Global Wood Plastic Composites Market Poised for Robust Growth with a 11.3% CAGR Forecast from 2022 to 2032

The market for wood plastic composites (WPC) is anticipated to increase rapidly over the next few years, with a compound annual growth rate (CAGR) of 11.3%. By 2032, it is anticipated that this impressive rise would have increased the market's worth from its present US$ 6.38 billion in revenue to a hefty US$ 16.06 billion.

Wood Plastic Composites are hybrid materials composed of wood fibers or wood flour combined with thermoplastics, typically polyethylene (PE), polypropylene (PP), or polyvinyl chloride (PVC). The combination of these components creates a material that possesses the natural appearance and tactile qualities of wood, while benefiting from the added strength, weather resistance, and low maintenance characteristics of plastic. WPCs find application in various sectors, including building and construction, automotive, furniture, packaging, and more.

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The global construction and materials industry has been undergoing a paradigm shift towards more sustainable and eco-friendly alternatives. One such innovation that has gained significant attention is Wood Plastic Composites (WPCs). These versatile materials combine the inherent strengths of wood fibers with the durability and versatility of plastics, presenting a compelling solution for a wide range of applications. As the world continues to prioritize environmental responsibility and resource efficiency, the Wood Plastic Composites market is poised for substantial growth.

Expanding wood-plastic composites market size can be attributed to its nature-friendly feature because of which it is used in planned cities to keep the environment healthy and the habitat more natural. This not only increases the sales of wood plastic composites but creates positive future prospects for the market.

Key Takeaways from Market Study

As on 2022, the valuation of wood plastic composites market is US $ 6.38 billion.
In 2032, the valuation for the wood plastic composites market is expected to be US $ 16.06 billion.
Based on the application, the building and construction segment holds 71% of the global revenue.
Based on the product type, the leading segment is Polypropylene holding 13% of the market share.
Asia Pacific is currently the largest market having 30.11% of the global share.
South American market is expected to be one of the fastest growing markets and is currently showing positive signs.
North American market is anticipated to grow during the forecast period because of the wide scope in the usage of the product.
European market as well is expected to grow during the forecast period because of the eco-friendly aspect of the product.

"The usage of the wood plastic composites has increased in the recent times owing its lower cost and energy-efficient manufacturing processes, and increased scope of usage. Additionally, an important aspect associated with wood plastic composites are that these are eco-friendly, which contribute to the cause of sustainable development." says a Future Market Insights analyst.

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Competitive Landscape

The Wood plastic composites market is composed of enterprises that are focusing on expanding their supply chain and the sales channel. The key competitors understand and focus on experimenting with the product while making it nature-friendly and industry-specific for the end users. This makes the competitive landscape more dynamic and versatile, thereby leading to the expansion of wood plastic composites market.

Recent Developments

CertainTeed Corporation has added new products into its siding portfolio that includes vinyl, polymer, stone and composite siding. Composite siding includes construction specific wood plastic composites. This fuels the sales of wood plastic composites.
Fiberon and BlueLinx has introduced 14 new distribution spaces for composite decking and railing products. These new distribution centers are located in Denver, Colorado, Jacksonville and Tampa, Florida, Chicago, Illinois, Detroit and Grand Rapids, Michigan, among other cities, pushing the demand for wood plastic composites

Global Wood Plastic Composites Market Key Players

• Advanced Environmental Recycling Technologies, Inc. (AERT)
• Axion Structural Innovations LLC
• Beologic N.V.
• CertainTeed Corporation
• Fiberon, LLC
• Fkur Kunststoff GmbH
• Guangzhou Kingwood Co. Ltd.
• Jelu-Werk Josef Ehrler GmbH & Co. KG
• Woodmass
• PolyPlank AB
• Renolit
• TAMKO Building Products, Inc.
• TimberTech
• Trex Company, Inc.
• Universal Forest Product

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Wood Plastic Composites Market by Segmentation

By Product Type:

Polyethylene
Polypropylene
Polyvinylchloride

By Application Outlook:

Building and Construction
Automotive Components
Industrial and Consumer Goods

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa

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This release was published on openPR.