LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global decking market to grow at a CAGR of over 6% during the forecast period, according to their latest market research report.
The rising adoption of prefabricated construction solutions is one of the major trends being witnessed in the global decking market 2018-2022. Prefabricated structures are being adopted across the world as they are more economical and also help to save time during construction. Quality and design standards are the key areas of focus for prefabricated construction, which mitigate the challenges associated with constructing site-built homes.
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According to Technavio analysts, one of the key factors contributing to the growth of the global decking market is the changing lifestyles and increasing use of outdoor living spaces:
Global decking market: Changing lifestyles and increasing use of outdoor living spaces
Decking is used to extend residences and landscape gardens. In countries such as the US and Canada, backyard decks are popular for lounging and dining. Decking is also used in non-residential applications such as hotel terraces, boardwalks, balconies, leisure centers, patios, and theme parks to effectively utilize open spaces.
According to a senior analyst at Technavio for research on construction, “Players in the market provide decking, which is easy to install, for residential applications. Thus, factors such as the changing lifestyles of people and the rising use of outdoor living spaces is increasing the need for decking, will drive the growth of the global decking market during the forecast period.”
Global decking market: Segmentation analysis
The global decking market research report provides market segmentation by product (wooden, composite, plastic, and aluminum), by end-user (residential and non-residential), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The wooden segment held the largest market share in 2017, accounting for over 38% of the market. This product segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2017 with a market share of over 41%. This region is expected to dominate the market through 2022, however there will be a decrease in its market share.
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