Wood Plastic Composite Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

Page: 215 | Report Code: MC240624 | Research Suite: Report (PDF) & Market Data (Excel)

NOTE: Due to exhaustive nature of content, full ToC can't be uploaded. Please request Sample Pages to receive full table of content. 

The global market value of the wood plastic composite market was 7.2 billion, and a CAGR of 8.2% is expected during the forecast period. These are composite materials made from wood fibers or flour and thermoplastics such as polyethene, polyvinyl chloride, and polylactic acid. Increased demand from a wide range of applications, such as outdoor deck floors, railings, fences, and land spaces, timbers, window and door frames, and furniture, is driving the growth of the market significantly. Increasing awareness of environmental concerns has led to a growing demand for sustainable materials.

Wood plastic material is well known for its durability and resistance to moisture, rot, and insects compared to traditional wood furniture. Wood plastic furniture requires minimal maintenance compared to wood furniture, and the convenience of molding it into various shapes and designs is driving growth in the market. Increasing demand for the construction and housing industries and increasing disposable income are growing the market significantly.


Growth Drivers

Increasing disposable income, increasing population worldwide, and increasing office set-up all over the world are driving significant growth in the market. The increasing need for wood-plastic composites in various types of industries in emerging economies like China and India is rapidly growing. Industries like building and construction, automotive, and aerospace are continuously witnessing increased demand for wood-plastic composites. The construction and housing industries are witnessing significant growth due to increasing demand for wood and plastic.

Though wood-plastic furniture has a higher initial cost than traditional furniture, the durability of the product has made it more demanding. It does not need to be stained, painted, or sealed, so it is a convenient choice for customers looking for a hassle-free product. Increasing disposable income and industrialization all over the world are the key reasons behind the significant growth in the market. Rising demand for eco-friendly and sustainable products has increased the demand for wood and plastic. Increasing demand for better infrastructure worldwide is driving growth in the market significantly.

Wood-plastic composite is used by various multinational companies due to its reliability, cost-effectiveness, and durability. Ongoing research and development efforts to enhance the properties and manufacturing processes of wood plastic composites are driving innovation in the market significantly. Supportive regulations promoting sustainable construction and incentivizing the use of eco-friendly materials are driving the growth of the market significantly. Increasing advantages of wood plastic composite over other materials is driving growth in the market significantly. Rising awareness of environmental benefits among people is driving market growth significantly.

Segmentation

By Type

·         Polyethylene

·         Poly Vinyl Chloride

·         Poly Propylene

·         Others

By Application

·         Building, and Construction Products

·         Automotive and Components

·         Industrial and Consumer Goods

·         Others

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Wood Plastic Composite Market by Type Segmentation

On the basis of type, the wood plastic composite market is segmented into polyethylene, polyvinyl chloride, polypropylene, and others. Polyethylene is the leading segment according to type in the wood-plastic composite market. This is because polyethylene-based wood plastic composite offers several advantages, like high strength, durability, resistance to moisture and rot, and ease of processing.

It is widely available, and it is cost-effective for the manufacturers. In the wood-plastic composite market, it is used for several applications like decking, fencing, and automotive components. Polyvinyl chloride is used for its resistance and durability to moisture, while polypropylene offers strength and flexibility. These materials play a key role in the success of the wood-plastic composite market.


Wood Plastic Composite Market by Application Segmentation

On the basis of the application, the wood-plastic composite market is segmented into building and construction products, automotive components, industrial consumer goods, and others. Building and construction products are a leading segment and are expected to dominate the market during the forecast period because they offer a blend of durability, sustainability, and versatility, making them ideal for various construction applications such as decking, fencing, and siding. WPC products are resistant to rot, decay, and insects, making them a preferred choice for outdoor structures.

Increasing focus on sustainability and eco-friendly construction materials has further boosted the demand for wood-plastic composites in the building industry. Automotive and composites are used as interior and exterior components in vehicles due to their lightweight durability and potential for design flexibility. Wood-plastic composite finds application in various industrial consumer goods such as furniture, toys, and household products.

They offer sustainable alternatives to traditional materials, like wood and metals, providing strength, durability, and resistance to environmental factors while also meeting consumer demand for eco-friendly products. Increasing demand for eco-friendly and sustainable goods all over the world is driving growth in the market. Wood plastic composites offer durability, and the low maintenance required is driving growth in the market significantly. The residential, commercial, and industrial sectors worldwide are driving significant growth in the market.

Regional Outlook

On the basis of the regions, the wood plastic composite market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is the leading segment in the wood and plastics industry due to technological advancement, industrial growth, and the increasing disposable income of people in the region. The United States of America is the hub of the corporate world. Increasing demand for wood and plastic furniture in the region is boosting market growth significantly. The presence of some key players in the region is fueling the growth of the market.

The European market is just second to North America. The market over there is quite mature; currently, wood plastic composites over there in countries like France, Germany, Italy, Russia, Spain, and England are used to produce furniture, consumer goods, and household electronics. Asia Pacific is also a mature market, including emerging economies like China, India, South Korea, and Japan. Rising disposable income in the region and increasing urbanization are driving significant growth in the market. The Middle East and Latin America are witnessing moderate growth.


Key Players

·         Trex Company Inc.

·         MoistureShield

·         Fiberon

·         Timbertech

·         Beologic

·         Green dot Bioplastics

·         JELU WERK. J Ehrler GmbH and Co.

·         FKuR Kunststoff GmbH

·         Tamko Building Products

·         Other Players

Buy Report