Impact of Covid-19 Outbreak on Plastic Decking Market

05/ago/2020 09:52:26 Automotive Market Research Reports Contatta l'autore

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The global plastic decking market 2020 had reached a valuation close to USD 2 Billion in the year 2015 and can cross USD 5 Billion by 2022, estimates Market Research Future (MRFR). MRFR also predicts that the market can clinch a growth rate of roughly 11% by 2022.

Top Growth Boosters and Main Restraints

The surface of the plastic decking is designed in such a way that it is viewed as a high-quality wood and no painting is required. Plastic decking is lightweight and does not rot easily, especially compared to traditional wooden decking. In addition, no maintenance costs are incurred after installation and the chances of fading over time are much lower than wooden decking. These factors have nurtured the demand for plastic decking in recent years, inducing massive market growth across the globe.

The plastic decking market size is expanding favorably on the back of increasing urbanization, rising industrialization along with the mounting demand for modern constructions. On top of this, technological advancements, evolving lifestyles, replacement of traditional materials used in decking with the modern versions can stimulate the growth of the global plastic decking market in the foreseeable future.

Several companies in the market are launching the latest and innovative designs at minimum costs. Case in point, in the year 2017, AZEK building products developed a product called AZEK Deck Designer Tool that assists homeowners and contractors in visualizing their desired deck designs. This next-gen technology allows them to view their design in different high-quality 3D environments and also get a list of needed tools.

Market Segmentation

MRFR has segmented the global plastic decking market with respect to composite, end-users and material.

The composite-based market segmentation includes capped composite decking and uncapped composite decking.

The end-users in the worldwide market are residential and non-residential. Residential areas include housing societies and others and the residential segment holds the biggest share of the market.

The material-based segmentation comprises low-density polyethylene (LDPE), high-density polyethylene (HDPE), polypropylene (PP), polyvinyl chloride (PVC), and others.

Regional Analysis

The regional segmentation of the plastic decking market includes North America, Europe, Asia Pacific (APAC), and rest of the world (RoW).

North America is the most profitable market for plastic decking on account of the surging demand for low maintenance building products along with the presence of a large number of renowned vendors. The region consists of some of the strongest economies, like the United States of America (USA) and Canada, which are highly lucrative markets for plastic decking.

APAC can record the fastest growth rate in the coming years, with maximum market growth expected to be in China and India. The chief reasons for the strong market growth in the region include the expanding population, increasing disposable income and mounting demand for residential buildings. The non-residential buildings are also growing in number in cities, particularly in Japan. The country has a lot of potential and can surge at a rapid pace in the near future.

The European market is expanding quite significantly owing to the high population density, and the various business activities. Russia is one of the leading markets for plastic decking in the region, with other important economies in the region being Germany, the United Kingdom (UK) and France.

The RoW segment includes nations like the Middle East and Africa (MEA). The MEA market will perform poorly owing to the presence of countries with low economic status, lack of awareness and education, abysmal skilled labor, and low technological advancements. However, the resurgence and of new architectural buildings, primarily in the Arab countries can foster the growth of the plastic decking market in the region during the review timeline.

Significant Companies

Significant companies with great impact on the growth of the global plastic decking market are UPM Kymmene Corporation (Finland), Cardinal Building Products (USA), Advanced Environmental Recycling Technologies Inc. (USA), Azek Building Products Inc. (USA), CertainTeed Corporation (USA), Fiberon LLC (USA), Universal Forest Products Inc. (USA), TAMKO Building Products Inc. (USA), DuraLife Decking & Railing Systems (USA), Green Bay Decking LLC (USA), to name a few.

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