The Global Wood Plastic Composites Market size accounted for USD 5,582 Million in 2021 and is expected to reach USD 13,244 Million by 2030 with a considerable CAGR of 10.3% during the forecast period from 2022 to 2030.
Rising demands for sustainable building materials, as well as a keep increase in reconstruction and repair activities in the residential sector nationally and internationally, are driving the wood composites market. Furthermore, the expansion of the building and construction sectors in emerging countries is due to urbanization and industrialization, all of which keep driving the global wood composites market growth.
Wood-plastic composites (WPCs) are expanding and increasingly useful engineering wood products that have been widely used in the fields of landscape, metropolitan engineering, transportation, and construction projects. Due to its exceptional properties such as high durability, serviceability, and water resistance, it has eventually replaced traditional wood-based composites. WPCs are made from wood flour and thermoplastic resins such as polyethylene, polypropylene, or polyvinyl chloride, as well as recycled polymers. During its early development, manufacturers touted numerous benefits of WPC, including high strength and modulus, exceptional biological resistance, dimensional accuracy stability, and low maintenance requirements. WPCs can be made from environmentally friendly materials such as waste wood and recycled thermoplastic polymers.
Wood Plastic Composites Market Drivers
Wood Plastic Composites Market Restraints
Wood Plastic Composites Market Opportunity
|Market||Wood Plastic Composites Market|
|Market Size 2021||USD 5,582 Million|
|Market Forecast 2030||USD 13,244 Million|
|CAGR During 2022 - 2030||10.3%|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Product, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Axion Structural Innovations LLC, Fiberon, LLC, Beologic N.V., PolyPlank AB, FkurKunststoff GmbH, Trex Company, Inc., Jelu-Werk Josef Ehrler GmbH & Co. KG, Guangzhou Kindwood Co. Ltd., TAMKO Building Products, Inc., Advanced Environmental Recycling Technologies, Inc., CertainTeed Corporation, and Universal Forest Product.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Wood Plastic CompositesMarket Dynamics
The market is being driven by an abundance of unutilized plastic and wood waste, growing adoption in the construction sector, stringent regulations on the use of chemical compounds in building materials, and an increasing emphasis on the use of environmentally sustainable products in the automotive sector. Increased use of compostable raw materials, on the other hand, is expected to open up new market opportunities. However, rising raw material costs, the high initial cost of wood plastic composites, and technological challenges such as ambient temperature, wearability, and so on limit their potential for use in a wide range of engineering materials.
WPCs are appealing, long-lasting, and useful in the construction and automotive industries. Wood-plastic composites are flexible and long-lasting, with superior mechanical properties and long-term survival. They also have exceptional weather resistance capabilities, allowing them to work in any situation involving internal or external climate scenarios. These composite materials are used in weather-exposed building structures. It is resistant to moisture, UV rays, and other environmental factors that could damage the structures. Wood-plastic composites are now used in the construction of terraces, roofs, and other building structures. As a result of these important factors, demand in the wood plastics composite market is expected to rise in the coming years.
The COVID-19 pandemic had a negative influence on the WPC market sizes. The epidemic has disrupted the global supply chain and delayed materials of composite materials as well as other raw materials from infrastructure indefinitely due to the nationwide shutdown and labor shortages. The decreasing trend in demand for composite materials was directly related to the global economic slowdown for automobiles and construction materials, restricting the global market growth.
Wood Plastic Composites Market Segmentation
The global wood plastic composites market segmentation is based on the product, application and geographical region.
Wood Plastic Composites Market By Product
Based on the product, the polyethylene segment is expected to grow significantly in the market over the next few years. Because of its physical properties and special compound arrangement, polyethylene (PE) is a commonly used form in wood-plastic composites for producing wall cladding, flooring, molding strips, lumber, hollow boards, and decking, hollow filler sections, furniture materials, and profiles. Despite the fact that polyethylene is a relatively soft material, PE-based composite deck panels are extremely simple to screw, nail, cut, and saw. Polyethylene, such as polypropylene, soaks almost no moisture and is highly chemically resistant such as oxalic acid, hydrochloric, sulfuric, and nitric. However, WPC based on polyethylene is widely used in the production of fencing, furniture, wall cladding, hollow boards, decking, and profiles, which increases wood plastic composites market share.
Wood Plastic Composites Market By Application
In terms of application, the building and construction segment held the largest market share in 2021. Steadily increasing infrastructure investment activities in emerging economies such as North America, Europe, and Asia-Pacific, combined with global demand for aesthetically pleasing home furnishings and floor coverings solutions, have increased demand for wood plastic composite in the construction sector. Furthermore, the removal of barriers to attracting international investors, combined with a shift in consumer preference toward sustainable construction, is expected to increase demand for wood-plastic composite in the construction industry in the near future. Furthermore, rising demand for low-maintenance, high-performance, and low-cost building materials that are environmentally responsible and offer maintenance-free properties is expected to drive global demand for wood-plastic composites market trend in the coming years.
Wood Plastic Composites Market Regional Outlook
The Middle East & Africa (MEA)
The North America region had a significant market share for wood-plastic composites, owing to the region's expanding regional infrastructure projects. This increase can be attributed to rising rapid industrialization and urbanization, modifications in household expenditure, and pent-up desire, all of which are rapidly driving demand in the apartment building housing industry. The growing rebuilding and renovation of old houses in the United States and Canada is also contributing to the region's construction market, which is expected to drive wood plastic composite market value. The country's strong increases in public construction and maintenance have also aided market growth. There is a booming demand for wood composite decking in the United States due to increased demand for WPCs in the construction and automotive industries, as well as an increasing desire for a modern aesthetic in residences. North America is expected to dominate the market studied during the forecast period as a result of the aforementioned factors.
Wood Plastic Composites Market Players
Some of the prominent global wood plastic composites market companies are Axion Structural Innovations LLC, Fiberon, LLC, Beologic N.V., PolyPlank AB, FkurKunststoff GmbH, Trex Company, Inc., Jelu-Werk Josef Ehrler GmbH & Co. KG, Guangzhou Kindwood Co. Ltd., TAMKO Building Products, Inc., Advanced Environmental Recycling Technologies, Inc., CertainTeed Corporation, and Universal Forest Product.
The global wood plastic composites market size accounted for USD 5,582 Million in 2021.
The projected CAGR of wood plastic composites during the analysis period of 2022 to 2030 is 10.3%.
The prominent players of the global wood plastic composites market involve Axion Structural Innovations LLC, Fiberon, LLC, Beologic N.V., PolyPlank AB, FkurKunststoff GmbH, Trex Company, Inc., Jelu-Werk Josef Ehrler GmbH & Co. KG, Guangzhou Kindwood Co. Ltd., TAMKO Building Products, Inc., Advanced Environmental Recycling Technologies, Inc., CertainTeed Corporation, and Universal Forest Product.
Asia-Pacific held the dominating share for wood plastic composites during the analysis period of 2022 to 2030.
North America region exhibited fastest growing CAGR for wood plastic composites during the analysis period of 2022 to 2030.
Increasing adoption in building and construction applications, as well as growing interest in recyclable and biodegradable materials, are the prominent factors that fuel the growth of global wood plastic composites market.
Based on product, polyethylene segment held the maximum share for wood plastic composites market in 2021.