Europe Wooden Decking Market 2022-2028
MARKET OUTLOOK
Triton Market Research’s report on the wooden decking market in Europe estimates it to grow at a CAGR of 4.59% in the forecast duration 2022-2028. Germany, Spain, the United Kingdom, France, Italy, and Rest of Europe are assessed in the market in this region.
In the United Kingdom, the demand for housing is on the rise owing to improved life expectancy rates and growth in the number of one-person homes. Further, in January 2022, Greater Manchester Housing Providers (GMHP) planned to invest nearly $3.12 billion in housing development. In addition, the Greater Manchester Combined Authority (GMCA) has set a larger goal of delivering 50,000 affordable homes by 2037. Thus, the increasing housing demand in the country and the rising investments in building infrastructure are likely to bolster the wooden decking market.
Italy is the ninth-largest construction market in the world. Due to government regulations that encourage foreign direct investments and tax breaks, along with enhanced spending for the repair of the existing infrastructure, the country’s construction industry is expected to observe growth. According to the Italian National Institute of Statistics (ISTAT), the number of housing units in new structures increased by a staggering 46.7% in the second quarter of FY2021 compared to the same period in FY2020. With such notable growth in construction activities, the demand for wooden decking is expected to rise, consequently fueling the studied market’s growth.
COMPETITIVE OUTLOOK
The key players in the wooden decking market include Trex Company Inc, Tecnodeck (Mittera Group), Metsä Group, Setra Group AB, Weyerhaeuser Company, Kebony, NeoTimber, UFP Industries Inc, and Thermory AS.
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