The market for wood plastic composites is anticipated to grow at a CAGR of 11.3% and reach a value of USD 16.06 billion by 2032, while it currently generates USD 6.38 billion in revenue.
Although the covid-19 has harmed the supply chain and distribution channel, hindering the growth of the wood plastic composites market, increasing construction and repair operations in areas with decrepit structures are boosting the sales of wood-plastic composites.
With a lower melting point than other typical wood products, wood plastic composite is predicted to expand at a respectable rate during the projection period. Sales of wood plastic composites are boosted by its reduced cost and energy-efficient structure, which draws many end users.
The growing market for wood-plastic composites can be ascribed to this material’s eco-friendliness, which is why planned communities employ it to maintain a healthy ecosystem and a more natural habitat. This boosts demand for wood plastic composites while also improving the market’s prospects going forward.
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Key Takeaways from Market Study
- As on 2022, the valuation of wood plastic composites market is US $ 6.38 billion.
- In 2032, the valuation for the wood plastic composites market is expected to be US $ 16.06 billion.
- Based on the application, the building and construction segment holds 71% of the global revenue.
- Based on the product type, the leading segment is Polypropylene holding 13% of the market share.
- Asia Pacific is currently the largest market having 30.11% of the global share.
- South American market is expected to be one of the fastest growing markets and is currently showing positive signs.
- North American market is anticipated to grow during the forecast period because of the wide scope in the usage of the product.
- European market as well is expected to grow during the forecast period because of the eco-friendly aspect of the product.
“The usage of the wood plastic composites has increased in the recent times owing its lower cost and energy-efficient manufacturing processes, and increased scope of usage. Additionally, an important aspect associated with wood plastic composites are that these are eco-friendly, which contribute to the cause of sustainable development.” says a Future Market Insights analyst.
Global Wood Plastic Composites Market Key Players
- Advanced Environmental Recycling Technologies, Inc. (AERT)
- Axion Structural Innovations LLC
- Beologic N.V.
- CertainTeed Corporation
- Fiberon, LLC
- Fkur Kunststoff GmbH
- Guangzhou Kingwood Co. Ltd.
- Jelu-Werk Josef Ehrler GmbH & Co. KG
- Woodmass
- PolyPlank AB
- Renolit
- TAMKO Building Products, Inc.
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Competitive Landscape
The Wood plastic composites market is composed of enterprises that are focusing on expanding their supply chain and the sales channel. The key competitors understand and focus on experimenting with the product while making it nature-friendly and industry-specific for the end users. This makes the competitive landscape more dynamic and versatile, thereby leading to the expansion of wood plastic composites market.
Recent Developments
- CertainTeed Corporation has added new products into its siding portfolio that includes vinyl, polymer, stone and composite siding. Composite siding includes construction specific wood plastic composites. This fuels the sales of wood plastic composites.
- Fiberon and BlueLinx has introduced 14 new distribution spaces for composite decking and railing products. These new distribution centers are located in Denver, Colorado, Jacksonville and Tampa, Florida, Chicago, Illinois, Detroit and Grand Rapids, Michigan, among other cities, pushing the demand for wood plastic composites
Wood Plastic Composites Market by Segmentation
By Product Type:
- Polyethylene
- Polypropylene
- Polyvinylchloride
By Application Outlook:
- Building and Construction
- Automotive Components
- Industrial and Consumer Goods
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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