Change is irrisistable
Barry John Davis
Business Development Entrepreneur - working and investing in exciting new businesses, markets, products and people.
Not sure about the picture but often what we see or are told is not always the reality (I had my shorts on for this top shot). So it appears with the Decking market that everything we are told is not actually where the reality is. Yes composites continue to take market value share from woods but in near feet/metres it still has some way to travel. Current estimates show that at the current conversion rate that composite will overtake woods in around 8 years, what then?
Well we have to start to pay some real attention to innovation and quality. Overall quality within the composites sector is average at best with some critical areas still needing addressing to meet customer expectations of any technology based product. Without that deep focus on meeting customer expectations fresh innovation will start to gain even more momentum. Will it derail composites, no but it will slice off some of the premium market which would hurt all of the main US based composite producers but not touch the more lower cost end of the market Internationally.
With innovation comes specialisation which against can, will and indeed is starting to gain market acceptance and share albeit even collectivly it does not yet shake and trees. We now have a raft of new material variants not just in the decking but also in framing and room even more in railing and other deck critical areas.
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The current innovation is not unsubstantial running as it is at around $500million globally without too much resistance being shown. This innovation will continue and some of the newer approaches are even more exciting.
The future for the consumer will get a bit more confusing as will the need for contractors to open up the range of products they offer reducing the "brand management" aspect that has been prevalent on deck boards specifically for the last 2 decades. A the new framing options step up and become tried and tested the erosion of the old school will become more evident as will the scope for young blood to take a digitised approach to construction so changing the market once again.
Code management and development will play an important part in this period of change as will vision and investment but as with every market change is irresistible.
BJD
Great insights! You're absolutely right that appearances can be deceiving, and the reality of the decking market may differ from what we're told. While composites are steadily gaining market share from woods, there is still some distance to cover in terms of widespread adoption. It's crucial for us to prioritise innovation and quality moving forward. Currently, the overall quality in the composites sector is average at best, and there are specific areas that require attention to meet customer expectations for any technology-based product. Failing to focus deeply on meeting these expectations may give fresh innovation an opportunity to gain even more traction. Although it may not completely derail the composites industry, it could impact the premium market segment, which would have implications for major US-based composite producers. However, it's worth noting that the lower-cost end of the market internationally may remain relatively unaffected. Thank you for sharing your thoughts on this matter. It's important to keep a close eye on market dynamics and continuously strive for innovation and quality to stay ahead in this competitive landscape.