Wood Plastic Composites Market Overview:
Global Wood Plastic Composites Market was valued at $2,551 million in 2016, and is expected to reach at $6,584 million by 2023, registering a CAGR of 12.6% from 2017 to 2023. Wood plastic composites (WPC) are compounds comprising recycled plastic and wood wastes with beneficial features such as reduced melting temperature resulting in lower energy costs for producers and further reducing the product’s environmental impact. These composites are growing at the highest rate among the plastic additives. Innovative uses for wood-based composites are constantly accomplished. These hybrid materials provide sustainability, longevity, and cost savings in a wide array of applications such as car speakers, interiors, home furniture, and kitchen accessories.
The global wood plastic composites market is driven by high availability of non-utilized plastic and wood wastes, increase in demand from building & construction applications, and stringent regulations on the use of chemicals in building materials. However, rise in cost of raw materials and issues related to mechanical strength and/or weight hamper their potential for several structural applications. Conversely, increase in implementation of biodegradable raw materials is expected to create opportunities in the global WPC market. Market players have adopted merger as their key strategy to widen their brand portfolios and expand their market reach.
The global wood plastic composites market is segmented based on type, application, and geography. Based on type, it is categorized into PE-based composites, PVC-based composites, PP-based composites, and others. Based on application, it is divided into building & construction, automotive components, industrial & consumer products, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top Investment Pocket
In 2016, the automotive components segment, in terms of revenue, accounted for around one-seventh of the global market share. The automotive components segment is the most lucrative segment for investment in the due to high demand for recyclable, dimensionally stable, and lightweight materials for interior automotive parts during the recent years. Thus, this segment is anticipated to show high growth rate along with significant return on investment for the stakeholders, owing to its notable revenue contribution.
Global Wood Plastic Composites Market Analysis
Asia-Pacific possesses maximum potential for growth in the global wood plastic composites market, on account of the high demand from the automotive & construction sector. The European countries, such as Germany, UK, and France, are expected to witness high demand for wood plastic composites, owing to stringent regulations in environmental compliance assessment (ECA) for automotive components.
Spain Wood Plastic Composites Market, 2015-2023 ($Million)
The major companies have adopted product development, expansion, and merger strategies to sustain the intense market competition. The key players profiled in the report include Advanced Environmental Recycling Technologies, Inc., Axion International, Inc., Beologic N.V., Certainteed Corporation, Fiberon, LLC., Fkur Kunststoff GmbH, Polymera, Inc., Tamko Building Products, Inc., Timbertech Ltd., and Trex Company, Inc.
The other market players (not profiled in report) in the value chain include Crane Plastics, CPG International LLC., Findock International Inc., Guangzhou Kindwood Co. Ltd., Josef Ehrler GmbH & Co. Kg, North Wood Plastics Inc., Universal Forest Products, Inc., Polyplank AB, OnSpec Composites Inc., and Plygem Holdings Inc.
- This report provides an extensive analysis of the current trends, emerging estimations, and dynamics in the global wood plastic composites market.
- In-depth analysis of the market is conducted, and estimations for key segments from 2014 to 2022 are provided.
- Comprehensive analysis of the factors that drive and restrain the market growth is provided.
- Industry analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Key market players are profiled and their strategies are analyzed thoroughly to provide a competitive outlook of the industry trends.
Wood Plastic Composites Market Key Segments:
- PE-based Composites
- PVC-based Composites
- PP-based Composites
- Building & Construction
- Automotive Components
- Industrial & Consumer Products
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA