Press release
The Wood Plastic Composites Market to Grow at CAGR of 9.16% by 2028
Global wood plastic composites market
As per Triton Market Research, the global wood plastic composites market is estimated to grow at a CAGR of 9.16% in value and 7.72% in volume over the forecasted years 2022-2028.
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Wood plastic composites are formed by combining wood fibers or wood flour with thermoplastic consisting of PVC, polypropylene, and others. It is used in automotive components, industrial goods, and construction products, among others.
Plastic wastes have surged environmental concerns over the past years. Their disposal through landfills and incineration leads to the depletion of natural resources, increasing the demand for sustainable alternatives to plastic.
Wood plastic composite products are ideal solutions as they counter these issues as a reduced volume of wood is used for their production, limiting deforestation. Thus, these factors open new avenues for the wood plastic composites market. However, performance limitations, coupled with lowering the weight of WPC products, impede the studied market's growth.
Globally, the Asia-Pacific is expected to emerge as the fastest-growing region in the wood plastic composites market over the forecast period. This robust growth can be attributed to the growing outdoor applications and demand from the construction industry. In 2020, China held the largest market share in the studied market due to the growth in the manufacturing sector. Therefore, all these factors offer lucrative opportunities to the wood plastic composites market to witness growth over the forecast period.
The major firms in the wood plastic composites market are Moistureshield, UPM, Polyplank AB, Universal Forest Products Inc, Tamko Building Products Inc, Certainteed Corporation, Fiberon LLC, Trex Company Inc, Jelu Werk Josef Ehrler GmbH and Co KG, Fkur Kunststoff GmbH, Timbertech Limited, Axion International Inc, and Beologic NV.
Low capital investment is required to set up a wood plastic composite manufacturing unit.
Moreover, government bodies in the Asian and European countries support businesses that require less capital. This indicates the threat of new entrants to be high. Further, several manufacturers are strategizing to increase their global presence, intensifying the competition levels in the market.
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