Middle East And Africa Wooden Decking Market 2022-2028
MARKET OUTLOOK
Triton Market Research’s study on the wooden decking market in the Middle East and Africa indicates that it is likely to progress with a CAGR of 4.95% in the forecasting years from 2022 to 2028. Turkey, the United Arab Emirates, South Africa, Saudi Arabia, and Rest of Middle East & Africa are analyzed in the market in this region.
Egypt is focusing on constructing a new capital that will serve as its new administrative center and provide housing to more than 6.5 million people. Additionally, in January 2020, Egypt officially began the construction of the largest integrated private medical city in the Middle East, by investing $1 billion in the project.
On the other hand, in March 2020, the World Bank granted additional funds amounting to $500 million to enhance the affordability of formal housing for people in the low-income group. Boosting the Social Housing and Mortgage Finance Fund of the country to formulate policies and manage social housing initiatives is another key objective. Such measures are expected to contribute to the demand for wooden decks, and thus drive the market growth in Rest of Middle East & Africa.
The construction industry of Turkey contributes 5.4% to the overall GDP, and is vital to its economy. The Urban Transformation Action Plan, which was initiated in 2019, is a driving force of this industry. It intends to demolish dilapidated old structures and replace them with sustainable living spaces, and also revitalize downtown districts and historical places. Such initiatives are expected to drive the demand for wooden decking in the country, and, in turn, foster market growth.
COMPETITIVE OUTLOOK
The leading players in the wooden decking market include Deck Solutions LLC, DuraLife Decking & Railing Systems, Tecnodeck (Mittera Group), Kebony, Trex Company Inc, Weyerhaeuser Company, NeoTimber, Humboldt Sawmill Company LLC, Azek Company Inc, and West Fraser Timber Co Ltd.
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