MIDDLE EAST AND AFRICA WOOD PLASTIC COMPOSITES MARKET 2022-2028
MARKET OUTLOOK
Triton Market Research’s report suggests that the Middle East and Africa’s wood plastic composites market is calculated to surge in terms of revenue and volume at a CAGR of 9.41% and 7.96% during the estimated years 2022-2028. Turkey, South Africa, Saudi Arabia, the UAE, and Rest of Middle East & Africa shape the market in this region.
In Saudi Arabia, the construction sector is anticipated to witness significant growth, owing to the Vision 2030 program initiated by the government. Moreover, the ongoing reforms to diversify away from oil are anticipated to open new avenues for the studied market. There are various construction projects underway that will enhance the demand for wood plastic composites for multiple applications. Hence, the thriving construction sector is paving the path for the Saudi Arabia wood plastic composites market over the forecast period.
In the Rest of Middle East & Africa, the GCC countries have a strong developing economy. The construction sector in these countries has transformed significantly in the past few years and is expected to grow over the forecast period. This growth in the construction sector is expected to further amplify the use of wood plastic composite materials in various applications. Thus, as mentioned above, all these factors are expected to drive the growth of the wood plastic composites market across the region.
COMPETITIVE OUTLOOK
The companies thriving in the wood plastic composites market are Axion International Inc, Trex Company Inc, Universal Forest Products Inc, Polyplank AB, UPM, and Fiberon LLC.
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