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Wood Plastic Composite Market to Exhibit 8.57% CAGR till 2027; High Demand for Environmentally-friendly Products to Spur Growth

May 26, 2020 | Chemicals & Materials

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/wood-plastic-composite-market-102821


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:



  • Seven Trust (China)

  • Meghmani Group (India)

  • Beologic (Belgium)

  • Trex Company, Inc. (U.S.)

  • UFP Industries, Inc. (U.S.)

  • Fiberon LLC (U.S.)

  • Axion International, Inc. (U.S.)

  • Josef Ehrler GmbH & Co KG (Germany)

  • Croda International Plc (UK)

  • CertainTeed (U.S.) 

  • Others


A Notable Industry Development-



  • August 2018: Fiberon, provider of building materials headquartered in North Carolina, will soon be acquired by Fortune Brands Home & Security. The latter signed an agreement to acquire the former by investing USD 470 million. With the help of this deal, Fiberon will be able to become a part of Fortune’s Doors & Security segment. It would consist of doors of Therma-Tru brand. These doors are equipped with recycled Wood Plastic Composite.


Further Report Findings-



  • Based on application, the decking segment held 55.55% market share in 2019 backed by the rising demand for decking from the construction industry.

  • North America generated USD 2.24 billion revenue in 2019 stocked by the higher demand for environmentally-friendly and sustainable products in this region.

  • Europe is expected to grow significantly owing to the contribution of developed countries, such as Australia, the U.K., and Germany. They are the major consumers in this region.


The global market is segmented on the bases of:










































 ATTRIBUTE



 DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion) and Volume (Kilo Tons)



Segmentation



By Material



  • Polyethylene

  • Polypropylene

  • Polyvinyl chloride

  • Others



 



By Application Area



  • Decking

  • Automotive

  • Sliding & fencing

  • Technical Application

  • Furniture

  • Consumer Goods

  • Others



 



By Geography



  • North America (U.S. and Canada)

  • Europe (Germany, France, UK, Spain, Australia, Switzerland, and Rest of Europe)

  • Asia Pacific (China, India, Japan, South Korea, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)


Wood Plastic Composite Market
  • PDF
  • 2019
  • 2016-2018
  • 200

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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