The global Wood Plastic Composite Market Growth Accelerated by High Demand from Construction and Automotive Sectors
Wood plastic composites (WPCs) are composite materials made of wood fiber/wood flour and thermoplastic polymers like polyethylene, polypropylene, and polyvinyl chloride. They are increasingly used as an alternative to lumber in decking, fencing, and other outdoor applications due to their weatherability and zero maintenance. WPCs mimic the appearance of real wood while overcoming many of the disadvantages of traditional wood such as swelling, shrinking, rotting and requiring periodic coating with toxic preservatives. They provide high strength, durability and dimensional stability along with being lightweight and easy to install. These benefits have led to rising demand from the construction industry for applications like decking, railings, fences and cladding.
The global wood plastic composite market is estimated to be valued at US$ 8.46
Mn in 2024 and is expected to exhibit a CAGR
of 4.4% over the forecast period 2024 to 2031, as highlighted in a new
report published by Coherent Market Insights.
Market Dynamics:
Rising environmental concerns is one of the key drivers for the wood plastic
composite market. WPCs offer a more eco-friendly alternative to tropical
hardwoods and processed wood since they don't require cutting down of trees.
They also don't emit volatile organic compounds (VOCs) like certain wood
preservatives and coatings. Furthermore, many WPC producers utilize recycled
plastic content in their formulations which reduces plastic waste. The other
driver supporting market growth is increasing consumer preference for
low-maintenance outdoor building materials like WPCs which don't require
seasonal coating or staining like wood. This property makes WPC popular for
applications experiencing heavy foot traffic and weathering like decking.
SWOT Analysis
Strength: The wood plastic composite market benefits from three main strengths.
It is more environmentally sustainable than conventional wood or plastic
products. It also has superior physical and mechanical properties compared to
pure plastics. Additionally, wood plastic composites require less maintenance
and are more durable than pure wood.
Weakness: The wood
plastic composite market share faces two key weaknesses. The prices of
wood plastic composites are higher than traditional plastic products.
Additionally, cold weather can make wood plastic composites more brittle and
susceptible to breaking.
Opportunity: The market sees two major growth opportunities. Governments
globally are promoting the use of sustainable and eco-friendly products,
driving demand for wood plastic composites. Additionally, consumers are
increasingly preferring composite decking materials like wood plastics over
traditional wood due to lower maintenance needs.
Threats: Suppliers rely on both wood and plastic raw materials, exposing the
market to price volatility in these commodities. Additionally, the market could
be disrupted by new composite materials that offer better properties than wood
plastics.
Key Takeaways
The global wood plastic composite market is expected to witness high growth
over the forecast period of 2024 to 2031. The market size is anticipated to
reach US$ 8.46 million in 2024 and projected to surpass US$ 11 million by 2031,
registering a CAGR of around 4.4% during the forecast period.
Regional analysis related content
comprises
The Asia Pacific region currently dominates the global wood plastic composite
market and is expected to continue its dominance through 2031. Rapid
industrialization and infrastructure development across Asia Pacific countries
such as China and India is driving demand for sustainable and affordable
building materials like wood plastic composites. China alone accounts for over
35% of the global market owing to the country's huge production and consumption
of wood plastic composites. North America is another major market for wood
plastic composites led by expenditures on home improvement and construction in
the US.
Key players related content comprises
Key players operating in the wood plastic composite market are Abbott
Laboratories, Baxter, Piramal Pharma Solutions, Manus Aktteva Biopharma LLP,
Maruishi Pharmaceutical Co.,Ltd., Lunan Pharmaceutical Group, Abbvie, Wellona
Pharma, Rewine Pharmaceutical, and Troikaa Pharmaceuticals Limited. Established
players are focusing on expansion in lucrative developing markets through joint
ventures and acquisitions to leverage growth opportunities.
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