Wood-Plastic Composites Market - Increase in Building and Construction Activities to Boost Demand, Says TMR
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As per TMR’s estimations, the global market for wood-plastic composites was US$2.6 bn in 2012. Analysts anticipate the market to expand at a CAGR of 10.80% during the period from 2013 to 2019 and attain a value US$5.3 bn by the end of the forecast period. Polyethylene wood-plastic composites have emerged as the most valued product in this market and the trend is projected to remain so over the next few years, states the research report.
Demand for Wood-plastic Composites to Remain Strong in Building and Construction industry
Wood-plastic composites find a widespread application in a number of industries, including the automotive, electrical, and the building and construction sectors. They are also extensively utilized into trays, shoe soles, toys, and musical instruments across the world, states the research report. The demand for these composites has been higher in the building and construction industry in the last few years. Thanks to the augmenting utilization of these composites in decking boards, window lineals, door components, rails and balusters, and fencing and sliding products, the building and construction industry is likely to remain the key consumer of wood-plastic composites in the years to come.
The report also analyses the worldwide market for wood-plastic composites geographically, segmenting it into Europe, Asia Pacific, North America, and the Rest of the World (RoW). With a share of more than 65%, North America led the global market in 2012. The regional market is anticipated to continue at the top position over the forecast period. Asia pacific, on the other hand, is expected to present the most lucrative growth opportunities to wood-plastic composite manufacturers in the near future, states the study.
Rise in Automotive Industry to Fuel Demand
“The global market for wood-plastic composites is witnessing a high rise in its size and valuation and will be remain doing so over the next few years,” says the author of this study. The significant increase in industrialization and the rising trend of urbanization has fueled building and construction activities across the world, which consequently, is influencing the demand for wood-plastic composites greatly.
Going forward, the rise in the automotive industry will reflect positively on the demand for wood-plastic composites in the near future. However, the advent of several other natural fiber composites as alternatives may limit the market’s growth over the next few years, reports the study.
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The global wood-plastic composites market is segmented into the following categories:
Polyethylene wood-plastic composites
Polypropylene wood-plastic composites
Polyvinyl chloride wood-plastic composites
Others (ABS, Polystyrene and Polylactide)
Building & construction
Others (Toys, Trays, Musical Instruments, Shoe Soles, etc.)
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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