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Wood Plastic Composites Market Value To Cross $12.6 Billion By 2030 | Growth With Recent Trends & Demand

07-25-2022 08:01 AM CET | Logistics & Transport

Press release from: Allied Market Research

Wood Plastic Composites Market

Wood Plastic Composites Market

Allied Market Research published a report, titled, "Wood Plastic Composites Market by Application (Building and Construction, Automotive Components, Industrial and Consumer Products, Others), by Type (Polyethylene, Polyvinylchloride, Polypropylene, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030". According to the report, the global wood plastic composites industry generated $5.4 billion in 2020, and is anticipated to generate $12.6 billion by 2030, witnessing a CAGR of 8.9% from 2021 to 2030.

Access Full Summary @ https://www.alliedmarketresearch.com/wood-plastic-composite-market

Prime determinants of growth

Increase in demand for wood plastic composites in building and automobile sectors and wide application in interiors, home furniture, and kitchen appliances drive the growth of the global wood plastic composites market. However, rise in cost of R&D hinders the market growth. On the other hand, the emergence of greenwood plastics composites presents new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic has had a negative impact on the growth of the global wood plastic composites market, owing to implementation of the global lockdown that led to temporary closure of manufacturing facilities.
The pandemic had further disrupted the supply chain, due to restrictions in the export & import activities across various nations.
Various construction projects were either delayed or cancelled due to shortage of raw material and unavailability of labor force. The automobile sector suffered losses due to decline in sales. These factors decreased the demand for wood plastic composites and hampered the market growth.
Get Detailed COVID-19 Impact Analysis on the

Wood Plastic Composites Market @ https://www.alliedmarketresearch.com/request-for-customization/1661?reqfor=covid

The building & construction segment to maintain its leadership status throughout the forecast period

Based on application, the building & construction segment held the highest market share in 2020, accounting for nearly three-fourths of the global wood plastic composites market, and is estimated to maintain its leadership status throughout the forecast period. In building & construction applications, wood plastic composites are widely used in decking, molding & sliding, and fencing, which in turn, is acting as a driving factor for the segment. However, the automotive components segment is projected to manifest the highest CAGR of 9.2% from 2021 to 2030, due to rise in demand for recyclable and lightweight materials.

The polyethylene segment to maintain its lead position during the forecast period

Based on type, the polyethylene segment accounted for the largest share in 2020, contributing to more than two-thirds of the global wood plastic composites market, and is projected to maintain its lead position during the forecast period. This is owing to its high demand in manufacturing furniture for homes, offices, restaurants, resorts, and hospitals. However, the polyvinylchloride segment is expected to portray the largest CAGR of 10.0% from 2021 to 2030, due to its excellent insulation properties.

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Asia-Pacific to maintain its dominance by 2030

Based on region, Asia-Pacific held the highest market share in terms of revenue 2020, accounting for nearly half of the global wood plastic composites market. Moreover, the same region is expected to witness the fastest CAGR of 9.1% during the forecast period. This is attributed to high demand from the emerging countries, such as South Korea, India, and China. The research also analyzes regions including North America, Europe, and LAMEA.

Leading Market Players

Timbertech Ltd.
Trex Company, Inc.
Beologic N.V.
FKUR Kunststoff GMBH
AIMPLAS
Dow
Fortune Brands Inc.
JELU-WERK J. Ehrler GmbH & Co. KG
Renolit SE
Universal Forest Products, Inc.

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About Us
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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