ASIA-PACIFIC WOOD PLASTIC COMPOSITES MARKET 2022-2028

ASIA-PACIFIC WOOD PLASTIC COMPOSITES MARKET 2022-2028

MARKET OUTLOOK
Triton’s research report on the Asia-Pacific wood plastic composites market estimates the market to progress at a CAGR of 10.31% in revenue and 8.85% in volume through the projected years 2022-2028. South Korea, India, China, Japan, Australia & New Zealand, ASEAN countries, and Rest of Asia-Pacific outline the market in this region.
Japan is an automobile hub in the region comprising multi-million-dollar automakers. The wood plastic composite materials are gaining significant traction in the country, with the market growing at a considerably stable rate each year. Several automakers in the country are increasingly incorporating plastic composites formed of wood, straw, rice, and other materials to reduce car’s weight and carbon footprint. Hence, these factors support the growth of the wood plastic composites market to a large extent.
On the other hand, India is among the top ten consumers of wood plastic composite materials globally. Wood plastic composites are expected to have high growth in the country due to their biodegradability. The demand for these materials is rising rapidly as they are an ideal alternative to wood, especially in outdoor applications. As a result, wood plastic composites are used across buildings, automotive components, and others. As per estimates, the demand for wood plastic composites will witness high growth in the upcoming years. Therefore, all these factors propel the wood plastic composites market on a growth path over the forecast period.

COMPETITIVE OUTLOOK
Major companies in the wood plastic composites market include Polyplank AB,Jelu Werk Josef Ehrler GmbH and Co KG, Universal Forest Products Inc, Fkur Kunststoff GmbH, UPM, and Timbertech Limited.