Press release
Wood Plastic Composite Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Trex Company Inc., Advanced Environmental Recycling Technologies Inc., UFP Industries Inc., Fiberon LLC
Wood Plastic Composite Market Size
The Business Research Company offers in-depth market insights through Wood Plastic Composite 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 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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Market Segmentation:
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
Major Driver - Surge In Construction Activities Propels Growth Of The Wood Plastic Composite Market
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.
Competitive Landscape:
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.
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Top Trend - Technological Innovation Transforming Wood Plastic Composite Market
Technological innovation is a key trend in the wood plastic composite market. Major players in the market are increasingly using innovative wood plastic composites for cladding. It is used to cover the outside of buildings, giving them a natural wood-like look. Cladding is a covering made of tiles, wooden boards, or other materials that are affixed to the exterior of a structure to provide weather protection or to improve the building's appearance. For instance, in Feb 2022, MoistureShield, a US-based boarding company, launched an innovative wood plastic composite product called MoistureShield Cladding. The new coating is shielded on all four sides from insect damage, bending, rotting, and moisture absorption by MoistureShield's proprietary Solid Core manufacturing process.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Wood Plastic Composite Market Characteristics
3. Wood Plastic Composite Market Trends And Strategies
4. Wood Plastic Composite Market - Macro Economic Scenario
5. Wood Plastic Composite Market Size And Growth
…..
27. Wood Plastic Composite Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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