SAN FRANCISCO , May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Plastic Decking - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 8; Released: April 2022 Executive Pool: 371 Companies: 110 - Players covered include Axion Structural Innovations LLC; Azek Building Products, Inc.; Certainteed Corporation; DuraLife® Decking & Railing Systems; Fiberon LLC; Green Bay Decking; TAMKO Building Products LLC; Trex Company, Inc.; UPM-Kymmene Corporation and Others. Coverage: All major geographies and key segments Segments: Composite Type (Capped, Uncapped); Resin (Polyethylene, Polypropylene, Polyvinyl Chloride, Other Resins); Application (Residential, Non-Residential) Geographies: World; USA ; Canada ; Japan ; China ; Europe ; France ; Germany ; Italy ; UK; Spain ; Russia ; Rest of Europe ; Asia-Pacific ; Australia ; India ; South Korea ; Rest of Asia-Pacific ; Latin America ; Argentina ; Brazil ; Mexico ; Rest of Latin America ; Middle East ; Iran ; Israel ; Saudi Arabia ; UAE; Rest of Middle East ; Africa .
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ABSTRACT- Amid the COVID-19 crisis, the global market for Plastic Decking estimated at US$3.6 Billion in the year 2022, is projected to reach a revised size of US$5.4 Billion by 2026, growing at a CAGR of 11.2% over the analysis period. Capped, one of the segments analyzed in the report, is projected to grow at a 11.5% CAGR, while growth in the Uncapped segment is readjusted to a revised 10.5% CAGR. Plastic decking is a flat surface used in front facade of a structure/building, higher than ground level. It is mainly made up of plastic material which is recycled or made up of a virgin plastic, that does not have a filler material while the formulation. During the last several years, plastic decking has gained widespread use in the construction sector for making door units, balusters and rails, window lineal, decking boards (residential), sliding, and fencing. Going forward too, it is slated to sustain its growth momentum on the back of its durability. Finishing is not required for plastic decking and it has high resistance to stain. As splintering is not an issue, the quality of the deck and its aesthetic look is sustained. In the building process, plastic decking can provide excellent coating to a material. It is highly resistant and requires low maintenance to enhance the aesthetic value and quality of the deck. In addition, these materials are resistant to moisture and humidity, which elevates their application in building and construction.
Growth in the market is being encouraged by recovering remodeling activities. Home remodeling and renovation activities are growing among various countries worldwide because such activities are being encouraged by government-run programs. NEEAPs in Europe has an objective to encourage investments in commercial and residential buildings' renovation and annual gains, too, have increased in the US home renovation & repair spending. Moreover, the homeowners in the US have been estimated to spend billions on home upgrades, routine maintenance, and replacements, which in turn generated growth opportunities for the entire flooring market. Increasing focus on home decor and lifestyle enhancement of consumers, too, are augmenting the activities of renovation & remodeling currently.
The rise in the investment for interiors and styling of living spaces, too, is leading the consumers to spend on home furnishings like rugs, carpets, and various floor coverings which intensify the aesthetic beauty of the interiors. The shift in consumer interest is encouraged by the growth in income levels, lifestyle changes, and embracing various cultures with regard to interior decor, which led to the increased consumer interest in interior decoration of workspaces and homes, thereby driving demand for decking products. Increased emphasis on remodeling and renovation of residential and commercial properties is poised to elevate the demand for flooring products. Renovation and remodeling are being emphasized by both residential and commercial building owners in their interior designing programs and in projects aimed at modifying the structure and appearance. Rising expenditure on interior designing is therefore expected to enhance the demand for renovation and remodeling, in the process improving the opportunities for flooring products. Use of flooring products for renovation and remodeling is growing due to their cost-effective and long-lasting properties that maintain the look and appearance of buildings for longer time. In addition, growing government investments to remodel and renovate the schools, hospitals, public recreational spaces, and transport facilities is poised to drive the consumption of decking products.
Plastic decking is preferred in the residential sector as it involves low maintenance costs, resistance to splinter and corrosion, and resistance to thermal expansion and contraction. Residential construction held the lion's share of the market in 2021 due to the increasing preference of customers for high quality, low maintenance decks. Interest of people in using their outdoor space is growing and this is fueling demand for decking. Further, increasing number of homeowners are focusing on expanding their living space and augmenting their home's value with the installation of a deck. Completion of existing and new housing and home renovations are also auguring well for the market. Growing adoption of plastic decking in various non-residential (non-building and commercial) and residential construction projects is driving growth of the plastic decking market. In non-residential construction, composite decking finds use in various areas such as patios, restaurants, public broad walks, resorts, hotels, docks, and marinas, among others. Increasing number of hotels and restaurants are creating decks to offer customers a unique experience of eating and relaxing outdoors.
The growing governmental pressure on using eco-friendly materials in public construction projects is encouraging the usage of lumber that is based on wood fiber and recycled plastic. Further, increasing industrialization and urbanization that is resulting in considerable investments in infrastructure, industrial and residential projects, upcoming construction projects especially in emerging countries, growing product awareness, increasing investments in non-residential construction, and innovation of novel decking solutions are also likely to benefit the market. The various beneficial characteristics of plastic decking such as moisture and humidity resilience, fading and stain resistance, non-requirement of finishing, low maintenance, and absence of splintering are anticipated to support its demand.
But the challenges in the construction industry are burdening the market. Also, plastic decking's performance tends to be poor in hot climates, given its tendency to contract and expand and result in loose joints, which causes instability. Nevertheless, the development of composite decking that has weather protection is anticipated to overcome this issue. In hot climatic conditions, plastic decks can become very hot and emit heat, which results in user discomfort. Further, like many other industries, the plastic decking market was also negatively impacted by the COVID-19 pandemic, as it led to a decline in demand and caused supply chain disruptions. But the market is on the path to recovery. Substitutes' availability and price volatility of raw materials are also acting as impediments to the market. More
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