The global teak decking market revenue was around US$ 864.87 million in 2022 and is estimated to reach US$ 1,274.2 million by 2031, growing at a compound annual growth rate (CAGR) of 4.4% during the forecast period from 2023 to 2031.
Teak decking is a thick, close-grained type of hardwood that is sourced from the Tectona grandis tree, native to south and southeast Asia. It is initially golden in colour and has a smooth texture and grain. It’s high in rubber and natural oils, meaning it is durable, strong, and virtually impervious to harsh weather conditions and rotting, even if left untreated.
Market Driving Factors
Increasing focus on bringing advancements and innovations in terms of installation systems that have made it easier to maintain and install teak decking, such as adhesive-free systems and interlocking that allow constructors and boat owners to install teak decking without the requirement for vast skills or tools. Thus, this factor is estimated to drive the market growth.
The increasing popularity and proliferation of teak wood globally owing to its superior qualities such as durability, water resistance, greater strength, aesthetic appeal, stability, resistance to decay, and less maintenance, among others, and emergence as a favourably preferred option for wood utilized in the making of the boat. As a result, it provides enhanced appeal in external spaces to the boat, which are the primary elements propel the market growth.
Teak is frequently harvested and produced in tropical rainforests, where logging and deforestation methods cause serious concerns. Thus, this factor hampers the market.
Regional Analysis
North America dominated the market in terms of the largest revenue and is estimated to maintain its dominance over the forecast period. This can be attributed to the existence of a well-established distributor network across the region, which makes it easier for customers to access teak decking products easily and raises awareness among customers about the potential advantages of teak decking.
Furthermore, teak is being widely utilized in various upscale architectural and landscaping projects that primarily include high-end residential properties, resorts, and hotels, seeking to incorporate superior materials for aesthetic appeal and longevity. Therefore, a surge in the number of landscaping and architectural projects across the region has been boosting the market growth.
Asia Pacific dominates the market in terms of the growth rate. This is due to the increasing construction and real estate industry in emerging economies like China and India and the increase in consumer disposable income, which allows them to finance higher in teak decking products for their homes, gardens, and outdoor spaces in the region.
Segmentation Insights
Grade Insight
The first European quality segment dominates the market in terms of the largest market share. This is mainly accelerated by their widespread use in luxury boats and yachts, high-end residential properties, and deluxe resorts & hotels and surging consumer willingness to invest or pay higher in premium teak decking for the advantages associated with it including resistance, beauty, and longevity.
The middle east quality segment is estimated to dominate the market in terms of the highest growth during the forecast period. This is due to the robust existence of several reputable and professional suppliers of high-quality teak decking products in the Middle East and the increasing popularity of the Middle East as a famous tourist destination with a rising number of luxury resorts, hotels, and cruise ships that influences the demand for the product.
Application Insight
The marine segment is estimated to hold a significant revenue share during the projection period. This is mainly due to the ongoing growth in the marine tourism sector and the increasing popularity of marine tourism and leisure activities worldwide and concentrate on companies operating in the market towards improving the visual appeal and luxury experience with the aid of teak decking. Furthermore, various boat owners are also increasingly aware of the higher resale importance of boats with teak decking. As a result, teak decking has been acquiring huge traction among boat owners looking to deal with and upgrade their vessels.
The building & construction segment is expected to dominate the market at a significant growth rate during the forecast period. This is due to its increasing popularity for outdoor decking owing to its natural resistance to decay, moisture, and insects, along with the increasing preference for teak for the construction of pedestrian walkways and boardwalks especially in coastal and waterfront surroundings.
Prominent Companies
Segmentation Outline
The global teak decking market segmentation focuses on Grade, Application, and Region.
By Grade
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL TEAK DECKING MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: TEAK DECKING MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL TEAK DECKING MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL TEAK DECKING MARKET, BY GRADE
5.1 OVERVIEW
5.2 FIRST EUROPEAN QUALITY
5.3 MIDDLE EAST QUALITY
5.4 FREE ALONG SIDE
6 GLOBAL TEAK DECKING MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 MARINE
6.3 HOSPITALITY AND TOURISM
6.4 BUILDING & CONSTRUCTION
6.5 OTHERS
7 GLOBAL TEAK DECKING MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL TEAK DECKING MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 ACCORD FLOORS
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 ADVANTAGE LUMBER LLC
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 BALAJI TIMBER AND PLYWOOD PVT LTD
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 COMILEGNO SRL
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 ETT FINE WOODS
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 FRIENDS TIMBER
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 GGI MYANMAR
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 GLOBAL TEAK INC
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 METSA GROUP
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 MYS-TEAK HOLDINGS INC
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.11 STARWOOD VENEERS PVT LTD
9.11.1 OVERVIEW
9.11.2 FINANCIAL PERFORMANCE
9.11.3 PRODUCT OUTLOOK
9.11.4 KEY DEVELOPMENTS
9.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.12 TANK GROUP
9.12.1 OVERVIEW
9.12.2 FINANCIAL PERFORMANCE
9.12.3 PRODUCT OUTLOOK
9.12.4 KEY DEVELOPMENTS
9.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.13 TEAK RESOURCES CO
9.13.1 OVERVIEW
9.13.2 FINANCIAL PERFORMANCE
9.13.3 PRODUCT OUTLOOK
9.13.4 KEY DEVELOPMENTS
9.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.14 TEAKDECKING SYSTEMS
9.14.1 OVERVIEW
9.14.2 FINANCIAL PERFORMANCE
9.14.3 PRODUCT OUTLOOK
9.14.4 KEY DEVELOPMENTS
9.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.15 WEST FRASER TIMBER CO. LTD
9.15.1 OVERVIEW
9.15.2 FINANCIAL PERFORMANCE
9.15.3 PRODUCT OUTLOOK
9.15.4 KEY DEVELOPMENTS
9.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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