Market Research Report
Asia Pacific Wood Plastic Composites Market Forecast 2020-2028
|Published by||Inkwood Research||Product code||408523|
|Published||Content info||118 Pages
Delivery time: 2-3 business days
|Asia Pacific Wood Plastic Composites Market Forecast 2020-2028|
|Published: February 7, 2020||Content info: 118 Pages||
The Asia Pacific wood plastic composites market is anticipated to register a CAGR of 13.28% in terms of revenue during the estimated period of 2020-2028. Further, the market is projected to register a CAGR of 11.82% in terms of volume over this period. China was the largest share-holder of more than 61.87%, in terms of revenue of the Asia Pacific wood plastic composites market. With the growth of the manufacturing sector in China, WPC materials are being used to increase the shelf life and durability of the products. Asian countries are increasing their production capacity of WPC to meet the global demand.
The Asia Pacific wood plastic composites market is analyzed further by segregating the market region into countries such as South Korea, India, Australia & New Zealand, China, ASEAN, Japan, and the rest of Asia Pacific. The infrastructure and the real estate sectors of the ASEAN countries are witnessing rapid growth due to growth in the tourism industry, and WPC is widely used in the infrastructure industry because they are more durable and have longer shelf life compared to normal wood. In these countries, the future of the WPC market would depend on many factors, for example, product quality, product identification, consumer response, and success of research and development efforts.
In countries like Australia and New Zealand, the growth of residential and non-residential building sector is accelerating the demand for wood plastic composites. The high growth of the construction sector and the development of infrastructure projects in Australia will support market growth. In addition, the growing sales of electric vehicles are estimated to create lucrative growth opportunities for the WPC market in Australia and New Zealand. In the rest of the Asia Pacific, the growth in the construction and automobile industry will be the primary factors driving the market growth.
Fiberon, LLC, Universal Forest Products, Inc., Trex Company, Inc., TimberTech, etc. are some of the renowned companies operating in the market.