EUROPE WOOD PLASTIC COMPOSITES MARKET 2022-2028
MARKET OUTLOOK
Triton Market Research’s report predicts that the wood plastic composites market in Europe would rise at a compound annual growth rate of 8.98% and 7.54% in revenue and volume, respectively, during 2022-2028. Spain, Russia, Italy, the United Kingdom, France, Germany, and Rest of Europe form the market in this region.
Germany is the automobile hub in the region and one of the major wood plastic composites users globally. The country is an export-driven economy, leading in the export of machinery, vehicles, and chemicals. In the automobile industry, wood plastic composites are commonly used as interior trim for door panels, seat cushions, and luggage racks. Several companies are incorporating wood plastic composites-based components in car manufacturing as they are more durable, cost-effective, and eco-friendly. Hence, the factors mentioned above are expected to generate various opportunities for the wood plastic composites market in Germany.
France’s wood plastic composites market has witnessed stable growth in the past few years. The market is anticipated to grow significantly over the forecast period due to increasing environmental concerns and deforestation. Consumers opt for wood plastic composites over normal wood as they have various beneficial qualities, such as being eco-friendly. These materials are widely used in the construction sector. Therefore, these factors are expected to widen the scope and growth of the wood plastic composites market over the forecasted phase.
COMPETITIVE OUTLOOK
The renowned companies in the wood plastic composites market are Certainteed Corporation, UPM, Universal Forest Products Inc, Beologic NV, Polyplank AB, and Fkur Kunststoff GmbH.
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