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Plastic Decking Market Share

ID: MRFR//1340-HCR | 130 Pages | Author: Harshita Gorade| November 2024

In the competitive arena of the Plastic Decking Market, companies deploy various market share positioning strategies to establish themselves and gain a competitive edge. One prominent strategy is differentiation, where companies emphasize unique features or characteristics of their plastic decking products. This may include highlighting attributes such as durability, low maintenance requirements, or specific aesthetic options tailored for different outdoor applications like residential decks, commercial spaces, or waterfront installations. By showcasing these distinctive attributes, companies aim to stand out in the market and attract customers seeking innovative and customizable plastic decking solutions for their specific needs.

Some unique perceived benefits of plastic decking are that they are stain-resistant and do not require finishing or high maintenance. Also, they are unaffected by breaking down into sharp fragments and remain in good shape for longer. They are resistant to moisture and preserve the original colour.

Cost leadership is another significant strategy within the Plastic Decking Market. Companies focus on optimizing production processes, negotiating favorable raw material prices, and achieving economies of scale to become low-cost providers. By offering competitive prices for plastic decking, companies adopting this strategy aim to appeal to cost-conscious homeowners, builders, and developers, gaining a competitive advantage. Cost leadership not only helps attract customers but also acts as a barrier for potential competitors trying to match the affordability of plastic decking products.

Market segmentation plays a pivotal role in the Plastic Decking Market, involving the customization of decking solutions to meet the specific needs of different applications. Companies analyze the diverse requirements in sectors such as residential construction, commercial real estate, or municipal projects. They then tailor their plastic decking offerings to address these specific needs effectively. This strategy enables companies to penetrate various market segments and build a robust presence in each, thereby expanding their overall market share.

Innovation is a key driver in market share positioning within the Plastic Decking Market. Companies invest in research and development to introduce new materials, improve design technologies, or address sustainability concerns. By staying at the forefront of technological advancements, companies position themselves as leaders, attracting customers seeking advanced plastic decking solutions that meet evolving industry standards and environmental considerations. This innovation-driven strategy allows companies to differentiate themselves and stay ahead of the competition.

Strategic collaborations and partnerships are gaining prominence in the Plastic Decking Market's market share positioning. Companies form alliances with architects, contractors, or distributors to enhance their market presence. Collaborations can lead to improved product specifications, access to new markets, and shared expertise on design trends and installation methodologies. By leveraging the strengths of their partners, companies strategically position themselves for sustained growth and an increased market share.

Geographical expansion is a notable strategy in the Plastic Decking Market. Companies identify and enter untapped markets, either domestically or internationally, to broaden their customer base. This involves understanding regional preferences, adapting products to local specifications, and navigating diverse regulatory landscapes. By expanding their geographical reach, companies can capitalize on diverse market opportunities and establish themselves as key players in the global plastic decking market, enhancing their overall market share.

Covered Aspects:

Report Attribute/Metric	Details
Growth Rate	11.00% (2023-2030)

Plastic Decking Market Highlights:

Plastic Decking Market Trends

Plastic Decking Market Analysis

Plastic Decking Market Share

Plastic Decking Companies

Global Plastic Decking Market Overview

Plastic Decking Market Size was valued at USD 5.16 Billion in 2023. The Plastic Decking market industry is projected to grow from USD 5.66 Billion in 2024 to USD 12.30 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.18% during the forecast period (2024 - 2032). Plastic decking has plenty of high-end benefits. It comes with stain-resistance properties. It is possible to use plastic decking without any finishing or maintenance the key market drivers enhancing market growth.
Plastic Decking Market Overview
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Plastic Decking Market Trends

Rise in urbanization to boost market growth

The rise in urbanization has been a significant driver of the plastic decking market. As more people move into cities and urban areas, the demand for outdoor living spaces and recreational areas has increased. Plastic decking is a popular choice for these spaces because it offers a low-maintenance, durable, and attractive alternative to traditional wood decking. Plastic decking is also highly resistant to moisture, mold, and mildew, making it ideal for use in areas with high humidity or near water, such as around swimming pools or bodies of water. Additionally, plastic decking is often made from recycled materials, making it an environmentally friendly option for consumers who are concerned about sustainability.

As urbanization continues to drive the demand for outdoor living spaces, the plastic decking market will likely continue to grow. This trend is not just limited to developed countries but is also seen in developing countries where urbanization rates are increasing rapidly. Therefore, such factors related to Plastic Decking have enhanced the Plastic Decking market CAGR across the globe in recent years.

Plastic Decking Market Segment Insights

Plastic Decking Material Insights

The Plastic Decking market segmentation, based on material, includes HDPE, PP, PVC, LDPE and others. The HDPE segment held the majority share in 2022 of the Plastic Decking market revenue. HDPE (high-density polyethylene) is a commonly used material for plastic decking due to its durability, resistance to moisture, and ease of maintenance. This was due to its cost-effectiveness, availability, and growing demand for low-maintenance decking options.

Plastic Decking Composite Insights

The Plastic Decking market segmentation, based on composite, includes Capped and Uncapped. The capped segment held the majority share in 2022 of the Plastic Decking market revenue. This is because capped decking offers superior durability and resistance to fading, staining, and scratching, making it a popular choice among homeowners.

Plastic Decking End-Use Insights

Based on end use, the Plastic Decking market segmentation includes Residential and Non-Residential. The residential segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. This growth is attributed to factors such as increasing consumer spending on home renovation projects, rising construction activities in the residential sector, and the growing popularity of low-maintenance decking options. These all factors for Plastic Decking positively impact the market growth.

Figure 2: Plastic Decking Market, by Composite 2022 & 2030 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Plastic Decking Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region held the second-highest plastic decking market share in terms of revenue. This was driven by factors such as rapid urbanization, increasing disposable incomes, and the growing demand for low-maintenance and eco-friendly decking materials in countries such as China, India, and Australia.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil

Figure 3: PLASTIC DECKING MARKET SHARE BY REGION 2022 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Plastic Decking market accounts for the third-largest market share. The factors such as the increasing demand for sustainable and low-maintenance decking materials, rising construction activities, and the growing trend of outdoor living spaces in the region as drivers of the market growth. Further, the Germany Plastic Decking market held the largest market share, and the UK Plastic Decking market was the fastest-growing market in the European region.

North America, Plastic Decking market, is expected to hold the largest market share from 2023 to 2030. This is attributed to factors such as the high demand for low-maintenance decking options, the growing trend of outdoor living spaces, and the increasing popularity of plastic decking materials in the region. The increasing demand for sustainable and eco-friendly decking materials, the rising demand for customized and aesthetically appealing decking solutions, and the growing trend of outdoor living spaces and backyard renovations in the region are driving the market. Moreover, the U.S. Plastic Decking market held the largest market share, and the Canada Plastic Decking market was the fastest-growing market in the North American region.

Plastic Decking Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Plastic Decking market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Plastic Decking industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Plastic Decking. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Plastic Decking industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Plastic Decking industry to benefit customers and expand the market sector. Major Plastic Decking market players, including UPM Kymmene Corporation, Universal Forest Products, Inc., Advanced Environmental Recycling Technologies, Inc., Azek Building Products Inc, Fiberon LLC, Cardinal Building Products, TAMKO Building Products, Inc., CertainTeed Corporation, Green Bay Decking, LLC and DuraLife Decking & Railing Systems, and others, are attempting to increase market demand by funding R&D initiatives.

UPM Kymmene Corporation is a Finnish company that operates in the forest industry. The company produces and sells a range of products, including pulp, paper, plywood, and timber. UPM also produces composite materials, including plastic decking, under the brand name UPM ProFi. The company's plastic decking products are made from a blend of recycled materials and are marketed as sustainable and low-maintenance alternatives to traditional wood decking.

Universal Forest Products, Inc. is a US-based company that operates in the wood and lumber industry. The company produces and sells a variety of wood-based products, including lumber, panels, and treated wood. Universal Forest Products also manufactures and distributes composite decking products under the brand names Latitudes and Tropics. The company's composite decking products are made from a blend of wood fibers and plastic and are marketed as a low-maintenance and eco-friendly alternative to traditional wood decking.

List of the Key Companies in the Plastic Decking Market Includes

UPM Kymmene Corporation

Universal Forest Products, Inc.

Advanced Environmental Recycling Technologies, Inc.

Azek Building Products Inc

Fiberon LLC

Cardinal Building Products

TAMKO Building Products, Inc.

CertainTeed Corporation

Green Bay Decking, LLC

DuraLife Decking & Railing Systems among others

Plastic Decking Industry Developments

The key players in the market are launching plastic decking with UV inhibitors, a new product that can solve the plastic from melting issues. These plastic decking will be highly resistant to UV rays and heat, which will offer more durability and resistance to the product, increasing the life span of the decking.

Plastic Decking Market Segmentation

Plastic Decking Material Outlook

HDPE

PP & PVC

LDPE

Others

Plastic Decking Composite Outlook

Capped

Uncapped

Plastic Decking End-Use Outlook

Residential

Non-Residential

Plastic Decking Regional Outlook

North America
- US
- Canada

Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe

Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific

Rest of the World
- Middle East
- Africa
- Latin America

Plastic Decking Companies

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