Composite Decking & Railing Market Overview
“The global Composite Decking & Railing Market size is expected to grow at more than 13.4% CAGR from 2023-2030 & to reach above USD 8.54 billion by 2030 from a little above USD 4.15 billion in 2023.”
Composite decking and railing materials are known for their durability and long lifespan compared to traditional wood materials. They are resistant to rot, decay, insects, and warping, making them an attractive choice for homeowners and builders looking for low-maintenance and long-lasting solutions. Composite decking and railing require minimal maintenance compared to wood products.
They do not need staining, sealing, or painting, which saves time, effort, and money for consumers. This low-maintenance aspect is particularly appealing to homeowners seeking hassle-free outdoor living spaces. Composite materials have excellent resistance to weather elements, including moisture, UV rays, and extreme temperature fluctuations.
They are less prone to fading, cracking, or splintering, making them ideal for outdoor applications in various climates. The construction industry's growth and the rising trend of home renovations contribute to the demand for composite decking and railing products. As more homeowners invest in enhancing their outdoor living spaces, the market for composite materials experiences an upswing.
Composite decking and railing products often have a higher initial cost compared to traditional wood materials. The upfront investment required to purchase and install composite materials can be a deterrent for budget-conscious consumers, especially when compared to the relatively lower cost of wood products.
Although composite materials are generally more resistant to color fading compared to wood, prolonged exposure to intense sunlight can cause some degree of color change or fading. This limitation can deter potential customers who prioritize color stability in their outdoor spaces.
Consumers are increasingly seeking products that allow them to express their individuality and create unique living spaces. Manufacturers can tap into this opportunity by offering a wide range of customization options for composite decking and railing, such as unique colors, textures, patterns, and sizes.
Providing customers with the ability to personalize their outdoor spaces can differentiate products and appeal to diverse consumer preferences. In addition to new construction, there is a significant retrofit and replacement market for existing decks and outdoor structures.
Homeowners who are looking to upgrade or replace their aging wood decks with low-maintenance composite materials present a lucrative opportunity for manufacturers. Targeted marketing campaigns and educational efforts can help raise awareness and drive demand in this segment.
Demand Outlook
The primary driver behind the market for composite decking and railing is the need to beautify construction sites in commercial and residential sectors. Additionally, advances in materials, like PVC coating on polypropylene or polyethylene sheets, give a better quality and more attractive composite materials for railings and decks.
These are the driving factors for the composite railing and decking market. But the composite decking and railing are not able to withstand extreme weather conditions that limit the market for composite decking and railing. In contrast, the developing countries, including Brazil, India, and China are rapidly transforming and have seen the adoption of composite railings and decking at a higher rate. This presents opportunities to grow the market for composite decking and railing over the next few years.
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Market Dynamics
The resurgence in the industry of construction is significant in driving the composite decking industry growth, but other elements like access to alternatives could hinder market's growth. Our analysts analyzed the data using 2022 as the year of base as well as the main factors, trends, and issues. A comprehensive analysis of driving factors can help businesses develop their marketing strategies to increase their competitive edge.
Growth Drivers
The resurgence that is happening in construction has been the primary driver of the rise in composite decking. Additionally residential construction is directly affecting the market. Rapid urbanization as well as rising per-capita earnings (PCI) in nations like India, China, and Indonesia have increased demand for new housing in APAC over the past five years.
Trends
The new trend of utilizing prefabricated constructions for renovations to buildings is expected to boost the market for composite decking. Prefabricated constructions are cost-effective and require less time to construct and that is why the material is highly sought-after by builders. Prefabricated construction is where various parts or sections of buildings are built in an environment controlled in the manufacturing facility.
They are then transferred to the site of construction to be assembled. The most important areas of concern in prefabricated building are design and quality standards that help address the challenges that arise when building homes on site. A lot of prefabricated structures that are newly designed are regarded as superior to conventional dwellings in many ways.
In the US the majority of prefabricated structures are constructed in accordance with the US Housing and Urban Development (HUD) Code or the International Residential Code (IRC) to ensure that they are secure and long-lasting. Prefabricated decking in the majority of cases construction permits partial customisation of designs and specifications prior to delivery. Thus, the increasing use of prefabricated construction products is expected to fuel the expansion of the market over the forecast time.
Challenges
The availability of alternatives is among the main issues facing the composite decking industry worldwide issue. Concrete flooring is able to withstand high pressure and stress. It's a great option to replace composite decking because it is affordable and will last longer if properly maintained. Concrete flooring, however, does not offer a smooth finish as composite or wooden decking. Fiber cement and tile decking are able to be used in conjunction to beautify the exterior of houses to create a different look.
Cement decking is a good resistance to heat and humidity which is great for humid and hot climates. However, the demand for these alternatives is low due to the broad availability and affordable cost of these alternatives are taking over the market.
This is why these factors decrease demands for decking made of composite. In the case of composite decking alternatives modified wood is definitely the best option to build houses. Modified wood's advancements and the need for less maintenance will raise the demand for these products over the forecast time that will adversely impact the development of the market in the forecast period.
Covid-19 Impact
The outbreak of COVID-19 caused significant disruptions in various industries, including construction and home improvement, leading to widespread effects on the composite decking and railing market. The implementation of lockdown measures, supply chain interruptions, and temporary closures of construction sites resulted in disruptions within the market.
While the construction sector initially experienced a slowdown, there was an increase in home improvement projects as individuals spent more time at home due to lockdowns and social distancing measures. This period also saw a rise in the popularity of do-it-yourself (DIY) projects, with many people seeking engaging activities at home.
Composite decking and railing, known for their ease of installation and low-maintenance qualities, became favored options for DIY enthusiasts. As the situation improves and vaccination efforts progress, the construction industry, along with the composite decking and railing market, is expected to recover.
Composite Decking & Railing Market Segment Analysis
The market is split between capped and uncapped according to product type. In the composite decking & railing market in 2022, capped composites had the biggest global market share. This expansion is mostly driven to the rising demand for composites that are low maintenance and result in new aesthetic advancements.
The capped composites are made of a core and a cover that are linked together during production, much like a golf ball. UV blockers, gorgeous color, and antioxidants prevent this. The decking and railing built of capped composites include between 75 and 95 percent recycled material.
Based on resin type, market is segmented into polyethylene, polypropylene and polyvinylchloride. In 2021, polyethylene accounted for the biggest market share worldwide for composite decking and railing. The most popular plastic in the world is polyethylene. High-Density Polyethylene (HDPE) and Low Density Polyethylene (LDPE) are additional classifications for polyethylene. It is a thermoplastic that can be molded into any shape and variety and requires no upkeep. The increased strength and rigidity of polyethylene, which is excellent for residential applications requiring up to 16-inch joints to the center, are only a few of its performance advantages.
Based on the application, market is segmented into residential and non-residential. In the market for composite decking and railing throughout the anticipated period, the non-residential application will increase at the fastest rate.
The characteristics of composite decking and railing, such as resistance to thermal expansion and contraction when exposed to sunshine, resistance to splinter & rot, etc., are helpful in application areas including docks, marinas, patios, pool areas, hotels and resorts. Cafes, hotels, resorts, docks, marinas, swimming pools, and many more locations are common examples of major usage.
Competitive Landscape of the Composite Decking & Railing Market
Key competitors from both domestic and international markets compete fiercely in the worldwide global composite decking & railing industry are Trex Company Inc., UPM Biocomposites, TAMKO Building Products Inc., TimberTech, Integrity Composites LLC, Green Bay Decking LLC, Fiberon LLC, Axion International Inc., Envision Building Product LLC, Cali Bamboo LLC.
Recent Developments in the Composite Decking & Railing Market
Achievement News: The AZEK Company Inc., the leading manufacturer of outdoor living products, including TimberTech decking and railing, StruXure pergolas, and Versatex and AZEK Trim, was named in the U.S. News & World Report inaugural list of best companies to work for in the construction and materials category.
2nd February 2023: The world’s #1 brand of high-performance, low maintenance composite decking and railing, revolutionized outdoor living with the introduction of its latest innovation – Trex Signature® decking.
Oct 7, 2002: Kadant Inc. (AMEX:KAI) announced that the composite decking and railing systems produced by its Kadant Composites Inc. subsidiary and marketed under the Geodeck(TM) brand have been evaluated by Building Officials and Code Administrators International, Inc. (BOCA). BOCA is a nonprofit service organization of more than 16,000 members ranging from code enforcement officials to materials manufacturers.
5th January 2021: Envision Building Products LLC, headquartered in Lamar, Missouri, acquired Fairway Architectural Railing Solutions. Fairway is a manufacturer of non-wood technologies including aluminum, PVC, cellular PVC, composite, and Steel railing systems for residential and commercial decks, balconies, and terrace.
Regional Insights
Due to the growing construction industry, North America maintained the greatest market share for composite decking and railing in 2021. Due to considerations including the demand for low-maintenance outdoor living areas and the accessibility of cutting-edge materials, North America has been a big market for composite decking and railing. Due to its strength, beauty, and environmental sustainability, composite materials are in high demand in the United States, which has been the largest market in the region. Canadian consumers are embracing the advantages of composite decking and railing for their outdoor spaces, contributing to the market's steady expansion. Due to urbanization, rising disposable income, and the expanding popularity of outdoor living areas, the composite decking and railing industry has experienced substantial expansion in the Asia-Pacific region. Europe has been a significant market for composite decking and railing, with the United Kingdom, Germany, and France having the highest demand.
Segments Covered in the Global Composite Decking & Railing Market
Composite Decking & Railing Market by Product Type
Composite Decking & Railing Market by Resin Type
- Polyethylene
- Polypropylene
- Polyvinylchloride
Composite Decking & Railing Market by Application
- Residential
- Non-Residential
Composite Decking & Railing Market by Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Frequently asked questions with answers:
Who are the key players in the global composite decking & railing market?
Some key players operating in the global composite decking & railing market include Trex Company Inc., UPM Biocomposites, TAMKO Building Products Inc., TimberTech, Integrity Composites LLC, Green Bay Decking LLC, Fiberon LLC, Axion International Inc., Envision Building Product LLC, Cali Bamboo LLC.
What are the factors driving the global composite decking & railing market?
Composite decking and railing materials are known for their durability and long lifespan compared to traditional wood materials. They are resistant to rot, decay, insects, and warping, making them an attractive choice for homeowners and builders looking for low-maintenance and long-lasting solutions.
How big is the global composite decking & railing market?
The global Composite Decking & Railing Market size is expected to grow at more than 13.4% CAGR from 2023-2030 & to reach above USD 8.54 billion by 2030 from a little above USD 4.15 billion in 2023.
Which region accounted for the largest global composite decking & railing market share?
The North America dominated the global composite decking & railing market with a share of 41% in 2022.
