North America Wooden Decking Market 2022-2028
MARKET OUTLOOK
According to Triton Market Research, the wooden decking market in North America is anticipated to grow with a CAGR of 4.79% in the estimated duration from 2022 to 2028. The United States and Canada are studied the market in this region.
Several ongoing projects for infrastructural development, including projects in the residential, commercial, and industrial sectors, are expected to boost the construction sector’s growth in the United States. For instance, in July 2021, Houston-based real estate firm, Midway, planned to invest $2.5 billion for the development of the East River Mixed-Use project. The project entails the construction of a mixed-use complex on 61 acres of property in Houston, Texas, with the aim of improving the country’s residential and commercial amenities. The growth of the construction sector, due to the increase in such projects, is expected to drive the wooden decking market in the country.
Canada witnessed the sale of more than 580,000 residences in the first 10 months of 2021, exceeding the sale record of 552,423 dwellings during the same period in 2020. In addition, 74,812 projects were approved under the Investing in Canada Plan in November 2021, totaling over $78 billion in federal funding, as per industry statistics. Furthermore, there is increased investment in major building projects across the country. For example, several infrastructure projects have received funding from the national and provincial governments, under the Investing in Canada Infrastructure Program. This is expected to aid the demand for wooden decking in the country, and thus foster market growth.
COMPETITIVE OUTLOOK
Vetedy Group, UFP Industries Inc, Azek Company Inc, Setra Group AB, Tecnodeck (Mittera Group), West Fraser Timber Co Ltd, DuraLife Decking & Railing Systems, Thermory AS, Metsä Group, and Humboldt Sawmill Company LLC are some of the eminent companies in the wooden decking market.
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