Press release
COVID19 Impact on Wood Plastic Composite Market Size and Growth Forecast till 2026 | Top Players: Seven Trust, Meghmani Group, Beologic, Trex Company, UFP Industries, Fiberon, CertainTeed, etc
Wood Plastic Composite Market
COVID-19 Impact Analysis:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to hselp you prepare for the future.
To Get the Short-Term and Long-Term Impact of COVID-19 on this market,
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List of Key Companies Operating in the Wood Plastic Composite Market are:
• Seven Trust (China)
• Meghmani Group (India)
• Beologic (Belgium)
• Trex Company, Inc. (U.S.)
• UFP Industries, Inc. (U.S.)
• Fiberon LLC (U.S.)
• Axion International, Inc. (U.S.)
• Josef Ehrler GmbH & Co KG (Germany)
• Croda International Plc (UK)
• CertainTeed (U.S.)
• Others
This Report Answers the Following Questions:
• What are the trends, opportunities, challenges, and drivers in the market?
• Which segment is anticipated to lead the market in terms of share?
• Which region would top in terms of revenue in the coming years?
• How will the Wood Plastic Composite manufacturers compete in the market?
Drivers & Restraints-
Increasing Usage of Sustainable Fibers to Boost Growth
Wood Plastic Composite are green materials that have high potential in bringing about sustainability. They don’t contain excessive chemicals that may pose toxic for the environment and are durable in nature. Plant-based fibers are mainly used in reinforced plastics, instead of fibrous materials as they are cost effective, robust, highly stiff, and annually renewable. Such fibers also emit less carbon dioxide, have low density, and possess biodegradability properties.
Numerous automakers worldwide are aiming to develop biodegradable or recyclable parts of vehicles by using sustainable Wood Plastic Composite. They would aid in lowering fuel consumption and production cost, offering shatterproof performance under harsh weather conditions, enhance passenger safety, lower weight of the material, and improve acoustic performance. However, Wood Plastic Composite require higher initial cost spending. It may obstruct growth.
Browse Detailed Insights of this Research Report with TOC: https://www.fortunebusinessinsights.com/wood-plastic-composite-market-102821
Segmentation:
Decking Segment to Grow Rapidly Owing to High Demand from Construction Sector
Based on application, the decking segment held 55.55% Wood Plastic Composite market share in 2019. This growth is attributable to their increasing demand from the construction industry. The process of decking requires the usage of such composites as they possess several benefits that help in refining the quality of the material of concrete. They are also used to improve strength and durability.
Regional Analysis:
Rapid Industrialization in China & India to Favor Growth in Asia Pacific
In terms of region, North America procured USD 2.24 billion revenue in 2019 stocked by the rising demand for environmentally-friendly solutions and products in this region. In addition to this, the rising application of Wood Plastic Composite in decking would drive growth. In Asia Pacific, developing countries, such as China and India are experiencing rapid industrialization. Coupled with this, the improvements and modernizations in buildings and road construction activities would accelerate growth in this region. The Middle East and Africa and Latin America are set to exhibit steady growth fueled by the surging number of construction activities in both regions.
Competitive Landscape:
Key Companies Follow Acquisition Strategy to Gain Competitive Edge
The market is fragmented with the presence of more than 100 organizations accounting for the total revenue across the globe. They are constantly investing huge sums in research and development activities to innovate their in-house Wood Plastic Composite. Some of them are also adopting the strategy of mergers and acquisitions to enhance their product offerings. Below are a couple of the latest industry developments:
August 2018: Alvic Plastics Limited was acquired by BSW Group. This new deal would aid BSW in broadening its product portfolio and production capacity. It would also enable the company to bring in diversification to increase its range of products.
November 2015: Vannplastic Limited, a prominent manufacturer of wood plastic composite was acquired by the Boral Epwin Group for an initial consideration of approximately USD 5.67 million. It would aid Boral in widening its line of low maintenance building materials..
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