Wood Plastic Composite Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Wood Plastic Composite Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Wood Plastic Composite Market

The wood plastic composite market size was valued at USD 4.77 billion in 2019, and the market is now projected to grow USD 9.03 billion in 2027, exhibiting a CAGR of 8.57% during the forecast period of 2020-2032.

The wood plastic composite market analysis has identified that the COVID-19 pandemic has led to changes in supply chain and manufacturing of the wood plastic composite. Nonetheless, a higher market for home improvement and the products associated with outdoor living during the lockdowns supported the wood plastic composite decking and other applicative segments. When others shifted architectural accomplishment to improving homes, wood plastic composite became popular for durability, low maintenance, and sustainability. Market is expected to gather growth post pandemic once construction work along with renovation projects regain pace.

Wood plastic composite is becoming increasingly important to the building and construction industry because of the combination of aesthetic properties of wood and durability of plastic. wood plastic composite has better characteristics that include; It is immune to weather conditions; It has flexibility features It has ease in maintenance and can be used in construction of bridges, roofs as well as garden products. This material is long-lasting, easy to maintain, and can tremendously avoid fading or warping making its demand to be higher. For this reason, the construction segment is likely to fuel market growth in the future due to its high demand.

Wood plastic composite is having more versatile application hence they are gaining acceptance in the market since they can replace many products from decks, doors, vehicle interiors and furniture among others. Since they are relatively easy to manufacture and can be used with existing plastic processing equipment, they are a steadily expanding segment of plastic additives. By providing greater length of service, better sustainability, and expense reductions, WPCs are embraced in numerous consumer segments. WPCs will then continue to adapt with future product development challenges as innovations come up with new applications.

Comprehensive Analysis of Wood Plastic Composite Market

The wood plastic composite market growth is rising at an exponential rate due to its market segmentation. This market expansion rightly presents a detailed local analysis based on the forces such as supply and demand which define the industry. These segmentations are methodically segregated by material analysis, and by application area analysis. By material analysis include polyethylene, polypropylene, polyvinyl chloride, and others. By application area analysis include decking, automotive, sliding & fencing, technical application, furniture, consumer goods, and others.

The North America region lead the wood plastic composite market share by benefitting a market size of USD 2.12 billion in 2019 due to increasing demand for environmentally friendly products and solutions.

The top players have a significant responsibility in the chemicals & advanced materials industry for confirming industrial prospectus growth and determining the market trends. These players include, Seven Trust, Meghmani Group, Biologic, Trex Company, Inc., UFP Industries, Inc., Fiberon LLC, Axion International, Inc., Josef Ehrler GmbH & Co KG, Croda International Plc, CertainTeed these market players provide a level-playing competitive landscape.

In February 2021, Teknor Apex Co. introduced highly weatherable compounds for the outer layers of dark-color wood plastic composite (WPC) decking, offering superior appearance, lower maintenance, and a longer lifespan compared to traditional wood.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD Billion) and Volume (Kilo Tons)

SegmentationBy Material

Polyethylene

Polypropylene

Polyvinyl chloride

Others

By Application Area

Decking

Automotive

Sliding & fencing

Technical Application

Furniture

Consumer Goods

Others

By Geography

North America (U.S. and Canada)

Europe (Germany, France, UK, Spain, Australia, Switzerland, and Rest of Europe)

Asia Pacific (China, India, Japan, South Korea, and Rest of Asia Pacific)

Latin America (Brazil, Mexico, and Rest of Latin America)

Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)


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