Press release
Wood Plastic Composite Floorings Market 2024: Researching the Industry, Analyzing Trends, and Forecasting Growth Until 2033
Wood Plastic Composite Floorings Market
The Business Research Company offers in-depth market insights through Wood Plastic Composite Floorings Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The wood plastic composite floorings market size has grown strongly in recent years. It will grow from $2.4 billion in 2023 to $2.56 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to growth of construction and furniture industry, increased construction activities in various regions, rising investments in the global construction industry, emphasis on effective pricing strategies by manufacturers, increased disposable income.
The wood plastic composite floorings market size is expected to see strong growth in the next few years. It will grow to $3.4 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rising demand for affordable and durable flooring solutions, growing awareness about the benefits of wood plastic composite floorings, rising residential sector, increasing urbanization, global population. Major trends in the forecast period include eco-friendly and sustainable flooring solutions, technological advancements in wood plastic composite flooring manufacturing, product customization, innovative product launches.
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Market Segmentation:
The wood plastic composite floorings market covered in this report is segmented -
1) By Type: Polyethylene, Polyvinylchloride, Polypropylene, Other Types
2) By Thickness: 4 MM, 5 MM, 5.5 MM, 6.5 MM, Above 8 MM
3) By Application: Commercial Buildings, Residential Buildings, Retail Outlets, Other Applications
Major Driver - The Role Of Construction Is Driving Wood-Plastic Composite Flooring Market Growth
The growing construction industry is expected to propel the growth of the wood-plastic composite flooring market going forward. Construction refers to constructing structures like homes, factories, highways, and bridges. Wood-plastic composite flooring is used in construction projects for both commercial and residential facilities due to its durability and adaptability. For instance, in November 2021, according to the Office for National Statistics, a UK-based Statistics Authority, the value of new construction work in Great Britain increased by 15.3% to reach $119,750 million in 2021 from $103,815 million in 2020. Therefore, the growing construction industry is driving the growth of the wood-plastic composite flooring market.
Competitive Landscape:
Major companies operating in the wood plastic composite floorings market report are Shenzhen GEM HI-TECH Co., Trex Company Inc., LL Flooring Holdings, Mannington Mills Inc., Armstrong Flooring Inc., Spectra Contract Flooring, Cali Bamboo LLC, Dalton Carpet One, 50 Floor, US Floors LLC, MP Global Products LLC, TimberTech, Spartan Surfaces, C-K Composites Co. LLC, ARCAT Inc., Homecrest Outdoor Living, Republic Floor LLC, Parterre Flooring and Surface Systems LLC, Parterre Flooring Systems, Anhui Sentai WPC Group, Shaw Contract Flooring Services Inc., Floor & Decor Holdings Inc., NewTechWood America Inc., Slaughterbeck Floors Inc., Deckorators Inc.
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Top Trend - Revolutionary Thicker Vinyl Plank In Wood Plastic Composite Floorings
Product innovations are a key trend gaining popularity in the wood plastic composite floorings market. Major companies operating in the wood plastic composite floorings market are adopting innovative products to sustain their position in the market. For instance, in September 2021, Cali Bamboo LLC, a US-based omnichannel flooring and building products company, launched Legends, a new thicker vinyl plank. The latest flooring line offers installers and homeowners a plank that is as real-looking as it is comfortable. Legends stand out due to its robust WPC core and complete half-inch thickness. Legends are 100% waterproof and click-locks for simple installation in any space without glue or nails. With a 20-mil pet-friendly wear layer, cleaning is simple, and scratch resistance is improved. Additionally, certified by FloorScore (indoor air quality (IAQ) certification standard) and supported by a 50-year home guarantee, planks.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Wood Plastic Composite Floorings Market Characteristics
3. Wood Plastic Composite Floorings Market Trends And Strategies
4. Wood Plastic Composite Floorings Market - Macro Economic Scenario
5. Wood Plastic Composite Floorings Market Size And Growth
…..
27. Wood Plastic Composite Floorings Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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