Wood-Plastic Composites Market Overview
According to MRFR analysis, the Wood-Plastic Composites Market is projected to register a CAGR of 11.4% to reach USD 8.79 billion by the end of 2030.
The extensive usages lead to increasing the size of the market, creating a huge demand for WPC materials. According to Market Research Future (MRFR), the global Wood Plastic Composite Market is expected to reach USD 8.79 BN by the end of 2030. In its recent industry analysis, MRFR also asserts that the market would register 11.4% CAGR throughout the forecast period (2022-2030). Expanding the building & construction and automotive industries drives the growth of the market significantly.
Wood-plastic composites (WPCs) are made from various materials such as wood fibers, Polyethylene (PE), Polyvinyl Chloride (PVC), and Polypropylene (PP). Some of the superior properties of these materials include stiffness, flexibility, resistant towards decay, low maintenance. Also, their properties can be attained by simply changing the composition of materials. WPC offers a cost-effective solution for expensive and high-quality plastic usages. Resultantly, wood plastic composites are widely used in several major applications
Besides, growing awareness among people about the advantages of WPCs over standard wood, especially for decking & railing purposes, fosters market growth. Growing demand for sustainable products to reduce the carbon footprint that increases environmental concerns drive the demand for WPC materials, hugely. Simultaneously, the growing production of automobiles in emerging economies surges the demand for WPCs for the manufacturing of interiors parts.
Additionally, the aircraft engineering and consumer goods industry drives colossal market demand. Technological advances in recent years have impacted the growth of the wood plastic composites market positively. Augmented demand across industries prompts the prerequisite of advanced manufacturing techniques, which can allow cost-competitive production at commercial volumes. Furthermore, advancements in production techniques are supporting market growth.
Wood Plastic Composites Market – Segmentation
MRFR has segmented the market into three main dynamics to widen the scope of understanding,
By Type : Polyethylene (PE), Polyvinyl Chloride (PVC), Polypropylene (PP), and others.
By Regions: Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
By End-Use Industry: Building & Construction, Automotive, Consumer Goods, and others.
Wood Plastic Composites Market - Regional Analysis
The Asia Pacific wood plastic composites market is estimated to witness notable growth over the review period. The growing consumption of these composites in automotive, marine, and aerospace has been propelling the growth of the regional market. Moreover, the burgeoning building and construction industry in the region pushes a huge market demand. Countries such as China, Japan, and India are the leading players in this region. The wood plastic composites market in the APAC region is expected to grow at a higher CAGR during the Wood Plastic Composites Market Growth Forecast.
Europe is another lucrative market for wood plastic composites, globally. The region has been witnessing a massive growth in the building & construction industry, which is, in turn, fostering the growth of the market. Also, the well-established automotive industry in the region is creating a huge demand for WPCs. Simultaneously, the aerospace and marine industry pulls a large growth in the European wood plastic composites market. The UK, Germany, and Italy account for the leading players in this region, using WPC in aerospace, sports, and other sectors increasingly.
North America is to stay dominant in the global wood plastic composites market throughout the forecast period. The market held over 45% share in 2018, attributing to the increasing reconstruction activities and high emphasis on bio-compatible products. Moreover, the rising application of WPCs in flooring and decking is anticipated to boost the product demand in the regional market. The USA, Canada, and Mexico are the major contributors to regional market growth. Additionally, the growing consumption of WPCs in buildings & construction, automotive, and marine & aviation sectors is estimated to propel the growth of the wood plastic composites market in North America.
Wood Plastic Composites Market - Competitive Analysis
The global wood plastic composites market appears to be highly competitive with the presence of several well-established players. Wood-plastic composites manufacturers incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and technology/ product launch in order to gain a larger competitive advantage.
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Major Players:
Players leading the wood plastic composites market, include Axion Structural Innovations LLC (US), CERTAINTEED (US), Fiberon (US), FKuR Kunststoff GmbH (Germany), Croda International Plc. (UK), Polyplank AB (Sweden), TAMKO (US), Trex Company, Inc. (US), HARDY SMITH (India), Universal Forest Products, Inc. (US)
Industry/Innovation/ Related News:
December 18, 2017 - Teijin Limited (Japan), a leading chemical, pharmaceutical, and information technology company, announced the acquisition of Benet Automotive S R O (Benet – Czech Republic), a leading automotive composite and component supplier. Teijin mainly operates in high-performance carbon fibers & composites manufacturing. The company is targeting its automotive composite business sales to reach around €1.7 BN (USD 2 BN) by 2030.
Teijin will benefit from Benet’s automotive composite technologies and its well-proven supply record, which will serve as a foundation on which the company will strengthen its solution development capabilities as a component supply partner of automotive OEM customers in Europe.
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