Wood-Plastic Composites Market is Forecasted to Reach US$ 12.33 Billion in 2028, Says Stratview Research

The global wood-plastic composites market is projected to witness a growth rate of 11.17% annually from 2023 to 2028, with an anticipated size of US$ 12.33 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global wood-plastic composites market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 12.33 billion
Growth (CAGR): 11.17% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Wood-Plastic Composites Market:

The global wood-plastic composites market is segmented based on end-use industry type, resin type, manufacturing process type, and region.

Based on end-use industry type - Building & Construction segment is expected to remain the growth engine of the market during the forecast period. Recovering North American housing starts, high residential activities in the Asia-Pacific and Middle East regions, and a focus on the use of green materials are likely to drive the market segment during the forecast period. Decking, siding, and fencing are the major applications of wood-plastic composites in the building & construction industry, together accounting for more than 90% of the wood-plastic composites market in the building & construction industry in 2021.
The automotive segment is expected to experience the highest growth over the next five years. The automakers' push to build lightweight vehicles for achieving the government's stringent regulations, such as CAFÉ standards and EU Carbon emissions, and demand for recycled materials are likely to drive the demand for WPC in the automotive industry. WPCs are mainly used in interior applications, such as rear shelves and trims for trunks and spare wheels, and interior trims for vehicle doors. The wood-plastic composite stakeholders are continuously working on the development of new wood-plastic composite applications in the automotive industry.

Based on resin type - Polyethylene is expected to remain the largest resin type during the forecast period because of its overall higher performance than other resin-based wood-plastic composites. Polyethylene is widely preferred for manufacturing decking, fencing, furniture, wall cladding, hollow boards, and profiles.

Based on manufacturing process type - The extrusion process is expected to remain the most dominant process type in the market during the forecast period. Building & Construction, the largest end-user industry of the market heavily relies on the extrusion process to manufacture key applications, such as decking, siding, and fencing. The injection molding process is likely to exhibit the fastest growth for the same period driven by the automotive and consumer goods segments. Wood-plastic composites are increasingly used to produce furniture, consumer goods, and household electronics using the injection molding process. WPC granulates for injection molding are now produced by global players and are becoming more attractive for clients that manufacture consumer goods, automotive, and other parts.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/179/wood-Plastic-composites-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is expected to remain the largest market in terms of region, over the next five years. This growth outlook is majorly attributed to the following-

• More than 60% of the WPC manufacturers are located in the North American region, serving primarily construction and consumer goods industries.
• Asia-Pacific is likely to witness the fastest growth rate during the same period driven by growing economies, mainly China and India. Europe is the largest market for the automotive industry.

Wood-Plastic Composites Market Drivers:

Some of the key drivers listed in the report are given below.
• Increasing use of wood-plastic composites in interior applications in the growing automotive industry.
• Recovery in building and construction activities.
• A high focus on the use of green materials.

Top Companies in the Wood-Plastic Composites Market:
Stratview Research has identified the following companies as the top market players.
• TAMKO Building Product,
• Trex Company, Inc.,
• Advanced Environmental Recycling Technologies, Inc.,
• Universal Forest Products, Inc.,
• Fiberon, LLC,
• TimberTech,
• Beologic N.V.,
• CertainTeed.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Wood-Plastic Composites Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Advanced Composites Market: https://www.stratviewresearch.com/836/advanced-composites-market.html
• Automotive Composites Market: https://www.stratviewresearch.com/581/automotive-composites-market.html

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