Plastic Decking Market to Grow at a Strong CAGR of 10.7% During the Forecast Period 2022-2030


Global plastic decking market is expected to grow at a CAGR of 10.7% during forecast period (2022-2030). The global plastic decking market is primarily driven by growth in construction industry. Globally, the construction industry is undergoing radical changes with the development of green building codes in US and Europe that emphasizes on the use of ecofriendly building materials and sustainable growth. According to the Green Building Solutions organization, plastic decks are widely adopted in construction projects and renovation work. Plastic decking offers traits such as light weight, high strength, low maintenance requirements, durability, and corrosion resistance as compared to wood decking. Further, these are recyclable and pose excellent aesthetics to the area of deployment.  Moreover, the plastic decks are more versatile as compared to traditional wood based decking as they can be engineered to provide specific performance characteristics. Furthermore, according to Green Building Solutions organization, plastic decking also resists water, stain, and fade, as well as Ultra Violet (UV) light radiations. Hence, the plastic deck offers numerous advantages, therefore it has been adopted in construction industry at a large scale. Thus, steadily growing construction industry throughout the world is promising a high adoption of plastic decking over forecast period. According to a report by Oxford Economics, Institution of Civil Engineers, the global construction market is expected to hit $8 trillion by end of 2030. Further, report stated that US, India and China are the key countries that would account for 57% of the global construction industry growth. Hence, high growth of construction sector globally, creating huge opportunities for growth of global plastic decking market.

HDPE dominates the resin type segment of global plastic decking market by capturing largest market share of over 42% in 2021 and is anticipated to grow at a CAGR of 10.6% during forecast period. HDPE offers high strength to density ratio and thus are being extensively used in manufacturing of plastic decks. in addition, HDPE offers various properties that include corrosion resistance, fading resistance, weather resistance and others. High production of HDPE globally across act as the major driver for growth of HDPE as a resin in plastic decking market.

Polyvinyl chloride market is expected to have a CAGR of 10.9% in forecast period as remains as the fastest growing market in the resin segment. The adoption of Polyvinyl Chloride (PVC) resin is expected to reach significantly over forecast period primarily due to ability of PVC resins to offer stain and fade resistance, coupled with high durability, flexibility, design versatility and flame resistance. The growing investment in PVC resins provide a huge opportunity for the growth of PVC based plastic decking. 

North America leads global plastic decking market by capturing largest market share of over 42% in 2021. North America plastic decking market is anticipated to have a CAGR of 10.2% during forecast period. The plastic decking market in North America is primarily driven by changing customer demography towards more leisure and adding more aesthetics to their home/residence backed up by high disposable income per capita of countries such as US and Canada. Further, better durability and low maintenance offered by plastic decks in contrast to softwood wood lumber decks have led to wide adoption of plastic decks in construction industry. With the increase in new construction and repair and remodeling of existing/ageing infrastructure, the market for plastic decking in North America is expected to grow significantly over the forecast period.

Browse full report at : https://www.atlanticmarketresearch.com/plastic-decking-market

Asia pacific plastic decking market is anticipated to grow at highest CAGR of 11.3% during forecast period. The high economic growth of Asia Pacific has reaffirmed the real estate and construction market spurring huge growth opportunity in Asia Pacific plastic decking market. India, China and Australia are considered as the most lucrative countries for companies operating in the plastic decking market. According to a report by Oxford Economics, Institution of Civil Engineers, in the global construction sector these countries are expected to account for ~57% of the growth of $8 trillion construction market by 2030. Further, as per the United Nation, India and China ranked as top 2 countries with highest rural population and is projected that by 2050 India and China would add 404 million and 292 million urban dwellers respectively. To accommodate such large population, it is anticipated that a large investment would be made in residential sector presenting huge opportunity for the growth of plastic decking market in the Asia Pacific.

Merger and acquisition is the primary strategy adopted by companies in global plastic decking market. The companies increase their dominance and market share by acquiring other companies to increase their product portfolio. M&A also enables the companies to expand their market in unexplored regions. Top companies in this market include Certainteed Corporation, Seven Trust, Azek Building Product Inc, Fiberon Inc and Others.

KEY MARKET MOVEMENTS

  • Global plastic decking market is expected to grow at a CAGR of 10.7% during forecast period (2022-2030).
  • HDPE dominates the resin type segment of global plastic decking market by capturing largest market share of over 42% in 2021 and is anticipated to grow at a CAGR of 10.6% during forecast period.
  • Polyvinyl chloride market is expected to have a CAGR of 10.9% in forecast period as remains as the fastest growing market in the resin segment.
  • North America leads global plastic decking market by capturing largest market share of over 42% in 2021.
  • North America plastic decking market is anticipated to have a CAGR of 10.2% during forecast period.
  • Asia pacific plastic decking market is anticipated to grow at highest CAGR of 11.3% during forecast period.
  • Merger and acquisition is the primary strategy adopted by companies in global plastic decking market.

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