Wood Plastic Composite Market Segment And Industry Forecasts Till, 2022 - 2030.

The global wood plastic composites market is expected to reach USD 15.41 billion by 2030, growing at a CAGR of 11.5% over the forecast period, according to a new report by Grand View Research Inc. The market is driven by the rising demand for sustainable construction materials along with an increase in the renovation and repair activities in the residential sector across the globe.

Wood Plastic Composite Market Segmentation

Grand View Research has segmented the wood plastic composites market based on product, application, and region:

Based on the Product Insights, the market is segmented into Polyethylene, Polypropylene, Polyvinylchloride and Others.

·       The polypropylene product segment led the market and accounted for more than a 12% share of the global revenue in 2021. The polypropylene segment is anticipated to see a boom, during the forecast period, owing to its heavy use in the niche application segments such as water-resistant coatings on furniture and high temperature controllable wooden units.

·       The polyvinylchloride product segment is projected to register a CAGR of 11.0% in terms of value during the forecast period.

·       The polyethylene segment is one of the fastest-growing product segments on account of its high demand in manufacturing furniture for homes, offices, restaurants, resorts, and hospitals.

Based on the Application Insights, the market is segmented into Building and Construction, Automotive Components, Industrial and Consumer Goodsand Others.

·       Building and construction segment led the market and accounted for more than 71% of the global revenue share in 2021.

·       The use of recyclable or biodegradable wood-plastic composite-based parts in automobiles is expected to improve mechanical strength and acoustic performance, reduce material weight and fuel consumption, reduce manufacturing costs, and improve passenger safety and shatterproof performance which will boost the demand for wood plastic composites in the automotive industry.

·       Increasing demand for wood plastic composite in manufacturing noise barriers for street construction, sheet pilings for landscaping, and garden furniture is expected to surge the product demand during the forecast period.

Wood Plastic CompositeRegional Outlook

·       North America

·       Europe

·       Asia Pacific

·       Central & SouthAmerica

·       MEA

Key Companies Profile& Market Share Insights

The market participants are adopting various strategies to gain a competitive edge, and thus sustain the growing industry rivalry.The companies resort to multiple mergers and acquisitions in a bid to gain market share in a particular region.

Some prominent players in the Wood Plastic Composite market include

·       Advanced Environmental Recycling Technologies, Inc. (AERT)

·       Axion Structural Innovations LLC

·       Beologic N.V.

·       CertainTeed Corporation

·       Fiberon, LLC

·       FkurKunststoff GmbH

·       Guangzhou Kindwood Co. Ltd.

·       Jelu-Werk Josef Ehrler GmbH & Co. KG

·       Woodmass

·       PolyPlank AB

·       Renolit

·       TAMKO Building Products, Inc.

·       TimberTech

·       Trex Company, Inc.

·       Universal Forest Product

Order a free sample PDF of the Wood Plastic Composite Market Intelligence Study, published by Grand View Research.

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