Wood Plastic Composite Market is expected to grow at a robust CAGR
Global
Wood Plastic Composite Market is expected to grow owing to increasing demand
for sustainable products to reduce the carbon footprint in the environment and
growing production of automobiles throughout the forecast period.
According
to TechSci Research report, “Wood
Plastic Composite Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028”, the Global Wood Plastic Composite
Market is expected to register robust growth during the
forecast period.
The market is propelled by
the growing demand for sustainable construction materials, coupled with the
rise in renovation and repair activities in the residential sector worldwide.
These products are increasingly utilized in construction applications. Wood
plastic composites are being employed in roofing applications and the
production of glass windows.
With
sustainability taking center stage in the construction industry, Wood-Plastic
Composites (WPCs) offer a noteworthy opportunity. WPCs are environmentally
friendly materials that utilize recycled plastics and wood fibers, effectively
reducing the ecological footprint of construction. Given the growing preference
for sustainable building practices by governments and consumers alike, the
demand for WPCs in applications such as decking, cladding, and fencing is
expected to witness a significant surge.
Government
initiatives and regulations targeted at promoting sustainable materials and
mitigating plastic waste foster a conducive environment for the WPC market.
Manufacturers can capitalize on incentives, subsidies, and green building
standards that incentivize the utilization of WPCs in construction and
manufacturing.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Wood
Plastic Composite Market."
Based
on plastic material, Polyethylene
segment is expected to dominate the market during the forecast period. Polyethylene
is a widely utilized thermoplastic material in the production of WPCs, holding
a significant market share alongside other thermoplastics like polypropylene
(PP) and polyvinyl chloride (PVC). Its cost-effectiveness makes PE-based WPCs
an attractive choice for manufacturers and consumers alike. With excellent
versatility in processing, PE-based WPCs can be easily extruded or molded into
various shapes and profiles, finding prominent applications in the construction
sector such as decking, railing, cladding, and fencing. Moreover, PE-based WPCs
are highly valued for their durability and low maintenance requirements. In the
automotive industry, they are utilized for interior components like door
panels, seat backs, and trunk liners, contributing to fuel efficiency due to
their lightweight properties. Ongoing industry innovation focuses on enhancing
the properties of PE-based WPCs through research on additives, reinforcements,
and coupling agents, aiming to improve performance characteristics such as strength,
UV resistance, and fire resistance.
Based
on end-use industry, Building & Construction Products segment is projected
to dominate the market throughout the forecast period. The construction
industry represents the largest application sector for wood-plastic composites
(WPC). With their moisture and rot resistance, as well as extended aesthetic
quality, WPCs find wide-ranging use in decking, moulding and trimming, fencing,
landscaping, and outdoor applications. Decking, in particular, holds
significant importance in the realm of WPC applications. In the construction
context, a deck refers to a flat or profiled (anti-slip) surface capable of
bearing weight. Unlike floors, decks are typically constructed outdoors, often
elevated from the ground, and frequently connected to buildings. Wood-plastic
composite decking offers versatile functionality, serving as a key component in
garden landscaping, expanding living areas, providing an alternative to
stone-based features (such as patios), and creating residential decks with
spaces for cooking, dining, and seating. WPCs are rapidly gaining traction as
an indispensable building material in contemporary housing and commercial
construction methods, driven by the increasing emphasis on sustainable
construction practices. The global construction sector continues to expand,
with China witnessing substantial investments in affordable residential
colonies from both public and private sectors due to changing demographics.
According to the National Bureau of Statistics of China, housing starts in
China increased from 76 million sq m in July 2022 to 85 million sq m in August
2022. Moreover, China's projected expenditure of nearly USD 13 trillion on buildings
by 2030 further augments the positive outlook for WPCs.
Key
market players in the Global Wood Plastic Composite Market are:-
- Axion
Structural Innovations LLC
- The
Azek Company Inc.
- Geolam,
Inc.
- JELU-WERK
J. Ehrler GmbH & Co. KG
- Oldcastle
APG a CRH Company
- PolyPlank
AB
- Resysta
International
- Trex
Company Inc.
- UFP
Industries, Inc.
- Fiberon
LLC
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“The
Wood Plastic Composite Market in Asia Pacific is poised to be the dominant
force in the industry. Rapid urbanization in countries such as China and India
has contributed to the increasing need for innovative and sustainable building
materials, leading to the rise in popularity of WPCs. The region's growth is
propelled by factors such as urbanization, sustainability considerations, and
the versatility of WPCs in construction and automotive sectors.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Wood
Plastic Composite Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast Segmented By Plastic Material (Polyethylene, Polypropylene,
Polystyrene, Polyvinyl chloride and Others), By End-Use Industry (Building
& Construction Products, Automotive Parts, Industrial, Consumer Goods,
Furniture and Others), By Region, By Competition Forecast & Opportunities,
2018-2028,”
has evaluated the future
growth potential of Global Wood Plastic Composite Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Wood Plastic Composite Market.
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