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Wood Plastic Composite Market Report 2024 - Wood Plastic Composite Market Growth, Trends, And Forecast
Wood Plastic Composite Market
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According to The Business Research Company's, 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 Drivers and Trends:
The growth in vehicle production is expected to propel the growth of the wood plastic composite market going forward. A vehicle is a mechanical device designed for the purpose of transportation, typically on land. Wood-plastic composites are used in vehicles for interior components, providing a lightweight and durable alternative to traditional materials. For instance, in May 2023, according to the European Automobile Manufacturers Association (ACEA), an Italy-based association, in 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021. Therefore, the growth in vehicle production is driving the 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.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Wood Plastic Composite Market 2024 Key Insights:
• 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%.
• Surge In Construction Activities Propels Growth Of The Wood Plastic Composite Market
• Technological Innovation Transforming Wood Plastic Composite Market
• Asia-Pacific was the largest region in the wood plastic composite market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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