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The global wood plastic composite market size was USD 4.77 billion in 2019 and is projected to reach USD 9.03 billion by 2027, exhibiting a CAGR of 8.57% during the forecast period.
Wood Plastic Composite is the combination of natural wood such as saw wood or wood shavings and plastic fibers. It increases the durability and the moisture resistance of indoor as well as outdoor applications. The material selection is largely dependent upon the manufacturer’s preference, and it is based on the general properties of each component as well as availability. The wood floor with a weight of 30 to 40% is mixed with the corresponding amount of plastic and coupling agent. They are becoming more and more commonplace with the help of the development of new production techniques and processing equipment, and thus more than 100 companies are involved in the manufacturing of these composites worldwide.
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Replacement of Wood with Wood Plastic Composite to Have Bright Side in Future
Decking plays a prominent role in wood-plastic composites as the versatility of the hybrid formulation goes far beyond the back patio. They are an effective stand-in for a wide range of products. They are compatible with most plastic processing tooling and are more efficient to produce as compared to traditional woodworking. Most of the machinery that is capable of molding conventional plastics can also be used to mold wood-plastic composites. Wood-plastic composites are the highest growing plastic additives in today’s world. New applications for wood-plastic composites are continuously being realized. From the applications such as car speakers, vehicle interiors, home furniture, and kitchen accessories, the composites are providing longevity, sustainability, and cost savings in new consumer sectors. These composites would continue to emerge as solutions to new product development challenges in the projected future.
North America Wood Plastic Composite Market Size, 2016-2027 (USD Billion)
Growing Demand for Wood Plastic Composite in Construction Industry to Drive the Market
Wood-plastic composite (WPC) is a material that looks similar to wood and has all the superlative properties of plastic. It is, thus being used more and more in the building and construction industry. The number of manufacturers of these composites is growing day by day and the range of WPC is impressive. The wide availability of WPC and its unique qualities have made it a very popular choice amongst customers. The fusion of plastic and wood offers unique physical, aesthetic, and practical qualities, while making a structure comfortable, beautiful, and durable. thus, the result of using plastic and wood is both fashionable and practical. The longevity, flexibility, and weather resistance of composites means they can also be used to make a range of various building structures, such as temporary installations, underwater structures, bridges, roofs, terraces, paths, and garden products. Structures made from these composites don’t crack and fade or warp. They don’t need any special protective products. Moreover, dirt doesn’t stick to them. All you need to do is wash them with water and it is safe when it comes to splinters or slipping over. Thus, the high demand from the construction industry is expected to drive the market.
Increased Focus on Environment-Friendly Products in Automotive is Driving the Market
Wood Plastic Composite has a very high potential and is sustainable green material to achieve durability without the excessive use of toxic chemicals. In comparison to the other fibrous materials, plant-based ﬁbers are generally suitable for reinforced plastics due to their relatively high stiffness and strength, low cost, biodegradability, low density, low CO2 emission, and annually renewable properties.
While many of the automakers are targeting to make maximum part of the vehicle biodegradable or recyclable, there is a heavy scope for this type of Composites as they are biodegradable polymers and plant-based. They enhance mechanical strength, acoustic performance, reduce material weight, lower production cost and fuel consumption, improve passenger safety, provide shatterproof performance under extreme temperature changes, and improve biodegradability for the automotive interior parts. Thus, many targets are achieved due to the implementation of these composites in the automotive market and these factors are expected to drive the market.
High Initial Cost of Wood Plastic Composite to Hamper Growth
The initial cost associated with these composites is high. For instance, the purchase costs of plastic wood composites decking are higher than that of wood and plastic. Wood decking and plastic decking are cheaper than composites decking. Many of the countries that are rich in wood production prefer pure wood over Wood Plastic Composite. Moreover, the composites are mixing of wood fibers and plastics, and not 100% real, therefore, the thermal expansion of materials and shrinkage of plastic should be considered at the time of installation. Many projects cause the thermal expansion of the floor to curve as there is no gap between the boards.
Polyethylene Segment to Hold the Largest Share in the Market
Based on material, the wood plastic composite market is classified into polyethylene, polypropylene, polyvinyl chloride, and others. The polyethylene segment has attracted significant interest in both academic and technological areas as they can combine the remarkable properties of wood with the versatility, processability, and mechanical properties of polyethylene. In the case of polyethylene, as per the requirements and needs, it can be molded and shaped into different shapes and sizes. So, due to this, it has major applications in the making of doors and windows which will give a rich look and fine polishing. Moreover, WPC is a promising and cost-effective substitute for plywood due to its various characteristics.
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Decking Segment to Hold the Largest Share in the Global Market
Based on the application area, the market is segmented into decking, automotive, sliding & fencing, technical application, furniture, consumer goods, and others. The decking segment holds the largest market share. Such composites are widely used in various applications, as the construction sector is registering very healthy growth, and thus the demand for decking is increasing at a fast pace. The usage of these composites in decking has many benefits and also improves the concrete quality of the material. They are used in decking to improve durability and strength.
These composites are usually used in automotive applications as an eco-friendly alternative material for conventional plastics. In the past decades, Greenpeace groups and NGOs in various regions are increasingly addressing the hazardous impacts of chemicals. The chemical industry is hence, inclined towards cleaner chemical processes or materials by the design of innovative and environmentally caring chemical reactions. The environmentally friendly substances are thus highly adopted by the automotive industry.
North America Wood Plastic Composite Market Size, 2019 (USD Billion)
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This market size in North America stood at USD 2.12 billion in 2019. The region holds the largest share in the market owing to the increasing demand for environmentally friendly products and solutions in the region. A major application of the composites in this region is decking. Moreover, India and China are marching towards rapid industrialization and this is likely to drive the growth of the market. The market in the Asia Pacific is characterized by an increase in the demand from the construction industry, as well as improvement in road construction activities, buildings, and many more. Furthermore, the market in Europe is expected to rise due to the environmental measures adopted by the region. Germany, the U.K., and Australia are the major consumers in this region. The market in Latin America and the Middle East & Africa is expected to have steady growth in the forecast period. The market is expected to gain strong demand due to an increase in the construction activities in these regions during the forecast period.
Moreover, the pandemic COVID-19 is expected to have an adverse effect on this market all over the globe. The impact of COVID-19 is expected to reflect in the year 2020 and 2021 very severely, as the lockdowns in various countries are preventing people to go out and work and the construction industry is expected to be on hold for few months or maybe for a year. It is majorly a labor-based industry and thus, the pandemic is expected to have a heavy impact on this market. In addition to it, all the production is on hold and all the trades are also sealed. So, there is no production. Owing to this, no import and export is possible. Hence, the market is expected to decline in the year 2020 and 2021, until the full elimination of the impact of COVID-19 takes place. The market is expected to grow again from 2022 and is expected to have high growth during the forecast period, by the end of2027.
Key Players to Accept Merger and Acquisition Growth Strategies to Maintain Their Dominance in this Market
The competitive landscape of this market depicts a fragmented scenario with more than 100 companies accounting for the global wood plastic composite market revenue. Key players operating in the market are always active in the research and development of several wood products. A broad product portfolio, supported by superior operational efficiency, and safe & novel technology development for composites application, are the strategies used by the market leaders for their growth.
Furthermore, small and medium-scale companies have adopted the strategy of mergers and partnerships with larger enterprises to improve their product offerings and other related services. This trend is projected to positively impact the global market during the forecast period as the smaller companies can gain a lot from the experience of the market leaders.
The wood plastic composite market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, material, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
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Value (USD Billion) and Volume (Kilo Tons)
By Application Area
Fortune Business Insights says that the global market size was 4.77 billion in 2019 and is projected to reach USD 9.03 billion by 2027.
In 2019, the market value stood at USD 4.77 billion.
Growing at a CAGR of 8.57%, the market will exhibit steady growth in the forecast period (2020-2027).
Decking segment is expected to be the leading segment in this market during the forecast period.
An increase in demand from the construction industry is driving the demand for these products.
North America held the highest market share in 2019.
Demand for environment friendly products for building and construction is supporting the adoption of Wood Plastic Composite.
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