Wood Plastic Composites Market: Segmented: By Type (Polyethylene, Polyvinylchloride, Polypropylene, Others), By Application (Building & Construction Products, Automotive Components, Industrial & Consumer Goods, Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Wood Plastic Composites Market to surpass USD 18.75 billion by 2032 from USD 5.83 billion in 2021 at a CAGR of 11.2% in the coming years, i.e., 2022-32.
Wood Plastic Composites are composites made from wood fibers and thermoplastic resins. Wood plastic composites are formed by combining plastic powder with pulp, sawdust, bamboo, unused woodworking materials, and peanut hulls. It can also be created using recycled materials and used wood plastic composites can be recycled to new wood plastic composites. It can be molded into any shape or size and can be dyed or colored according to the designs. Wood plastic composites are rot-resistant and moisture-resistant which makes them long lasting and can be a good alternative to natural lumber.
Growing applications in construction and automotive industries, rising construction projects and rapid industrialization in developing nations, growing environmental concerns, and demand for eco-friendly materials are driving the growth of Wood Plastic Composites market.
Wood Plastic Composites market is classified on the basis of type into Polyethylene, Polyvinylchloride, Polypropylene, and Others. Polyethylene segment is dominating the market with the largest market share. The growth is attributed to the wide preference given to wood-plastic composites for producing fencing, decking, wall cladding, furniture, hollow filler profiles, and hollow boards. Polyethylene is flexible in nature and has high mechanical strength which is contributing to the segment’s growth.
Wood Plastic Composites market is classified on the basis of application into Building & Construction Products, Automotive Components, Industrial & Consumer Goods, Others. Building & Construction Products is dominating the market with the largest share. Growing infrastructural development projects, popularity of aesthetically appealing interiors, and growing preference among consumers towards eco-friendly construction material are boosting the growth of the segment.
Growing Application in Construction and Automotive Industries
Wood Plastic Composites is a great fusion of plastic and wood which provides unique aesthetic, physical and weather-resistant qualities. It is durable and flexible and hence it has a wide range of applications in the construction of bridges, terraces, roofs, paths, and other structures. They are used in kitchen appliances, home décor, and furniture as they are low-cost, dirt-resistant, and can tolerate high temperatures. Wood Plastic Composites are being used in automotive components as they are lightweight, fuel-efficient, environment friendly, and offers high mechanical strength. Moreover, rising construction projects and rapid industrialization in developing nations is boosting the growth of Wood Plastic Composites market.
Growing Popularity of Eco-friendly Composites
Wood Plastic Composites emit a low levels of Co2, are biodegradable, and use fewer toxins in the production process which makes them eco-friendlier and more sustainable. They are best alternatives to conventional wood products and thus are gaining popularity in the market. Growing environmental concerns and demand for eco-friendly materials in construction and automotive industry is driving the growth of Wood Plastic Composites market.
Growing Cost of R&D and High Initial Cost
Growing cost of research and development needed in the Wood Plastic Composites is a key restrain for the market growth. Furthermore, wood plastic composites decking is costlier than wood decking and plastic decking which is impeding the growth of the market.
Wood Plastic Composites market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is leading the wood plastic composites market with the largest share. The region is an early adopter of wood plastic composites with extensive usage for decking in the construction projects. Also, growing demand for environment friendly materials is driving the demand of wood plastic composites in the region. Furthermore, Asia Pacific is projected to grow at the highest rate owing to the rising industrialization and growth of construction activities in countries like India, and China.
Covid-19 has badly affected the industries all over the world. Government had to impose strict lockdowns, travel bans, and social distancing norm to control the spread of the novel coronavirus. The lockdown resulted in job losses and business disruptions in many regions. Wood Plastic Composites was negatively affected by Covid-19 as the construction activities were hampered. The demand sharply declined and the production activities were put on hold. Moreover, import and export of final goods and raw materials was paused which made the situation worse.
|Market size value in 2021||USD 5.83 billion|
|Revenue forecast in 2032||USD 18.75 billion|
|Growth Rate||CAGR of 11.2% from 2022 to 2032|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2022 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Application, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Beologic, CertainTeed Corporation, Fiberon, LLC, Axion Structural Innovations LLC, FKuR Kunststoff GmbH, Polyplank AB, Advanced Environmental Recycling Technologies, Inc., Meghmani Group, TimberTech, Trex Co., Inc., Universal Forest Products, Inc., Renolit, Polymera, Inc., Jelu-Werk Josef Ehrler GmbH & Co. KG, Guangzhou Kindwood Co. Ltd., and Other Prominent Players|
Wood Plastic Composites market size was estimated at USD 5.83 billion in 2021 and is expected to reach USD 18.75 billion in 2032.
Wood Plastic Composites are composites made from wood fibers and thermoplastic resins. Wood plastic composites are formed by combining plastic powder with pulp, sawdust, bamboo, unused woodworking materials, and peanut hulls.
Polyethylene, Building & Construction Products segment accounted for the largest Wood Plastic Composites market share.
Key players: Beologic, CertainTeed Corporation, Fiberon, LLC, Axion Structural Innovations LLC, FKuR Kunststoff GmbH, Polyplank AB, Advanced Environmental Recycling Technologies, Inc., Meghmani Group, TimberTech, Trex Co., Inc., Universal Forest Products, Inc., Renolit, Polymera, Inc., Jelu-Werk Josef Ehrler GmbH & Co. KG, Guangzhou Kindwood Co. Ltd., and Other Prominent Players are the key players in the Wood Plastic Composites market.
Growing Application in Construction and Automotive Industries and Growing Popularity of Eco-friendly Composites are the factors driving the Wood Plastic Composites market.
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