Wood Plastic Composites Market By Application (Building and Construction, Automotive Components, Industrial and Consumer Products, Others), By Type (Polyethylene, Polyvinylchloride, Polypropylene, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030
The global wood plastic composites market was valued at $5.4 billion in 2020, and is projected to reach $12.6 billion by 2030, growing at a CAGR of 8.9% from 2021 to 2030.
Wood plastic composite is a composite material made from sawdust and plastic as a polymer like PE-based composites, recycled plastics, polyvinyl chloride (PVC)-based, and polypropylene (PP), which provides bonding sustainability, longevity, and cost savings in various applications, such as car interiors, home furniture, and kitchen accessories. Wood-plastic composites offer high durability, bending strength, shear strength, low moisture content, and low water absorption compared to traditional wood products. These properties make them suitable for use in railings, windows, doors, exterior trims, fences, flooring, and interior moldings. Thus, owing to aforementioned factors there is increase in demand for wood plastic composites in the automotive and construction industries.
There is increase in need for wood plastics in construction industry, which is a key market driver for the growth. Wood plastics are used in the majority of consortium markets, owing to their unique characteristics. There is increase in use of cosmopolites made of wood polymers. This increase in adoption drives the market growth market. Wood plastics overpower all other composites in terms of aesthetics and physical properties. The fusion of wood and plastic composites offers more benefits for construction projects all across the globe. However, lack of awareness among people regarding use of wood plastic composites hinders the market growth. Furthermore, eco-friendly green composites are cost-efficient as well as safe for the environment. The use of plant fibers and plant-based materials are used in their composites that make them efficient. The emergence of green composites is expected to provide lucrative growth opportunities for the wood plastic composites market.
The wood plastic composites market is segmented on the basis of type, application, and region. By type, it is segregated into polyethylene, polyvinylchloride, polypropylene, and others. On the basis of application, it is fragmented into building & construction, automotive components, industrial & consumer products, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include AIMPLAS, Beologic N.V., Dow, FKuR, Fortune Brands, JELU-WERK J. Ehrler GmbH & Co. KG, Renolit SE, TimberTech, Trex Company, Inc., Universal Forest Products, Inc. The global wood plastic composites market report provides in-depth competitive analysis as well as profiles of these major players. The global wood plastic composites market report provides in-depth competitive analysis as well as profiles of these major players.
Impact of COVID-19 on Global Wood Plastic Composites Market
The outbreak of COVID-19 led to partial or complete shutdown of production facilities that do not come under essential goods, owing to prolonged lockdown in major countries, including the U.S., China, Japan, India, and Germany. It led to either closure or suspension of their production activities in most of the industrial units across the globe.
COVID-19 proved to be a major challenge for the wood plastic composite market. The outbreak of coronavirus disrupted the supply chain and postponed the deliveries of wood composites and other raw materials from yards, due to lockdown and shortages of staff.
Industries are being shut down all across the world. People's purchasing power is decreasing, which has a direct impact on the automobile and construction industries, lowering demand for wood-plastic composites and limiting industry growth.
During this time, the construction industry suffered numerous losses. It's because of the high use of wood plastics. Construction, on the other hand, come to a halt. The need for wood plastics and composites is dwindling. Demand for the wood plastics and composites declined since 2020. Due to supply chain challenges, the markets experience difficulties in import and export. However, the demand for wood plastics has increased since 2021. New developments will create much more growth in the wood plastics composite industry.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wood plastic composites market analysis from 2020 to 2030 to identify the prevailing wood plastic composites market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the wood plastic composites market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global wood plastic composites market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
Building and Construction
Automotive Components
Industrial and Consumer Products
Others
By Type
Polyvinylchloride
Polypropylene
Others
Polyethylene
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
South Africa,
Saudi Arabia
Rest of LAMEA
Key Market Players
TIMBERTECH LTD.
TREX COMPANY, INC.
BEOLOGIC N.V.
FKUR KUNSTSTOFF GMBH
AIMPLAS
Dow
Fortune Brands Inc.
JELU-WERK J. Ehrler GmbH & Co. KG
Renolit SE
Universal Forest Products, Inc.
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