The wood plastic composites industry is projected to experience significant growth, with a forecasted Compound Annual Growth Rate (CAGR) of 11.3%, aiming to reach a valuation of US$ 16.06 billion by 2032, in contrast to its 2022 revenue of US$ 6.38 billion. This robust expansion is primarily driven by the increasing demand for wood-plastic composites in construction and renovation activities, particularly in regions with deteriorating infrastructure. However, the industry has faced challenges due to disruptions caused by the COVID-19 pandemic, impacting supply chains and distribution channels and constraining its growth potential.
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 attract a lot of end-users, fueling the sales of wood plastic composites.
Request Your Report Sample and Stay Ahead: https://www.futuremarketinsights.com/reports/sample/rep-gb-1372
The expanding wood-plastic composites industry size can be attributed to its nature-friendly feature which 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.
Key Takeaways from the Market Study
- As on 2022, the valuation of the wood plastic composites industry is US $ 6.38 billion.
- In 2032, the valuation for the wood plastic composites industry 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.
Prepare your business for future expansion with a custom report catered to your unique requirements. Request yours now! https://www.futuremarketinsights.com/customization-available/rep-gb-1372
Competitive Landscape
The Wood plastic composites industry 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 industry.
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
Strategic Market Insights: Before Investing in the Wood Plastic Composites Industry, Talk to Our Experts to Learn How Different Regions and Countries Shape the Industry. Contact Us Now! https://www.futuremarketinsights.com/customization-available/rep-gb-1372
Wood Plastic Composites Industry 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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
