Wood Plastic Composites Market Expected To Witness Significant Growth CAGR of 12.6% Till 2023 | Top Key Players Advanced Environmental Recycling Technologies Inc., Axion International, Inc., Beologic N.V
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The industry is expected to witness significant growth over the forecast period owing to the fluctuating petrochemical prices and intensified environmental concerns. Wood processing and plastic manufacturers are expected to shift towards wood plastic composite manufacturing owing to similar manufacturing technology, as well lower production cost. Furthermore, plastic manufacturers are expected to shift more rapidly owing to technical know-how.
The 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.
Top Key Players : 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., Trex Company Inc.
The report offers in-depth analysis of the current market trends that drive the growth of the market along with an analysis of the future market potential. The study provides market status and outlook from the point of view of market players, end industries, regions, and product types.
Growing demand for wood plastic composite as a low cost and environmentally friendly substitute to plastic and steel components in construction applications is expected to drive market growth. The improved properties offered by the wood plastic composites, such as better recyclability, thermal stability, and stiffness, are expected to open new avenues for the industry growth over the next eight years
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 regarding mechanical strength and/or weight hamper the market growth. Increased utility of biodegradable raw materials is expected to create opportunities in the global WPC market.
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KEY MARKET SEGMENTS
• PE-based Composites
• PVC-based Composites
• PP-based Composites
• Building & Construction
• Automotive Components
• Industrial & Consumer Products
By Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
• 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 market is conducted and estimations for key segments from 2016 to 2023 are provided.
• Comprehensive analysis of factors that drive and restrain the market growth is provided.
• Market share for all segments with respect to each geographical segment is detailed in the report.
• Key market players are profiled and their strategies are analyzed thoroughly, which provides a competitive outlook of the global industry trends.
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