Today, laminate and composite decking is not just a substitute for wood flooring; its environmentally friendly properties (made of recycled plastics and wood fibers) have long service life, low maintenance costs and resistant to external elements.
It is due to its latest development and newly found recognition among homeowners that the Composite Decking industry is growing and it is likely to achieve high figures by the year 2020 despite the decline in the home construction and renovation industry as reported by business news.
It had been said that the composite decking market is growing by about 12.6% every year, while the wood floor market has a growth rate of 1.4%. However, although these figures have chosen the new level of popularity of composite decking, it’s market size shows that wood decking is still huge in the decking market.
The market size of wood flooring is likely to grow from $7.2 billion in 2015 to $7.8 billion in 2021. Composite decking has a smaller market but the growth rate was faster from $1.7 billion in 2015 and reaching $3.1 billion by 2020. At present, Google has more than 90,000 searches for the keyword composite decking and it is growing each month.
The market segments of the composite decks are divided by purpose, type or use. Although homeowners appear to be the main users of composite decks for garden renovation projects, the non-residential sector is likely to grow quickly for the marinas, commercial facility patios or floors, docks, and even public boardwalk.
The composite deck market is not as large as the wood competition, but composite decks are sold at a higher price than traditional wood decks because of higher investment compared to the original cost of the wood deck. At this point, composite decks are still a popular solution to homeowner’s deck and renovation work in comparison with wooden decks.
The demand for composite decking (dinodecking.co.uk/category/composite-decking-boards/) is anticipated to increase because of its low maintenance and a wide choice of colors and patterns, as well as types of recycled/new plastics.