In 2018, the size of the global teak decking market was USD 793.5 million. In 2023, it is anticipated that the demand for teak decking will reach USD 871.6 million worldwide. The growth rate for global teak decking sales over the forecast period of 2023–2033 is 4.6% CAGR. By the end of 2033, revenue is expected to reach a market size of USD 1,366.1 million.
The growing tourism industry is one of the main factors driving the teak decking market. Boats, super yachts, and yachts are in high demand due to the rising popularity of marine tourism and leisure activities. Marine leisure companies are using teak decking to enhance the opulent experience and aesthetic appeal.
Teak decking is widely used in the tourism and hospitality sector, particularly in areas with coastal or waterfront properties. Its exceptional qualities make it appropriate for usage in a variety of applications. Teak decking lends a sense of beauty and elegance to hospitality establishments’ walkways, pool decks, and seating areas. It improves the outdoor spaces of hotels and resorts.
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Teak is highly sought after for its aesthetic appeal, durability, and resistance to water. It’s a popular choice for decking material in the luxury yacht sector, driving demand for high-quality teak. The trend of creating luxurious outdoor living spaces has increased demand for teak decking in residential settings. Its natural beauty and weather-resistant properties make it an attractive option for application in such instances.
Teak decking is often used in upscale resorts, hotels, and cruise ships to create visually appealing outdoor areas for guests, contributing to the demand for teak products. As environmental concerns rise, consumers and businesses increasingly value sustainably-sourced materials. Teak from well-managed plantations appeals to eco-conscious consumers.
Teak has a rich history and is considered a premium wood, with heritage associated with craftsmanship and quality. This adds to its allure and drives demand. Teak’s natural oils and high density provide excellent resistance to decay and insects. It reduces the need for frequent replacements and maintenance, making it a cost-effective long-term choice.
Teak is used in several architectural applications beyond decking, such as exterior siding and flooring, contributing to its demand in the construction sector. Teak’s timeless aesthetic and versatility in design contribute to its popularity as a material for both classic and contemporary design styles.
Europe is the leading region in the global market as it has beautiful coastlines and a flourishing tourism industry across its countries, especially in Italy, the Netherlands, and France. Apart from Europe, the Middle East and Africa are expected to grow at above-average growth rates. Türkiye and UAE are the key driving countries for the Middle East and Africa market. Türkiye has a strong tourism industry and people own personal yachts and boats.
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Key Takeaways from the Report:
- The global market for teak decking is projected to witness a CAGR of 6% during the period between 2023 and 2033.
- By grade, FEQ division is expected to expand at a CAGR of 6% in between 2023 and 2033.
- By application, the marine segment is anticipated to reach US$ 540.7 million by the end of the projected period.
- The United States is accounted to hold significant valuation in the global market by 2033.
- Italy is set to dominate the Europe market with a CAGR of 5.5% throughout the projected period.
“Astonishing demand from marine sector is likely to drive demand in the teak decking market through 2033. Key players are creating innovative and aesthetically pleasing teak decking designs to cater to diverse consumer preferences. Even as interior design trends change, teakwood remains an attractive option for both contemporary, as well as modern designs.” – says a lead Future Market Insights (FMI) analyst.
Competitive Landscape
Key players such as manufacturers, traders, and boat builders engage in responsible sourcing practices. Companies can also establish teak plantations to improve supply chain control and encourage sustainable practices.
Teak suppliers, producers, and boat builders frequently collaborate in the industry. Companies that collaborate can optimize supply chains, increase product development, and expand market reach. Industry associations and companies might create and promote teak decking certification programs and standards.
Key Players in the Market:
- Teakdecking Systems is a creative business that creates, installs, and distributes high-quality decking materials for the global shipping sector. Products are made to the most significant quality standards, utilizing only the best, lawfully acquired materials.
- GGI Myanmar is a Burmese producer of specialty hardwoods and teakwood. It provides high-quality flooring, paneling, trimwork, and furniture of different types for residential and commercial applications all over the world.
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More Insights into the Teak Decking Market
The latest report offers an unbiased analysis of the global teak decking market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033.
To understand the global market potential, growth, and scope, the market is segmented based on grade (FEQ, MEQ, and FAS), application (marine, hospitality and tourism, and building and construction) across different regions.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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