html
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