Teak Decking Market Share, Size, Trends, Industry Analysis Report, Grade (First European Quality, Middle East Quality, and Free Along Side); By Application; By Region; Segment Forecast, 2023 – 2032
- Published Date:Dec-2023
- Pages: 117
- Format: PDF
- Report ID: PM4112
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global teak decking market was valued at USD 864.87 million in 2022 and is expected to grow at a CAGR of 4.4% during the forecast period.
The rapidly increased need and demand for teakwood from the marine industry due to its exceptional quality, appealing aesthetics, and natural resistance to water makes it a highly preferred choice for decking materials in the marine industry, and its popularity due to its ability to withstand harsh marine conditions like saltwater exposure and extreme weather, boosting the global market growth over the years. As there is an increasing demand for luxury marine vessels, especially yachts and boats, all over the world due to growing people's interest in recreational boating and luxury marine vessels, thereby, the demand for high-quality teak decking also increases.
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- For instance, according to a report by the National Safe Boating Council, there are 11,770,383 recreational vessels registered by the States in the year 2022, which shows an increase of 1.6% from 2021, with total registered vessels of 11,957,886.
Growing focus on bringing innovations and advancements in terms of installation systems that have made it easier to install and maintain teak decking, such as interlocking and adhesive-free systems that allow boat owners and constructors to install teak decking without the need for extensive skills or tools is further likely to have a positive impact on the market growth in the coming years.
Moreover, the constant increase in environmental concerns across the world has led to a drastic shift towards responsible forest management practices and eco-friendly and sustainable sourcing for teak wood and a surge in the number of companies offering synthetic teak decking alternatives which mainly aimed to mimic the look and feel of traditional teak with several added benefits like durability and reduced environmental impact, the market for teak decking worldwide has drastically grown.
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The global market for teak faces challenges due to the frequent harvesting and production of teak from tropical rainforests, where deforestation and logging practices raise significant concerns. The regular maintenance required for teak decking to preserve its longevity and appearance is another factor that may impede market growth.
Industry Dynamics
Growth Drivers
- Surging demand for high-quality and durable materials for decking purpose driving the market growth
The growing popularity and proliferation of teak wood worldwide due to its superior qualities such as water resistance, durability, aesthetic appeal, greater strength, stability, resistance to decay, and low maintenance, among others, and emergence as a highly preferred choice for wood used in the making of the yacht as it offers improved appeal in exterior spaces to the yacht, are the primary factors driving the demand and growth of the global market.
Besides this, the exponential growth of the tourism industry, particularly in tropical and coastal destinations, has significantly boosted the demand for teak decking in hotels, resorts, and recreational facilities and is likely to bode well for the market in the near future.
- For instance, as per a recent report published by Mapping Ocean Health, more than 350 Mn people each year travel to celebrate coral reef tourism, generating an estimated revenue of about USD 36 Bn.
Report Segmentation
The market is primarily segmented based on grade, application, and region.
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By Grade |
By Application |
By Region |
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By Grade Analysis
- First European quality segment accounted for the largest market share in 2022
The first European quality segment accounted for the largest market share, which is mainly accelerated by their widespread use in luxury yachts and boats, high-end residential properties, and upscale hotels & resorts and increasing consumer willingness to pay or invest higher in premium teak decking for the benefits associated with it including beauty, resistant, and longevity.
The Middle East quality segment is expected to register the highest growth over the next coming years on account of the robust presence of various reputable and experienced suppliers of high-quality teak decking products in the Middle East and the surging popularity of Middle East as a popular tourist destination with an increasing number of luxury hotels, resorts, and cruise ships that influences the demand for the product.
By Application Analysis
- Marine segment expected to hold substantial market share over the forecast period
The marine segment is projected to hold a substantial revenue share during the forecasted period, which is majorly driven by continuous growth in the marine tourism sector and the surging popularity of marine tourism and leisure activities globally and focus on companies operating in the market towards enhancing the visual appeal and luxury experience with the help of teak decking. Besides this, several boat owners are also increasingly aware of the higher resale value of boats with teak decking. As a result, teak decking has been gaining huge traction among boat owners looking to sell and upgrade their vessels.
The building & construction segment is also projected to grow at a substantial growth rate during the study period, mainly due to its rising popularity for outdoor decking because of its natural resistance to moisture, decay, and insects, along with the growing preferences for teak for the construction of boardwalks and pedestrian walkways especially in waterfront and coastal settings.
Regional Insights
- North America region dominated the global market in 2022
The North America region dominated the global market. The regional market growth can be highly attributable to the presence of a well-established distributor network across the region, which makes it easier for consumers to access teak decking products easily and increases awareness among consumers about the potential benefits of teak decking.
Apart from this, teak is being widely utilized in several upscale architectural and landscaping projects that mainly include high-end residential properties, hotels, and resorts, seeking to incorporate premium materials for aesthetic appeal and longevity. Thus, an increase in the number of architectural and landscaping projects across the region has been propelling the region’s market growth.
The Asia Pacific region will grow rapidly, owing to the booming construction and real-estate industry in emerging economies like India and China and the rise in consumer disposable income, which allows them to invest higher in teak decking products for their gardens, homes, and outdoor spaces.
- For instance, according to a report published by The Times of India, India is projected to become the world’s 3rd largest construction market in the next 3 years and could reach USD 1.4 trillion by 2025. Also, the real-estate sector has been drastically growing and providing huge business opportunities and big avenues for the ecosystem.
Key Market Players & Competitive Insights
The teak decking market is moderately competitive, with several global and regional market players constantly increasing their investments and focusing on their business expansion with several business development strategies, including partnerships, acquisitions & mergers, collaborations, and new product launched, in order to cater to wider customer base and strengthen their presence in untapped and emerging markets globally.
- Accord Floors
- Advantage Lumber LLC
- Balaji Timber and Plywood Pvt. Ltd.
- COMILEGNO SRL
- ETT Fine Woods
- Friends Timber
- GGI Myanmar
- Global Teak Inc.
- Metsa Group
- Mys-Teak Holdings Inc.
- Starwood Veneers Pvt. Ltd.
- Tank Group
- Teak Resources Co.
- Teakdecking Systems
- West Fraser Timber Co. Ltd.
Recent Developments
- In January 2023, Etreluxe announced the launch of its new outdoor collection that includes a small table, sunbed, sofa, armchair, and small armchair, among others. The newly launched range of products can furnish the relaxation area of the veranda, private terrace, & wellness centers.
- In April 2022, Teakdecking Systems, a leading manufacturer and installer of pre-manufactured teak and composites decks, announced that it has entered into a mutual partnership with MB92 Group. This partnership will help both companies expand their product portfolio and offerings and will also boost good business relationships with vessels.
Teak Decking Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 898.52 million |
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Revenue forecast in 2032 |
USD 1,323.81 million |
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CAGR |
4.4% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments covered |
By Grade, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
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