The global wood plastic composite market size was valued at USD 7 billion in 2022 and is expected to hit around USD 21.84 billion in 2032 and is poised to reach a CAGR of 12.10% between 2023 and 2032.
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The wood plastic composite is a mixture of natural wood like wood shavings or saw wood or plastics fibers. The WPC upsurges the strength and humidity resistance of outdoor and indoor applications. The market is accepting different approaches to increase competitive advantage, and therefore withstand the growing business competition. The company is pampered with acquisitions & mergers, and also with production volume development plans to increase a strong position in the market.
The businesses choose multiple acquisitions & mergers in a proposal to increase market share in a specific area. The rivalry in the wood plastics complex is increasing in the period of forecast. The expansion of innovative products will be more in the market of wood plastics composites. The expansions of the market, collaborations, partnerships, and mergers in the market of wood plastics are increasing. The income rates are likely to be raised more due to sufficient market development. The corporations developed technical partnerships to develop innovative products with greater performance features to grow the company’s returns.
The market of wood plastics has important applications in the automotive, technical application, decking, siding and fencing, consumer goods, furniture, and others. In the wood plastic composite market, the decking segment has more demand due to its water resistance ability and finishing. This composite will increase the strength and durability of decking and also increase the quality of concrete material. It is mainly used in the flooring of balconies and terraces because of its lightweight. It found important applications in the kitchen, wall cladding, bathroom, and false ceiling due to its durable, antibacterial, non-corrosive nature. From the polymer limonene acrylate, the researcher from the Wallenberg wood science developed a transparent wood plastic composite. This new product is used in different areas for glass replacement in building construction. It upsurges the material durability as it is harder than glass.
The global market of wood plastic composite is expected to observe constant development in the upcoming years. The market growth is driven by the increase in the building & construction segment, particularly in the North America and Europe regions. The segment of automobiles also drives the market. The new progress in this sector is predicted to directly affect the wood plastic composites market due to its use on large scale for reduction of vehicle weight. It is made utilizing recyclable material and generates less hazardous waste because of this characteristic the consumer is started using this market to protect the surrounding environment.
More potential is likely to grow the WPC market in the next years. It helps in decreasing disforestation, as the timber used for the wood-plastic complex is a by-product of the wood furniture business. Wood dust flour is hygroscopic and required to be moistened appropriately with the usage of a thermoplastic resin matrix which absorbs moisture, important for the growth of weak automated properties, undesirable aromas, and microbial infective attacks. The method needs expertly skilled laborers and composite machine arrangements lead to an increase in the total product cost. This can limit the growth of the market in the next coming years.
Major tech companies like Cisco, Microsoft, and IBM are participating in mega-projects to build sustainable, smart cities all over the world. The funding in these smart cities is likely to grasp USD 136 trillion in the next coming years. Also, global megaprojects like Masdar City and Hudson Yards have some chances for internal construction producers which is ensuing in increasing demand for the market of the wood plastic complex in the coming years.
Report Scope of the Wood Plastic Composite Market
|Market Size in 2023
|Market Size by 2032
USD 21.84 Billion
|Growth Rate from 2023 to 2032
|CAGR of 12.10%
|2023n to 2032
|Application, Type, Geography
Advanced Environmental Recycling Technologies, Inc. (AERT) (U.S.), AIMPLAS (Valencia), Axion Structural Innovations LLC (U.S.), Beologic N.V. (Belgium), CertainTeed Corporation (U.S.), Croda International Plc (UK), Dow (Michigan), Fiberon, LLC (U.S.), Fkur Kunststoff GmbH (Germany), Fortune Brands Inc. (U.S), HARDY SMITH (India), Jelu-Werk Josef Ehrler GmbH & Co. KG (Germany),Meghmani Group (India) Polymera, Inc. (U.S.), PolyPlank AB (Sweden), Seven Trust (China), TAMKO Building Products, Inc. (U.S.), TimberTech (U.S.), Trex Company, Inc. (U.S.), Universal Forest Products, Inc. (U.S.), Woodmass (U.S)
Depending on the type, the market for wood plastic composite is segmented into polypropylene, polyethylene, polyvinyl chloride, and others. A segment of polyethylene holds the largest market share owing to its molecular arrangement and distinct structure of the molecules. The segment of polyethylene has gained interest in academics as well as technical areas as they combined the polyethylene belongings of wood with versatility, mechanical, and processability. As per need and requirement, polyethylene can be shaped or molded into different sizes and different shapes. Because of this, it takes important in making windows and doors with fine polishing and an ironic look. However, wood plastic composite material is a cost-effective and promising auxiliary for plywood.
Though, polyethylene (PE)-based mixtures of wood-plastic are mainly used for creating floorings like hollow filler profiles, wall cladding, molding strips, lumber, hollow boards, and furniture materials. An increase in building construction across the world expands the market growth of wood plastic composites.
Wood-filled PVC is creating acceptance because of its strength, moisture resistance, thermal stability, and stiffness. however, it is highly expensive as compared to unfilled PVC. Wood plastic composites have applications in different sectors around the world, even though their methods are different. For long life, the wood-filled PVC squeezes out with an unfilled PVC cap stock, though others squeeze out a PVC core with a decorated wood-occupied PVC surface. Growing demand for the market of wood plastic composite in the production of sound barriers for sheet pilings for street construction, landscaping, and garden furniture is likely to grow the product demand over the forecast period. The increasing demand for the market of wood plastic composite in the production of consumer goods like, showpieces and toys are likely to propel the growth of the market in the coming years.
Based on application, the market for wood plastic composite is segmented into technical applications, decking, building, and construction products, sliding, fencing, automotive components, consumer & industrial goods, and others. The segment of decking grasps the major market share in the world. This composite is mainly used in the construction area as decking has more growth and high demand. The use of mixtures in flooring has more importance, it helps in improving the quality of concrete materials and also helps to improve strength and durability. These also have an automotive application as a recyclable material for conservative plastics. The building & construction segments are stated for the maximum market share, due to the more demand for decking. Eradication of blockades to sponsor foreign investments coupled with moving customer attention to green buildings is likely to increase the request for the market of wood plastic composite in the structure construction trade in the future.
The use of biodegradable or recyclable wood-plastic complexes in automobiles is anticipated to expand acoustic performance and mechanical strength, reduce fuel consumption and material weight, advance passenger protection and reduce manufacturing costs, and resist performance will enhance the petition for wood-plastic compounds in the automotive industry. The manufacturers of Business & customer goods establish an additional huge section that uses a mixture of wood-plastic. Though it is more expensive as compared to unfilled PVC, the PVC of wood-filled has acquired more demand because of its thermal stability, strength balance, stiffness, and moisture resistance. Many production industries around the world contribute wood plastic composites to their business or product line. Patent action is more in this part. They squeeze out PVC of the wood-filled complex with an empty PVC cover stock for their strength, while some businesses squeeze out a PVC essential with a PVC of wood-filled external which is painted.
Wood Plastic Composite Market Share, By Region, 2022 (%)
|Revenue Share in 2022 (%)
Based on region, the Asia-Pacific dominated the wood plastic composites market with the highest share. The Asia Pacific region is anticipated to occur as the more growing market due to the rise in the capita income fixed with fast industrialization. Growth in construction in the region of Asia-Pacific countries like India, China, and Japan owing to financial improvements and increase in income of the persons upsurge the request for market of wood plastic composites. Wood plastic composites are chosen due to their lightweight, pest resistance, and decent chemical related to conventional wood. The change in China’s fragmented distribution, growing local competition, consumer behavior, and rising double income are likely to generate chances for key producers during the forecast period.
North America has the maximum demand owed to the increase in the automotive industry. The rising demand due to industrial development is high. It is an initial acceptor of wood plastics composites. The key player’s presence profits the market. Urbanization, Expansion, and construction industries have developed in the market. After North America, Europe is the market with the major expansion rate.
Europe is the region with automotive giants which raised the demand and there will be more scope for these regions during the forecast period. The building and construction companies in South America generally keep on robust even after the financial crash due to the COVID-19 pandemic. Factors like doubt regarding the economic rule and modifications in Brazil, and new social conflict in many countries like Ecuador, Chile, Bolivia, and Colombia are likely to harm financial growth.
Key market developments:
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Segments are covered in the report:
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