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The global wood plastic composite market size is projected to reach USD 9.03 billion by 2027. It is anticipated to gain momentum from the growing need for sustainable and environmentally-friendly fibers. Several automakers are also aiming to develop new parts of vehicles by using biodegradable or recyclable Wood Plastic Composite. This information is given by Fortune Business Insights™ in a recently published report, titled, “Wood Plastic Composite Market Size, Share & Industry Analysis, By Material (Polyethylene, Polypropylene, Polyvinyl Chloride and Others), By Application (Decking, Automotive, Sliding & fencing, Technical Application, Furniture, Consumer Goods and Others), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 4.77 billion in 2019. But, it is set to exhibit a CAGR of 8.57% during the forecast period between 2020 to 2027.
Biofibre Acquires 80% of Naftex to Widen its Product Offerings
In July 2019, Biofibre, a bioplastics and natural fiber compounder, announced the acquisition of around 80% of Naftex, a producer of wood plastic composite. Though both companies did not unveil any information regarding the total price of the deal, the officials mentioned that the acquired enterprise will operate under its original name and would keep the pre-existing product ranges under its portfolio. It manufactures natural fibre composites with matrix materials for injection and extrusion moulding.
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Usage of Composites from Construction Industry to Boost Growth
This type of composites are mainly used in the building and construction industry. Their popularity is surging day by day amongst the manufacturers worldwide. It is occurring because these composites possess certain unique properties. They make a structure durable, beautiful, and comfortable with their state-of-the-art practical, aesthetic, and physical qualities. They are also capable of resisting harsh weather conditions and provide more flexibility and longevity. Hence, they are nowadays used to build a wide range of structures, such as garden items, paths, terraces, roofs, bridges, underwater structures, temporary installations, and many more. This type of Composite don’t attract dirt. However, countries possessing higher wood production prefer pure wood more than these alternative composites. It may hamper the wood plastic composite market growth in the coming years.
Small & Medium Companies Aim to Intensify Competition by Adopting Acquisition Strategy
The market houses more than 100 manufacturers of Wood Plastic Composite. Out of these, the medium- and small-scale manufacturers are adopting the strategy of mergers and acquisitions with renowned enterprises. Such initiatives are helping them to broaden their product offerings and improve other related services. Small companies are also gaining lots of experiences from the industry giants to compete in the market.
Fortune Business Insights™ lists out the names of all the companies operating in this market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global market is segmented on the bases of:
Value (USD Billion) and Volume (Kilo Tons)
By Application Area