Plastic Composites Market Size Will grow in the Future, This Research Report discuses ‘how’
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(openPR) - Big Market Research added a report on “Wood Plastic Composites Market By Type (PE-Based Composites, PVC-Based Composites, PP-Based Composites, And Others) And Application (Building & Construction, Automotive Components, Industrial & Consumer Products, And Others) - Global Opportunity Analysis And Industry Forecast, 2017-2023”|
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The global wood plastic composites market was valued at $2,551 million in 2016, and is expected to reach at $6,584 million by 2023, registering a CAGR of 12.6% from 2017 to 2023. Wood plastic composites (WPC) are derived from wood fiber material, thermoplastic polymers, and additives. They are used as a substitute component to manufacture furniture, automobiles, railings, cladding, decking lumber, molding, and others. These composites have gained traction in the last few years due to potential benefits such as costs savings, durability, recyclability, sustainability, and others.
The global wood plastic composites market is driven by high availability of non-utilized plastic and wood wastes, increase in demand from building & construction applications, and stringent regulations on the use of chemicals in building materials. However, rise in cost of raw materials and issues regarding mechanical strength and/or weight hamper the market growth. Increased utility of biodegradable raw materials is expected to create opportunities in the global WPC market.
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The global wood plastic composites market is segmented based on type, application, and geography. Based on type, it is categorized into PE-based composites, PVC-based composites, PP-based composites, and others. Based on application, it is divided into, building & construction, automotive components, industrial & consumer products, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In 2016, Asia-Pacific occupied the highest market share, followed by North America. Asia-Pacific is expected to account for around half of the share of the global market by 2023, and is expected to witness substantial growth in the emerging countries such as China, India, and South Korea. The prominent players in the global wood plastic composites market focus on product development and agreement as their key strategies to gain significant market share.
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• This report provides an extensive analysis of the current trends, emerging estimations, and dynamics in the global wood plastic composites market.
• In-depth analysis of market is conducted and estimations for key segments from 2016 to 2023 are provided.
• Comprehensive analysis of factors that drive and restrain the market growth is provided.
• Market share for all segments with respect to each geographical segment is detailed in the report.
• Key market players are profiled and their strategies are analyzed thoroughly, which provides a competitive outlook of the global industry trends.
MARKET KEY SEGMENTATION:
• PE-based Composites
• PVC-based Composites
• PP-based Composites
• Building & Construction
• Automotive Components
• Industrial & Consumer Products
• North America
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