The global wood plastic composite market size is estimated to touch 12.5 billion by the end of 2027, as per a new report released by Million Insights. It is predicted that the market would grow at a CAGR of 11.4% over the forecast period. The demand for wood plastic furniture for sheet pilings and street construction is increasing.
Wood-plastic composite are durable and it has excellent shear strength, bending strength and low water and moisture content. Owing to these properties, wood plastic composite is used in windows, exterior, flooring, landscape materials and doors.
Emerging countries such as India, Brazil, China and Thailand are witnessing rapid infrastructural development. This has led to a rise in demand for flooring and furniture products, thereby, supplementing the growth of the market.
Developed countries are witnessing a growing trend of the nuclear family, which, in turn, has led to an increase in construction projects. Growing housing projects is projected to positively affect market growth over the next few years.
Key players operating in the wood plastic composite(WPC) market are Woodmass, Renolit, FkurKunststoff GmbH, TAMKO Building Products, Inc., Axion Structural Innovations LLC, and CertainTeed Corporation among others. These players are focusing on adopting strategic initiatives such as merger and acquisition, new product launch and expanding their geographical presence to strengthen their market position.
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Further key findings from the report suggest:
• Based on the product, the polypropylene category is estimated to witness a CAGR of 11.8% over the forecast duration.
• The wood plastic composite share in automotive was 15.9% in 2019. Factors such as machinability, durability and lightweight are attributing to the growth of the segment.
• The building & construction category is estimated to grow at 11.5% CAGR over the forecast period.
• In 2019, Asia Pacific alone held over 31% of the share in the market. Rising dual-income, increasing competition in the local market and changing consumer behavior are attributing to the growth of the region.
Million Insights has segmented the global wood plastic composite market on the basis of product, application, and region:
Wood Plastic Composite Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Wood Plastic Composite Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Building and Construction
• Molding & Siding
• Automotive Components
• Industrial and Consumer Goods
Wood Plastic Composite Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• South Korea
• New Zealand
• Central & South America
• Middle East & Africa
• Saudi Arabia
• South Africa
• United Arab Emirates (UAE)