Wooden decks are manufactured using a primary wooden core structure and lumber. Wooden decks are strong, durable, and capable of bearing enough weight to support home owners enjoy an extended living area. MarketsandMarkets projects that the wooden decking market size will grow from USD 7.21 Billion in 2015 to USD 7.81 Billion by 2021, at a CAGR of 1.43% from 2016 to 2021. The increase in demand of wooden decks from residential applications is driving the growth of the wooden decking market.
The key players in the wooden decking market are UPM-Kymmene Corporation (Finland), Weyerhaeuser Company (U.S.), West Fraser Timber Co. Ltd. (Canada), Universal Forest Products, Inc. (U.S.), Metsa Group (Finland), Setra Group (Sweden), James Latham plc (U.K.), Cox Industries Inc. (U.S.), Humboldt Redwood Company and Mendocino Redwood Company (U.S.), and Vetedy Group (U.S.). These players have adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, partnerships & agreements, investments & divestures, and new product launches are some of the key strategies adopted by the market players to achieve growth in the wooden decking market.
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The year 2014 witnessed several mergers & acquisitions and agreements & partnerships in the wooden market by the key players in order to expand their geographical footprint and improve their distribution network through the means of vertical acquisitions. Agreements & partnerships was the second-most adopted key strategy by the market players to increase their share. The increase in demand for wooden decks and high construction growth in emerging markets have encouraged companies to adopt this strategy.
Weyerhaeuser Company (U.S.) merged with Plum Creek Timber Company, Inc. to produce advanced timber and forest products. It continuously focuses on enhancing its global presence by acquiring smaller companies. The company acquired Longview Timber LLC (U.S.) from affiliates of Brookfield Asset Management (Canada), which expanded Weyerhaeuser’s timber holdings in the Pacific Northwest by 33%. The company operates globally with its broad range of product portfolio and is focused on establishing its operations globally.
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West Fraser (Canada) focuses on achieving a premium position in the market by strategic acquisitions of a number of sawmills and related timber harvesting rights as well as development of lumber businesses. For instance, in 2014, it acquired two sawmills in Arkansas (U.S.) and one in High Prairie, Alberta (U.S.). In 2012, the company acquired a sawmill at Edson, Alberta (U.S.). These acquisitions have supported the company’s strategic objective of generating profitable growth in the wooden decking market.