The global wood plastic composites market is likely to gain impetus from their increasing application in kitchen accessories, home furniture, vehicle interiors, and car speakers. They are considered to be the highest growing plastic additives at present. This information is given by Fortune Business Insights™ in a recently published report, titled, “Wood Plastic Composites Market Size, Share & Industry Analysis, By Material (Polyethylene, Polypropylene, Polyvinyl Chloride and Others), By Application (Decking, Automotive, Sliding & fencing, Technical Application, Furniture, Consumer Goods and Others), and Regional Forecast, 2020-2027.” The report further mentions that the wood plastic composites market size was USD 4.77 billion in 2019 and is projected to reach USD 9.03 billion by 2027, exhibiting a CAGR of 8.57% during the forecast period.
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This Report Answers the Following Questions:
- What are the trends, opportunities, challenges, and drivers in the market?
- Which segment is anticipated to lead the market in terms of share?
- Which region would top in terms of revenue in the coming years?
- How will the wood plastic composites manufacturers compete in the market?
Increasing Usage of Sustainable Fibers to Boost Growth
Wood plastic composites are green materials that have high potential in bringing about sustainability. Theydon’t contain excessive chemicals that may pose toxic for the environment and are durable in nature. Plant-based fibers are mainly used in reinforced plastics, instead of fibrous materials as theyarecost effective, robust, highly stiff, and annually renewable. Such fibers also emit less carbon dioxide, have low density, and possess biodegradability properties. Numerous automakers worldwide are aiming to develop biodegradable or recyclable parts of vehicles by using sustainable wood plastic composites. They would aid in lowering fuel consumption and production cost, offering shatterproof performance under harsh weather conditions, enhance passenger safety, lower weight of the material, and improve acoustic performance. However, wood plastic composites require higher initial cost spending. It may obstruct growth.
Decking Segment to Grow Rapidly Owing to High Demand fromConstruction Sector
Based on application, the decking segment held 55.55%wood plastic composites market share in 2019. This growth is attributable to their increasing demand from the construction industry. The process of decking requires the usage of such composites as they possess several benefits that help in refining the quality of the material of concrete. They are also used to improve strength and durability.
Rapid Industrialization in China & India to Favor Growth in Asia Pacific
In terms of region, North America procured USD 2.24 billion revenue in 2019 stocked by the rising demand for environmentally-friendly solutions and products in this region. In addition to this, the rising application of wood plastic composites in decking would drive growth. In Asia Pacific, developing countries, such as China and India are experiencing rapid industrialization. Coupled with this, the improvements and modernizations in buildings and road construction activities would accelerate growth in this region. The Middle East and Africa and LatinAmerica are set to exhibit steady growth fueled by the surging number of construction activities in both regions.
Key Companies Follow Acquisition Strategy to Gain Competitive Edge
The market is fragmented with the presence of more than 100 organizations accounting for the total revenue across the globe. They are constantly investing huge sums in research and development activities to innovate their in-house wood plastic composites. Some of them are also adopting the strategy of mergers and acquisitions to enhance their product offerings. Below are a couple of the latest industry developments:
- August 2018: Alvic Plastics Limited was acquired by BSW Group. This new deal would aid BSW in broadening its product portfolio and production capacity. It would also enable the company to bring in diversification to increase its range of products.
- November 2015: Vannplastic Limited, a prominent manufacturer of wood plastic composite was acquired by the Boral Epwin Group for an initialconsideration ofapproximately USD 5.67 million. It would aid Boral in widening its line of low maintenance building materials.
Fortune Business Insights™lists out all the manufacturers of wood plastic composites present in the market. They are as follows:
- Seven Trust (China)
- Meghmani Group (India)
- Beologic (Belgium)
- Trex Company, Inc. (U.S.)
- UFP Industries, Inc. (U.S.)
- Fiberon LLC (U.S.)
- Axion International, Inc. (U.S.)
- Josef Ehrler GmbH & Co KG (Germany)
- Croda International Plc (UK)
- CertainTeed (U.S.)
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