Wood Plastic Composite Market Overview
The global wood plastic composite market size was estimated at USD 5.3 billion in 2019 and is expected to reach USD 12.5 billion by 2027, at a growth rate of 11.4% over the forecast period.
The market is driven by the rising demand for sustainable construction materials along with an increase in the renovation and repair activities in the residential sector across the globe.
Wood plastic composite has high durability, bending strength, shear strength, low moisture content, and low water absorption, as compared to conventional wood products. These properties have made it viable for use in railings, windows, doors, exterior siding, fencing, flooring, interior molding, and landscape materials. Thus, end-users are increasingly preferring wood plastic composite products over conventional wood products.
Gather more insights about the market drivers, restrains and growth of the Global Wood Plastic Composite Market
The rising demand for single-family rental homes is surging in U.S. Builders are focusing on redesigning the models which are expected to boost product demand over the coming years. In addition, over 70% of the large urban regions saw a boost in infill housing development in 2018. The rise of infill development is projected to create opportunities for wood plastic composite manufacturers over the forecast period.
Wood plastic composites have a lower melting temperature as compared to conventional wood products, which lowers the energy cost for end-users and also reduces the environmental impact of the product. Wood plastic composite can be worked upon by the same tools utilized for wood products. This factor eliminates the investments to be made by the manufacturers and the risks associated with recouping the same.
Biggest tech companies such as IBM, Microsoft, and Cisco are investing in megaprojects to build smart and sustainable cities across the globe. The investments in these cities are expected to reach USD 135 trillion in the next two years. In addition to these cities, international megaprojects such as Hudson Yards and Masdar City have created opportunities for interior construction manufacturers resulting in surging the wood plastic composite demand over the coming years.
Wood flour is hygroscopic in nature and must be wetted properly with the use of thermoplastic matrix, otherwise, it can absorb moisture which leads to weak mechanical properties, unwanted odors, and microbial attacks. The technique requires complex machine arrangements and skilled laborers resulting in increasing the overall cost of the products. This, in turn, can restrict the market for wood plastic composite over the next eight years.
Wood Plastic Composite Market Segmentation
Based on the Product Insights, the market is segmented into Polyethylene, Polypropylene, Polyvinylchloride and Others.
Based on the Application Insights, the market is segmented into Building and Construction, Automotive Components, Industrial and Consumer Goods and Others.
Based on the Wood Plastic Composite Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa (MEA)
Browse through Grand View Research’s Specialty Glass, Ceramic & Fiber Industry Research Reports.
Market Share Insights:
Key Companies Profile:
The market participants are adopting various strategies to gain a competitive edge, and thus sustain the growing industry rivalry. CertainTeed Corporation, a subsidiary of Saint Gobain is a major player in the industry with a variety of wood plastic composite products. The company is indulged in mergers and acquisitions, as well as production capacity expansion strategies in order to gain a strong foothold in the market wood plastic composite.
Some prominent players in the global Wood Plastic Composite market include
Order a free sample PDF of the Wood Plastic Composite Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
Web: https://www.grandviewresearch.com
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1888202951Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United StatesCity: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/wood-plastic-composites-market