Market Research Report
Global Wood Plastic Composites Market Forecast 2020-2028
|Published by||Inkwood Research||Product code||408522|
|Published||Content info||177 Pages
Delivery time: 2-3 business days
|Global Wood Plastic Composites Market Forecast 2020-2028|
|Published: February 7, 2020||Content info: 177 Pages||
The global wood plastic composites market is estimated to grow at a CAGR of 11.87% in terms of revenue during the forecast period of 2020-2028. In terms of volume, the market is expected to reach a CAGR of 10.43% over this period. The major factors pushing the market growth are the surging demand for high performance, low cost, low maintenance building products that are eco-friendly, and maintenance-free. Furthermore, the rising demand for biodegradable and recyclable materials for manufacturing components, along with superior mechanical strength, fuel efficiency, and weight reduction properties of wood plastic composites, is anticipated to augment market growth.
Wood plastic composites are composite materials made of fine wood fibers or wood flour mixed with a thermoplastic such as polyethylene (PE), polyvinylchloride (PVC), polypropylene (PP), along with the processed additives like pigments, lubricants, blowing agents among others. The main applications of wood plastic composites are building and construction products, and automotive components. The demand for wood plastic composites in building and construction is expected to rise considerably due to superior performance benefits, low maintenance, and durability. There is intense competitive rivalry among manufacturers to increase their market share as it is a fragmented market.
The lack of rigidity and impact on heavy load, lack of well-defined quality standards, and reducing the weight of wood plastic composites products are some of the market restraints. Wood is treated with thermoplastics and few additives, wood plastic composites becomes stiffer and loses flexibility, which makes it difficult to reshape it.
The global wood plastic composites market is analyzed geographically based on the market regions in North America, Europe, Asia Pacific, and the Rest of the World. As of 2019, the market region of North America holds the largest market share in terms of revenue, and continues the trend by the end of the projected period. This is attributed to factors such as increasing population, rapid urbanization, and growing customer preference for WPC products.
Axion International, Inc., Fiberon, LLC, Beologic N.V, Universal Forest Products, Inc., FKuR Kunstsoff GmbH, etc. are some of the well-known companies operating in the market, among others.