According to a recent report published by Allied Market Research, titled, Composite Decking and Railing Market by Type (Capped and Uncapped), Application (Residential Sector and Non-Residential Sector), Resin Type (Polypropylene and Polyethylene), Composition (Solid and Hollow), and Product Type (Decking and Railing): Global Opportunity Analysis and Industry Forecast, 2021–2030
Increasing need for beautification of buildings and emergence of high quality fabric material drive the growth of the global composite decking and railing market. On the other hand, certain harsh weather conditions impede the growth to some extent. However, rapid urbanization of developing countries is anticipated to create lucrative opportunities in the industry.
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- Restriction in construction activities gave way to a steep decline in demand for composite decking and railing materials, thereby impacting the market negatively, especially during the initial period.
- Nevertheless, as the global situation is getting ameliorated, the market is projected to revive soon.
The global composite decking and railing market is analyzed across type, application, resin type, composition, product type, and region. By type, the uncapped segment held the highest composite decking and railing market share in 2020, holding more than three-fifths of the global market. The capped segment, however, is projected to manifest the fastest CAGR of 13.0% from 2021 to 2030.
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By application, the residential sector segment contributed to the major share in 2020, accounting for nearly two-thirds of the global market, and is expected to lead the trail during the forecast period. Simultaneously, the non-residential sector segment is anticipated to cite the fastest CAGR of 13.3% from 2021 to 2030.
By region, North America held the highest market share in terms of revenue 2020, garnering more than two-fifths of the global market. LAMEA, on the other hand, is projected to showcase the fastest CAGR of 14.0% throughout the forecast period.
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The key market players analyzed in the global composite decking and railing market report include Fortress Building Products, (Fiberon), Genova Products Inc., Axion Structural Innovations LLC, Green Bay Decking, Shanghai Seven Trust Industry Co., Ltd, Fortune Brands Home & Security, Inc., The AZEK Company Inc. (TimberTech), UPM, Trex Company, Inc., and UFP Industries, Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.