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North America rolled vinyl decking market Size Expected to Reach $2.1 Billion by 2030

 

Report Code : A14223

quote Rapidly growing industrialization and modernization among the countries in North America thereby leading to increase in the demand for various commercial products for the development of the industrial infrastructure facilities such as factories, warehouses, and commercial building is expected to increase the demand for rolled vinyl decking in the construction sector. The increase in the population and the government & bank policies towards the home loans is expected to create potential opportunities for the North America rolled vinyl decking market during the forecast period. quote

Eswara Prasad
Manager, Chemicals and Materials at Allied Market Research

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According to a new report published by Allied Market Research, titled, "North America rolled vinyl decking market by application and by End Use: Global Opportunity Analysis and Industry Forecast, 2020-2030," the North America rolled vinyl decking market size was valued at $0.8 billion in 2020, and is projected to reach $2.1 billion by 2030, with a CAGR of 9.2% from 2021 to 2030.

Increase in disposable income and change in lifestyle have raised demand for goods and services in North America. In addition, to adopt to changes and to meet consumer necessities, several manufacturing hubs in various sectors such as automotive, consumer goods, energy, power, and others have aimed in fulfilling consumer demand by providing high efficiency and reducing transportation cost. In addition to this, the increase in demand for goods and services has resulted in establishment of warehouses, corporate office, and large-scale factories. In the U.S., in 2018 a total $302 billion was spent on new public constructions alone. Housing unit occupied by single person in 2020 increased by 28%. There has been 40% increase in average area of U.S houses, 15% decrease in average number of occupants in U.S. households, and 64% increase in average area per person in U.S. houses compared to 1970s. America spends $13,000 on a single home renovation project on an average. According to the Bank of America estimates, in 2020, the U.S. home renovation sales, including services reached $767 billion, which is equivalent to 20th largest economy in the world. 11% of Canadian homeowners planned to spend over $21,000 on home renovation in 2021, following a remodeling trend that started during the coronavirus pandemic in 2020.

Petroleum feedstock is used as a major raw material for production of vinyl compounds, which leads to increase in greenhouse gas emissions and effects health of workers and product users. This, in turn, is a major factor that hampers growth of the North America rolled vinyl decking market. Bans and strict regulations of various countries over production of vinyl-based products also restricts development of the market.

Rapid development and breakthrough in alternative covering and eco-friendly materials to replace vinyl material is another major factor that hampers growth of the market.

The government of Canada has also introduced new measures aimed at improving housing affordability across the Greater Toronto Area, such as “Housing Now” plan, which was approved by the Toronto City Council in 2019. This program is the first stage of government initiative to build over 40,000 new affordable residential units in the next 12 years. Increase in population in Canada, owing to immigration policies have led to increase in demand for residential dwellings. Rise in in population propels demand for consumer goods, which, in turn, boosts development of industrial and commercial buildings. Government and bank policies to support construction of personal home dwelling and commercial businesses provide lucrative opportunities for growth the market.

The North America rolled vinyl decking market is segmented on the basis of by application, end use, and country. On the basis of application, the market is segmented into sun decks, porches & patios, roof decks, floating deck systems, and others. By end use, it is divided into residential, commercial, and industrial. Country wise, the market is studied across the U.S., Canada, and Mexico. Presently, the U.S. accounts for the largest share of the market, followed by Canada and Mexico.

Major companies profiled in this report include Armor decking, Bradbury Co., Inc, Duradek, Global Decking Systems, Dec-Tec, DekSmart, Tufdek, Weatherdek, and Intellideck. Rapid development of industrialization and modernization has led to rise in infrastructure development in this region. Additional growth strategies such as expansion of production capacities and research & innovations are also adopted to attain key developments in the North America rolled vinyl decking market.

Impact Of Covid-19 On The North America Rolled Vinyl Decking Market

  • COVID-19 pandemic has impacted the North America rolled vinyl decking market drastically.
  • The pandemic has affected various industries and caused global economic slowdown. However, owing to the global economic crisis caused by the pandemic, consumers are only willing to invest in essential goods and services.
  • The COVID-19 pandemic has changed consumer preference and buying behavior significantly. Lockdowns imposed by several governments in the current crisis have suspended construction activities temporarily, delaying new construction projects and renovation of houses, which hampers demand for rolled vinyl decking during the pandemic period.
  • The pandemic has also affected supply chains and disrupted manufacturing operations.
  • Increase in fluctuation of the market price of petroleum feedstock and decline in demand for the rolled vinyl decking in the construction industry hamper the market growth.

Key findings of the study

  • Country wise, the U.S. is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
  • As per North America rolled vinyl decking market analysis, by application, the roof decks segment accounted for the largest share in 2020.
  • On the basis of end use, the residential segment was the major share contributor in 2020.

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quote North America Rolled Vinyl Decking Market by Application (Sun Decks, Porches & Patios, Roof Deck, Floating Deck Systems, and Others) and End Use (Residential, Commercial, And Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

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