Increase in demand for wood plastic composites in building and automobile sectors and wide application in interiors, home furniture, and kitchen appliances drive the growth of the global wood plastic composites market.
PORTLAND, Ore., May 25, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Wood Plastic Composites Market by Application (Building and Construction, Automotive Components, Industrial and Consumer Products, Others), by Type (Polyethylene, Polyvinylchloride, Polypropylene, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030". According to the report, the global wood plastic composites industry generated $5.4 billion in 2020, and is anticipated to generate $12.6 billion by 2030, witnessing a CAGR of 8.9% from 2021 to 2030.
Prime determinants of growth
Increase in demand for wood plastic composites in building and automobile sectors and wide application in interiors, home furniture, and kitchen appliances drive the growth of the global wood plastic composites market. However, rise in cost of R&D hinders the market growth. On the other hand, the emergence of greenwood plastics composites presents new opportunities in the coming years.
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- The outbreak of the Covid-19 pandemic has had a negative impact on the growth of the global wood plastic composites market, owing to implementation of the global lockdown that led to temporary closure of manufacturing facilities.
- The pandemic had further disrupted the supply chain, due to restrictions in the export & import activities across various nations.
- Various construction projects were either delayed or cancelled due to shortage of raw material and unavailability of labor force. The automobile sector suffered losses due to decline in sales. These factors decreased the demand for wood plastic composites and hampered the market growth.
The building & construction segment to maintain its leadership status throughout the forecast period
Based on application, the building & construction segment held the highest market share in 2020, accounting for nearly three-fourths of the global wood plastic composites market, and is estimated to maintain its leadership status throughout the forecast period. In building & construction applications, wood plastic composites are widely used in decking, molding & sliding, and fencing, which in turn, is acting as a driving factor for the segment. However, the automotive components segment is projected to manifest the highest CAGR of 9.2% from 2021 to 2030, due to rise in demand for recyclable and lightweight materials.
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The polyethylene segment to maintain its lead position during the forecast period
Based on type, the polyethylene segment accounted for the largest share in 2020, contributing to more than two-thirds of the global wood plastic composites market, and is projected to maintain its lead position during the forecast period. This is owing to its high demand in manufacturing furniture for homes, offices, restaurants, resorts, and hospitals. However, the polyvinylchloride segment is expected to portray the largest CAGR of 10.0% from 2021 to 2030, due to its excellent insulation properties.
Asia-Pacific to maintain its dominance by 2030
Based on region, Asia-Pacific held the highest market share in terms of revenue 2020, accounting for nearly half of the global wood plastic composites market. Moreover, the same region is expected to witness the fastest CAGR of 9.1% during the forecast period. This is attributed to high demand from the emerging countries, such as South Korea, India, and China. The research also analyzes regions including North America, Europe, and LAMEA.
Leading Market Players
- Timbertech Ltd.
- Trex Company, Inc.
- Beologic N.V.
- FKUR Kunststoff GMBH
- Fortune Brands Inc.
- JELU-WERK J. Ehrler GmbH & Co. KG
- Renolit SE
- Universal Forest Products, Inc.
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