Decking and railing market to show steady growth

The global decking and railing market was valued at US$9.8 billion in 2020 and is projected to reach $18.1 billion by 2032, registering a compound annual growth rate (CAGR) of 5.8% from 2023 to 2032, says a report from Allied Market Research. 

The global decking and railing market growth is driven by several factors, including the rise in the number of residential projects, the increase in the number of home remodeling projects, and the advantages of decks and railings. However, the high cost of materials and structural limitations in harsh weather restricts market growth. Moreover, advancements in building materials are anticipated to provide lucrative opportunities in the coming years.  

Based on composition, the solid segment held the highest market share in 2022, accounting for more than 90% of the global decking and railing market revenue and is estimated to retain its lion's share throughout the forecast period because the solid decking and railing are long-lasting, stronger, and durable. However, the hollow segment is projected to manifest the highest CAGR of 6.4% from 2023 to 2032, owing to benefits associated with hollow composition such as it is easier to clean and maintain due to the open design, as there are fewer surfaces for dirt and debris to accumulate.  

The decking segment continues to dominate share of the market, but the railing segment is projected to manifest a higher CAGR at 6% through the forecast period.