LATIN AMERICA WOOD PLASTIC COMPOSITES MARKET 2022-2028
MARKET OUTLOOK
Triton’s research report insinuates that the Latin American wood plastic composites market is estimated to exhibit growth at a CAGR of 9.46% and 8.01% in revenue and volume during the period 2022-2028. Mexico, Brazil, and Rest of Latin America shape the market in this region.
Automotive manufacturing has gained momentum in Mexico over the past few years. Presently, Audi, BMW, Mazda, and others have opened their production facilities in the country, adding to the automotive industry’s growth. As per estimates, cars account for the largest export in the country, making Mexico the fourth largest automobile exporter globally. In 2020, the automotive sector became the largest contributor to GDP for the first time. Therefore, as mentioned above, all these factors play a major role in driving the wood plastic composites market across the country.
In Rest of Latin America, the rising demand for high fuel efficiency in the automotive industry and continuous technological advancements in the transportation industry is anticipated to fuel the demand for wood plastic composites. Besides this, the growing demand from various application segments is further expected to drive the demand for wood plastic composite, thereby supplementing the growth of the wood plastic composites market over the forecast period.
COMPETITIVE OUTLOOK
The major companies in the wood plastic composites market consist of moistureshield, Beologic NV, Fiberon LLC, Polyplank AB, UPM, and Certainteed Corporation.
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