Wood Plastic Composite Global Market to Grow $10.92 Billion at a Surprising CAGR of 12.0% By 2028 | UFP Industries Inc., Fiberon LLC, Trex Company Inc., Beologic NV, Polymera Inc.

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Wood Plastic Composite Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The wood plastic composite market size has grown rapidly in recent years. It will grow from $6.17 billion in 2023 to $6.95 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to environmental concerns, construction industry growth, preference for low-maintenance materials, durability and longevity, reduced dependency on treated wood, cost-effectiveness..

The wood plastic composite market size is expected to see rapid growth in the next few years. It will grow to $10.92 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to advancements in manufacturing processes, innovation in product design, development of fire-resistant formulations, increasing urbanization, growing emphasis on green building certification.. Major trends in the forecast period include advancements in wpc manufacturing technology, focus on biodegradability and recyclability, product innovations , collaboration and partnerships in the industry, regulatory compliance and standards..

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Key Market Players:

Major companies operating in the wood plastic composite market report are Trex Company Inc., Advanced Environmental Recycling Technologies Inc., UFP Industries Inc., Fiberon LLC, TAMKO Building Products Inc., TimberTech (part of Azek Building Products), Axion International Holdings Inc., Beologic NV, CertainTeed Corporation, FKuR Kunststoff GmbH, JELU-WERK Josef Ehrler GmbH & Co. KG, Polymera Inc., Polyplank AB, AIMPLAS - Technological Institute of Plastics, Shanghai Seven Trust Industry Co. Ltd., The Dow Chemical Company, The AZEK Company Inc., Geolam Inc., CPG International LLC, Crane Plastics, Deceuninck North America LLC, Enduris Extrusions Inc., Fiber Composites LLC, Green Bay Decking LLC, Kuijper Model and Mold GmbH, Louisiana-Pacific Corporation, North Wood Plastics Inc., OnSpec Composites Inc., Perth Wood Plastic Composite Co. Ltd.

Market Drivers:

An increase in construction activities is significantly contributing to the growth of the wood plastic composite market going forward. The construction sector refers to the sector of industry and trade that deals with creating, maintaining, and repairing infrastructures. Wood plastic composite is used in construction activities to substitute wood for steel joists and beams in buildings. For instance, in October 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Furthermore, in the 2022 U.S. Construction Cost Trends report, in the U.S., there is a rise in residential construction which is expected to continue to drive up demand for materials and labor, escalating competition and cost pressures. In the U.S., total construction spending has increased by 16% since the pandemic's onset. Therefore, the increase in construction activities is driving the growth of the wood-plastic composite market.

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The wood plastic composite market covered in this report is segmented -

1) By Resin Type: Polyethylene (PE), High-density polyethylene (HDPE), Low-density polyethylene (LDPE), Linear Low-density polyethylene (LLDPE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polylactide (PLA), Other Resin Types
2) By Process: Extrusion Method, Injection Molding Method, Other Processes
3) By End-use Industry: Building And Construction, Automotive, Consumer Goods, Other End-Use Industries

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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