Growing construction and repairing activities in the areas with dilapidated buildings are fueling the sales of wood plastic composites, though the covid-19 has damaged the supply chain and distribution channel, limiting the growth of wood plastic composites market.
Wood plastic composite with its lower melting temperature, unlike the other conventional wood products is expected to grow at a decent rate over the forecast period. Its lower cost and energy-efficient structure attracts a lot of end-users, fueling the sales of wood plastic composites.
Expanding wood-plastic composites market size can be attributed to its nature-friendly feature because of which it is used in planned cities to keep the environment healthy and the habitat more natural. This not only increases the sales of wood plastic composites but creates positive future prospects for the market.
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.
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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.
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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
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Wood Plastic Composites Market by Segmentation
By Product Type:
- Polyethylene
- Polypropylene
- Polyvinylchloride
By Application Outlook:
- Building and Construction
- Automotive Components
- Industrial and Consumer Goods
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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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