The global wood plastic composite market is estimated to be valued at US$ 5.84 billion in 2021, according to Wood Plastic Composite Market Report, by Type (PE-based Composites, PVC-based Composites, PP-based Composites, and Others), by Application (Building & Construction, Automotive Components, Industrial & Consumer Products, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global wood plastic composite market is expected to surpass US$ 12.99 billion by 2028, exhibiting a CAGR of 12.10% during the forecast period (2021-2028). The use of the conventional wood products are being replaced by wood plastic composites due to its superior performance benefits, low maintenance cost, and durability. New developments in the automotive industry is expected to directly influence the wood plastic composite market. The use of wood plastic composite materials in the automotive industry is more focused on the improvisation of performance of the automotive. Wood plastic composite material is used for the weight reduction, better performance in acoustic, lower production cost, improved passenger safety and shatterproof performance in the extreme temperature change. Wood plastic composite has become a best option for the automotive industry as it provides durability along with appealing looks.
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Browse 50 market data tables* and 40 figures* on "Wood Plastic Composite Market” - Global Forecast to 2028.
Key Trends and Analysis of the Global Wood Plastic Composite Market:
- Among region, North America accounted for the share of 52.6 % in 2020 in the global wood plastic composite market. The outdoor deck flooring is one of the largest application of the wood plastic composite which is been largely used for the different areas. They are also popular for railings, fencing, benches, window and door frames, cladding, and landscaping work. While composite wood can be used in most applications traditionally using solid wood, it is also a popular material for making flat-pack furniture due to its low manufacturing costs and light weight properties. Wood plastic composite (WPC) is manufactured by waste products and it is biodegradable which is the benefit of WPCs, it can be designed for specific qualities or performance requirements. Wood plastic composite can be manufactured into sheets of different thicknesses, grades, sizes and exposure disabilities, as well as manufactured to take advantage of the natural strength characteristics of wood (and sometimes results in a greater structural strength and stability than regular wood). As a result, wood plastic composite is used in a diverse array of applications, from industrial scale to small home projects, and enable more design.
Key Takeaways of the Global Wood Plastic Composite Market:
- Among application, building & construction segment accounted for the highest market share of 68.9% in 2020, in the global wood plastic composite market. Traditionally fences are made up of wood, but wooden fences easily got rotten and insect damaged, so wooden fences do not last long. Composite fence is made of composite columns or stainless steel columns plus composite fence panels. It has more significant appearance as compared with wood or bamboo fence. There can be several specifications for wood plastic composite fence panels, but all of them are extruded by extruder.
- The furniture made from the wood plastic composite has high demand in the market due to the buyers concern about the value added for material. The wood plastic composite furniture has entered in various fields such as bathroom furniture, kitchen furniture, carved art furniture, and outdoor furniture. The excellent waterproofing, moth proofing and resistance to humid conditions makes wood plastic composite a finest option for bathroom furniture. Wood plastic composite furniture exposed to sunlight, cold and hot, wind and rain and other climatic conditions is more durable than solid wood furniture and panel furniture, reflecting its excellent water resistance, mildew resistance, anti-aging and other weathering properties make the wood plastic composite best option for the outdoor furniture.
- Major players operating in the global wood plastic composite market include Tamco Building Products, Trex Company Inc, Meghani group, Beologic, Seven Trust, UFP Industries Inc, Fiberson LLC, Axion International, Polyplank AB, TimberTech, Universal forests Products, and Josef Ehrler GmbH & Co KG.
- Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the global wood plastic composite material market. For instance, in November 2021, Trex co. in Winchester Virginia, which manufactures composite decking, invested US$ 400 million in a plant that will employ 500 people at the Little Rock Port in Arkansas. Moreover, the plant will be Trex’s third U.S. manufacturing facility. The company said the 290-acre site eventually will include buildings dedicated to decking and railing production, plastic film recycling and processing, reclaimed wood storage, warehousing, and administrative offices. Construction is scheduled to begin in early 2022 with production beginning in 2024.
Global Wood Plastic Composite Market - Impact of Coronavirus (COVID-19) Pandemic
- The consequences of COVID-19 pandemic have led to the slowdown of the global wood plastic composite market. A large amount of raw materials required for the manufacturing of wood plastic composite comes from the saw mill and chemical sectors, but due to the labor shortage during the pandemic, the saw mills closed and shortage of raw material occurred. The operations of the various industries shut down due to the lockdown and low work force regulations imposed by the governing bodies. The COVID-19 situation has a significant negative impact on the growth of global wood plastic composite market .The fluctuating cost of the raw material is an another concern that may restrain the revenue growth of the wood plastic composite market in the future.
