GVR Report cover 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, 2022 - 2030

  • Report ID: 978-1-68038-849-7
  • Number of Pages: 198
  • Format: Electronic (PDF)

Report Overview

The global wood plastic composites market size was estimated at USD 5.76 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2022 to 2030. 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. The COVID-19 outbreak has resulted in the partial or entire shutdown of non-essential product manufacturing facilities across the globe. It has extended lockdown in major nations such as the United States, China, Japan, India, and Germany. This has resulted in the closure or suspension of manufacturing activities in most industrial units.

U.S. wood plastic composites market size, by product, 2020 - 2030 (USD Million)

The COVID-19 pandemic has resulted in labor shortages in the industries, and the supply chain disruption of the wood composites and other raw materials from yards. Also, the purchasing power of the people is decreasing which is directly affecting the automobile and construction sectors This, in turn, is reducing the demand for wood composites and restraining the market growth.

Wood plastic composite has a lower melting temperature compared to conventional wood products, which lowers the energy cost for end-users and 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, 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 which is resulting in rising demand for wood plastic composite over the coming years.

Wood flour is hygroscopic and must be wetted properly with the use of a thermoplastic matrix as, it can absorb moisture, leading to the development of 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 growth over the next eight years.

Product Insights

The polypropylene product segment led the market and accounted for more than a 12% share of the global revenue in 2021. The polypropylene segment is anticipated to see a boom, during the forecast period, owing to its heavy use in the niche application segments such as water-resistant coatings on furniture and high temperature controllable wooden units.

The polyvinylchloride product segment is projected to register a CAGR of 11.0% in terms of value during the forecast period. Growing demand for polyvinylchloride thermoplastics in automotive applications for manufacturing door panels, seat cushions, cabin linings, , and dashboards on account of its excellent insulation properties is expected to have a positive impact on the market growth during the forecast period.

The polyethylene segment is one of the fastest-growing product segments on account of its high demand in manufacturing furniture for homes, offices, restaurants, resorts, and hospitals. Moreover, the rising demand for polyethylene composites in the automotive industry owing to their low cost, high stiffness, and biodegradability is expected to further propel the market growth over the coming years.

The rising demand for polystyrene and acrylonitrile butadiene styrene composites in a wide range of applications such as kitchen furniture, shower receptors, bathtubs, windowsills, and whirlpool baths on account of its high durability and environment-friendly characteristics is expected to boost the market growth over the next eight years.

Application Insights

Building and construction segment led the market and accounted for more than 71% of the global revenue share in 2021. Increasing infrastructural development activities 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, has surged the demand for wood plastic composite in the construction industry.

The use of recyclable or biodegradable wood-plastic composite-based parts in automobiles is expected to improve mechanical strength and acoustic performance, reduce material weight and fuel consumption, reduce manufacturing costs, and improve passenger safety and shatterproof performance which will boost the demand for wood plastic composites in the automotive industry.

Global wood plastic composites market share, by application, 2021 (%)

Wood-filled PVC is gaining popularity because of its balance of thermal stability, moisture resistance, stiffness, and strength, although being more expensive than unfilled PVC. Wood-plastic composites are used in a variety of sectors across the world, although their methodologies differ. For longevity, they extrude wood-filled PVC with an unfilled PVC cap stock, while others extrude a PVC core with a paintable wood-filled PVC surface.

Increasing demand for wood plastic composite in manufacturing noise barriers for street construction, sheet pilings for landscaping, and garden furniture is expected to surge the product demand during the forecast period. In addition, the rising demand for wood plastic composite in manufacturing consumer goods including, toys, and showpieces is anticipated to further propel the market growth over the coming years.

Regional Insights

Asia Pacific region led the market and accounted for over 30.11% share of global revenue in 2021. The region is expected to emerge as the fastest-growing market for owing to the increased per capita income, coupled with rapid industrialization. The shift in China consumer behavior, growing local competition, fragmented distribution, and rising dual income are expected to create opportunities for key manufacturers during the forecast period.

Construction activities in the Central and South American economies have grown substantially owing to the rising income levels and shifting consumer preference towards green buildings. Expanding the commercial construction sector coupled with the government initiatives to create awareness about green buildings among people is expected to stimulate market growth the forecast period.

The rising concerns about the global economy the continued deceleration in the Eurozone and China, US-China trade discussions, the political situation between China and Hong Kong, and uncertainty over Brexit are expected to impact the global investments, trade, upcoming and ongoing residential/commercial projects and equity markets across the globe which is anticipated to restrict the market growth over the coming years.

The construction industry in South America mostly remained resilient even after the economic slump caused due to the pandemic. Factors such as uncertainty concerning the economic policy and reforms in Brazil, and recent social unrest in various countries such as Colombia, Chile, Bolivia, and Ecuador are expected to have a negative impact on the region’s economic growth.

Key Companies & Market Share Insights

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 & acquisitions, as well as production capacity expansion strategies to gain a strong foothold in the market.

The companies resort to multiple mergers and acquisitions in a bid to gain market share in a particular region. In some cases, the companies build technological collaborations to produce an advanced product with superior performance characteristics to increase the company revenues. Some prominent players in the global wood plastic composites market include:

  • 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

Wood Plastic Composites Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 6.42 billion

Revenue forecast in 2030

USD 15.41 billion

Growth Rate

CAGR of 11.5% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Volume in Kilotons, revenue in USD Million and CAGR from 2022 to 2030

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Mexico; Canada; U.K.; 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

Key companies profiled

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

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the wood plastic composites market based on the product, application, and region:

  • Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

    • Polyethylene

    • Polypropylene

    • Polyvinylchloride

    • Others

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

    • Building and Construction

      • Decking

      • Molding & siding

      • Fencing

    • Automotive Components

    • Industrial and Consumer Goods

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 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

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