The global wood plastic composites market size is expected to reach USD 15.41 billion by 2030, registering a CAGR of 11.6% over the forecast period, according to a new report by Grand View Research, Inc. 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.
The COVID-19 pandemic has resulted in significant changes in the global construction industry. Delay in new construction activities and intensification of labor shortages, along with an inadequate supply of raw materials have been some effects of the pandemic which had created an adverse impact on the market growth.
Increasing infrastructural development activities, especially in the emerging economies such as China, India, Thailand, and Brazil coupled with the growing demand for aesthetically appealing furniture and flooring solutions across the globe have surged the demand for wood plastic composite in the construction industry in the recent times.
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The polypropylene composites product segment accounted for USD 1.29 billion in 2022 and is projected to grow at a CAGR of 11.6% from 2023 to 2030. The demand is increasing as a result of its heavy use in the niche application segments such as water-resistant coatings on furniture and high temperature controllable wooden units.
The automotive industry application segment accounted for the revenue share of 16.0% in 2022 on account of its favorable properties such as lightweight, machinability, durability, and environmental friendliness. These properties are also expected to boost the market revenue during the forecast period.
The construction and building application segment is expected to grow at a CAGR of 11.6% from 2023 to 2030 on account of the positive impact of the increasing government support and investments in the development of housing infrastructures in various emerging economies.
The Asia Pacific is projected to witness substantial market growth of 12.3% from 2023 to 2030. The construction industry in the region is expected to witness significant growth during the forecast period owing to the rising per capita income, ongoing urbanization, and growing population.
Key players are adopting partnership strategies with companies to gain dominance in the market which provides them a competitive advantage in terms of manufacturing sustainable products and using advanced technologies in the field.
The market is characterized by the presence of various small- and large-scale vendors, resulting in a moderate level of concentration in the market. Major manufacturers are focusing on their capacity expansions for developing various types of wood plastic composite products.
Grand View Research has segmented the global wood plastic composites market on the basis of product, application and region:
Wood Plastic Composites Product Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
Polyethylene
Polypropylene
Polyvinylchloride
Others
Wood Plastic Composites Application Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
Building and Construction
Decking
Molding & siding
Fencing
Automotive Components
Industrial and Consumer Goods
Others
Wood Plastic Composites Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Spain
Italy
Russia
Netherlands
Switzerland
Asia Pacific
China
India
Japan
Australia
South Korea
Thailand
Indonesia
Singapore
New Zealand
Philippines
Central & South America
Brazil
Argentina
Chile
Middle East & Africa
Saudi Arabia
South Africa
United Arab Emirates (UAE)
Egypt
Iran
List of Key Players of the Wood Plastic Composites Market
Advanced Environmental Recycling Technologies, Inc. (AERT)
Axion Structural Innovations LLC
Beologic N.V.
CertainTeed Corporation
Fiberon, LLC
Fkur Kunststoff GmbH
Guangzhou Kindwood Co. Ltd.
Jelu-Werk Josef Ehrler GmbH & Co. KG
Woodmass
PolyPlank AB
Renolit
TAMKO Building Products, Inc.
TimberTech
Trex Company, Inc.
Universal Forest Product
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