The composite decking and railing market will grow at a compound annual growth rate of 12.60%, from $1.6 billion in 2015 to $3.09 billion by 2020, according to a new report from MarketsandMarkets (Pune, India). Composite Decking & Railing Market looks at decking and railing by type (capped and uncapped), resin type (polyethylene, polypropylene, polyvinylchloride and other), application (residential and non-residential) and region, and outlines global trends and forecasts to 2020.
|Image courtesy Trex Company Inc.|
Substitution of traditional materials with uncapped and capped composites will drive the composite decking and railing market in residential applications, said MarketsandMarkets in the report summary, noting that the materials's superior properties, including resistance to rotting, color fading, mold and mildew growth formation, are ramping up demand.
Uncapped wood-plastic composite (WPC) decking has a higher price point than timber decking and railing, but it requires less maintenance and has a long-term cost advantage. Capped composites are WPCs with a protective layer of resin that helps prevent rotting, splintering, mildew and mold growth formation.
Non-residential applications are one of the key segments in the composite decking and railing market and will be the fastest growing market segment during the forecast period, said MarketsandMarkets. Non-residential applications include docks, marinas, public boardwalks, commercial establishment patios and flooring. Capped composites are used in large volumes where the decking and railing are always in contact with water.
North America is the largest market for composite decking and railing, with the United States contributing a major market share in the global as well as North American markets. Factors driving growth include the recovery of the U.S. residential market after the 2008 recession, as well as increasing demand for low-maintenance building products, said the report summary.
Major players in this market include U.S. companies Trex Company Inc., TimberTech, Fiberon and Advanced Environment Recycling Technologies and UPM Biocomposites of Finland.
The report is available on the MarketsandMarkets website.