Wood Plastic Composites Market Size, Share & Trends Report

Wood Plastic Composites Market Size, Share & Trends Analysis Report By Product (Polyethylene, Polypropylene), By Application (Automotive Components), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-849-7
  • Number of Report Pages: 198
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2021
  • Forecast Period: 2023 - 2030 
  • Industry: Advanced Materials

Research Methodology

A three-pronged approach was followed for deducing the wood plastic composites market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for wood plastic composites market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of wood plastic composites market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Wood Plastic Composites Market Categorization:

The wood plastic composites market was categorized into three segments, namely product (Polyethylene, Polypropylene, Polyvinylchloride), application (Building and Construction, Automotive Components, Industrial and Consumer Goods), region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa)

Segment Market Methodology:

The wood plastic composites market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The wood plastic composites market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-nine countries, namely, the U.S.; Mexico; Canada; the UK; Germany; France; Spain; Italy; Russia; Netherland; Switzerland; China; Japan; India; South Korea; Australia; Indonesia; Thailand; Singapore; New Zealand; Philippines; Brazil; Argentina; Chile; Saudi Arabia; South Africa; UAE; Egypt; Iran.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Wood plastic composites market companies & financials:

The wood plastic composites market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • AXION STRUCTURAL INNOVATIONS LLC - Founded in 2006 and based in Ohio, U.S., Axion Structural Innovations LLC specializes in the production of structural building materials using recycled plastics from both industrial and consumer sources. These materials are utilized as key components in various infrastructure projects worldwide, including railways, bridges, and construction. The company operates two main business segments: reprocessed plastics and engineered products. Under the brand names Ecotrax and Struxure, Axion Structural Innovations LLC manufactures, distributes, and markets a range of engineering and structural products. Their product line includes Ecotrax Railroad Ties, Struxure Mats, Struxure Supports, Struxure Bridges, and Struxure Broadwalks, which find applications in diverse industries such as railways, oil & gas, transportation, mining, defense & military, marine, and heavy construction. The company is committed to developing environmentally friendly products and invests heavily in research and development activities. Furthermore, Axion Structural Innovations LLC collaborates with various forums in the structural composite industry, technical organizations, and standard-setting committees, including ASTM (American Society for Testing and Materials) International, Specialized Carriers & Rigging Association, AREMA (American Railway Engineering and Maintenance of way Association), and SWANA (Solid Waste Association).

  • Beologic N.V. - Founded in the year 2000, Beologic N.V. has its main office located in Sint-Denijs, Belgium. The firm is engaged in the production of wood-plastic composites, a process that involves the combination of natural fibers with various polymers. The polymers typically used in the creation of these composites are polyvinyl chloride (PVC), polypropylene (PP), and polyethylene (PE). Beologic N.V. offers a range of products such as beobase (WPC formulations), beograde (compostable), beocycle, and beosmart. These products are designed to meet the demands of various sectors like construction, tooling and support, oil & gas, transportation, and construction. The manufacturing process of the wood plastic composite products involves several steps including conventional milling, cryogenic milling, shredding, custom formula processing, lot mixing, sieving, lot mixing, and sieving. The company has been awarded certifications from organizations like the Forest Stewardship Council (FSC), the Programme for the Endorsement of Forest Certification (PEFC), and the U.S. Food and Drug Administration for its products and manufacturing facilities. Beologic N.V. has been granted a Bio-Based Certification for its 50/50 PP injection technology, which is utilized in the production of wood plastics composite compounds. This certification promotes the use of bio-based polymers, which are composed of molecules derived from sources such as cotton, wool, wheat, proteins, starches, and polyesters.

  • CertainTeed Corporation - A wholly-owned subsidiary of Saint-Gobain CertainTeed Corporation, was founded in 1904 and has its headquarters in Pennsylvania, U.S. The company specializes in the production of wood plastic composite products. Its operations are divided into two main segments: exterior building and interior building. The exterior building product line comprises roofing, siding, trim, sheathing, fence, decking and railing, foundations, windows, and fiber cement siding. The interior building segment includes products like insulation, drywall, and performance wallboards and ceilings. The siding category of exterior products is further divided into vinyl, which includes shales and singles, cedar boards insulated siding, Carolina beaded, and main street siding, among others. Moreover, the interior building products encompass insulation boards, drywall & wallboards, and ceilings. CertainTeed Corporation has a broad global footprint, distributing its products in over 100 countries. As of December 2020, the company employs more than 6000 individuals across its manufacturing and distribution facilities in Canada and the U.S.

  • Fiberon - Incorporated in 1997, Fiberon is a company based in North Carolina, U.S., that specializes in the production and distribution of wood plastic composite products, encompassing composite decking, railings, and cladding. The company has diversified its product offerings into a variety of wood-plastic composite solutions. The decking products are further categorized into polyvinyl chloride (PVC) decking and polyethylene (PE) decking. The PE decking range includes various wood plastic composite products such as Concordia, sanctuary, good life, and ArmorGuard. Furthermore, the cladding product line includes the use of wood plastic composite for its wildwood cladding and other alternative cladding solutions. The company's production facility in North Carolina boasts 400,000 square feet of manufacturing space, complemented by 175,000 square feet of assembly and warehouse space. As of December 2020, Fiberon employed over 500 individuals across its various locations, including Idaho where it expanded its operations.

  • Fkur Kunststoff GmbH - Founded in 2003, Fkur Kunststoff GmbH, has its headquarters in Willich, Germany. The firm is engaged in the production, marketing, and distribution of plastics and composite products. Its product range includes natural fiber-reinforced plastics, fruit netting products, jars, deep freeze packaging products, and flower wrappings. These products are utilized in a variety of residential and commercial sectors such as horticulture, agricultural films, food packaging, nettings, paper lamination, shrink film, toys, and cosmetics. The company’s products are marketed under several trademarks including nature, Bio-flex, Bio-grade, Fibrolon, Terralene, Terraprene, I’m Green and Eastlon. Fkur Kunststoff GmbH produces wood plastic composite compounds from biodegradable plastics under the Fibrolon brand. The wood plastic composite under Fibrolon is employed in the creation of toolboxes and knife handles, and can also be shaped into intricate structures and design elements. The company has a broad global reach, with operations in over 25 countries spanning all major regions across the world, including North America, Europe, Asia Pacific, the Middle East, and Central & South America.

  • Guangzhou Kindwood Co. Ltd. - Founded in 2003 and based in China, Guangzhou Kindwood Co. Ltd. specializes in the production of composite wood materials for outdoor decking applications. The company’s product portfolio extends to solid decking, honeycomb fencing boards, and wall panels. The company operates a manufacturing facility in China dedicated to the production of wood-plastic composites, boasting an impressive annual output of 20,000 tons. These products find their application in the construction sector, specifically in commercial and residential buildings. Guangzhou Kindwood Co. Ltd. is also committed to research and development, striving to innovate efficient and eco-friendly wood-plastic composite products. The company produces and supplies garden decking board products, distributing them across Europe and North America through its established channels. The company employed a team of 100 individuals by the end of 2020.

  • Jelu-Werk Josef Ehrler GmbH & Co. KG - Jelu-Werk Josef Ehrler GmbH & Co. KG, a family-owned enterprise, was founded in 1908 and has its headquarters in Rosenberg, Germany. The company is involved in the creation of wood plastic composite compounds, lignocellulose, and cellulose, all derived from plant fibers. These plant fiber-based products are utilized in a variety of sectors, including animal breeding, food, and technical industries. The company's wood plastic composite brands, Jelucel, Jeluvet, and Jeluxyl, are well-known in the market. In addition to this, the company produces wood plastic composite granulates and offers services for the processing of wood fibers and plastics like polypropylene, which are subsequently used in the production of high-quality wood-plastic composites. The company's products are distributed globally across all five major regions. Jelu-Werk Josef Ehrler GmbH & Co. KG is also heavily invested in R&D activities, aiming to effectively use bio-based materials in the production of superior wood-plastic composite products.

  • PolyPlank AB - Founded in 1994 and based in Färjestaden, Sweden, PolyPlank AB specializes in the production of composites made from fiber waste materials and thermoplastic wastes. The company's products are utilized in four key areas: real estate systems, noise reduction systems, sleeve plugs, and construction profiles for various applications. The company's offerings serve a wide range of applications, including laundry systems, separators, fences, environmental buildings, balconies, beach planks, construction, and noise reduction. PolyPlank AB distributes its products across Europe, the Americas, and the Middle East. Furthermore, PolyPlank AB operates a research program called Resource Efficient and Effective Solutions (REES), which is dedicated to the development of constriction activities through the use of sustainable products.

  • RENOLIT SE - Founded in 1946 and based in Worms, Germany, RENOLIT SE is a family-owned business that specializes in the manufacture of premium plastic films, sheets, and other plastic products. The company caters to a diverse range of industries such as automotive, medical & pharmaceuticals, home & building, maritime, advertising & packaging, and wind energy. RENOLIT SE offers a wide array of products and services, including RENOLIT ALKORPLAN for swimming pools, basins for civil engineering, RENOLIT WOOD-STOCK Oceandrive (WPC), ceiling foils, door panels, cladding & roofing solutions, agricultural building, greenhouses & garden centers, and protection & decoration trims for residential building. The RENOLIT WOOD-STOCK Oceandrive product line features WPC material laminated with RENOLIT ALKORCELL, giving the product a textured embossing and a glossy finish. RENOLIT SE has an extensive global footprint, with over 30 locations worldwide, including the U.S., UK, Germany, Poland, Spain, Portugal, Italy, Istanbul, Russia, France, Chile, China, and India. As of December 2020, the company employed a total of 4,700 staff across all its locations.

  • TAMKO Building Products LLC - Founded in 1944, TAMKO Building Products LLC is a Kansas-based American company that specializes in the production of various building materials. Their product portfolio includes composite, roofing, waterproofing, decking & railing, and asphalt cement & coating products, all of which are designed for both residential and commercial use. The company also offers steel shingles, roofing accessories, and low slope & commercial sheets. The company’s shingle product line is divided into several trademarked offerings, such as Heritage Woodgate, Heritage, TITAN XT, Stormfighter IR, Heritage Vintage, Elite Glass-Seal, Metalworks Astonwoods, Metalworks Stonecrest Tile, Metalworks Stonecrest Slate, and other roofing accessories. Specifically, the Heritage Woodgate laminated asphalt shingles are crafted with a broad appearance and robust wood-shake composite material, making them ideal for residential applications. TAMKO Building Products LLC has a strong presence across the United States, with 4 warehouses operated by TAMKO, 5 district offices, and 11 manufacturing facilities located in cities such as Dallas, Ennis, Columbus, Joplin, Frederick, and Phillipsburg.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Wood Plastic Composites Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Wood Plastic Composites Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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