Jul 31, 2020
The decking market in the US is one of the most expanding markets. It is essential to be careful with it. Every year, the US's demand for the decking market keeps growing by 1.3%. It is being expected that by 2023, the value will eventually reach up to $7.1 billion. But this is one of the dynamic markets, and it is necessary to be aware of it.
Some of the critical facts that you need to be aware of the US Decking Market include the following.
The growing interest of consumers to live outdoors is proving to be helpful for the decking market. This is proving to be beneficial because more people are looking forward to enhancing and expanding the living space. This is further contributing to increasing the value of the house by adding a deck. The homeowners in today's generation are more focused on creating a large and elaborate space containing features such as walls, fire pits, pergolas, outdoor kitchens, and others.
With time, the cost of lumber is increasing as well. This is proving to increase demand for high-quality materials. It is being expected that in the coming years, the price of decks will rise.
The rising demand for decks is marked by the growing need for renovation and completing the housing spaces. With the increase in outdoor living trends, more hotels and restaurants areas are focused on installing decks around the space. The addition of layers is contributed to improved lounging and indoor spaces.
The local and state governments in the US are focused on using green materials for public construction projects. This, however, is being implemented in the decking market as well to encourage the use of lumber produced from wood fiber and recycled plastic.
Increasing demand as per market
The need for decks is increasing day by day. The residential market demand for decking was around 60%, while the commercial requirements ranged up to 9%. In terms of the commercial market, restaurants, hotels, resorts required the most. Apart from that, the demands for decking accounted for up to 32% around different nonbuilding markets such as lakeshores, marinas, and parks.
Plastic decking is another essential thing to consider. It is being expected that the demand for plastic decking would rise to 2.0% by 2023. Cellular PVC may lead to the plastic decking segment. This does not require much maintenance and is durable. Also, one of the most important things to consider is that it has the texture of natural wood. It is also being expected that the use of standard PVC decking for railings and other components would grow too.
North America is expected to be dominating the decking market. Being one of the largest economies, the United States and Canada will rule the decking industry. Apart from that, the increase in residential construction around states such as Georgia, Florida, Utah, Tennessee, Ohio, Idaho, and South California has also fuelled the increasing demand for the decking market.
Some of the leading companies in the US for the US decking market include AZEK Building Products, Westlake Chemical, Trex Company, and Fortune Brands.
You can reach out to us at email@example.com for further details about the decking market around the US.