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LONDON , Sept. 8, 2022 /PRNewswire/ -- The Global Wood Plastic Composite Market size was valued at USD 5920.3 Million in 2021 and is expected to reach USD 13418.6 Million by 2028 with a CAGR of 12.4% over the forecast period.
Wood Plastic Composite Market Size, Share & Trends Analysis Report by Application Type (Building And Construction Products, Automotive Components, Industrial & Consumer Goods), By Type (Polyethylene, Polyvinylchloride, Polypropylene), Based On Region, And Segment Forecasts, 2022 – 2028. Increasing Requirement For Durable And Lightweight Goods In The Construction And Automotive Sectors Is Predicted To Power Market Growth.
Wood Plastic Composite Market: Market Scope
The global wood plastic composite market is seeing a growth in the market continuously and the growth is going to compound in the years to come. This market is driven by the rise in the demand for the sustainable construction material along with the increase in the renovation and also the repair activities in the residential sectors across the world. The pandemic has caused a partial or even entire shutdown of the products which are non-essential in the manufacturing facilities which has impacted the market. This is due to the extended lockdowns in many nations like China , India , the US, Japan as well as Germany and many other countries. This has caused a suspension and closure of manufacturing activities in most of the industrial units. Wood Plastic Composite market size however is going to see a good comeback as the manufacturing companies are back to working full tilt.
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Wood Plastic Composite Market: Competitive Analysis
Some of the major wood plastic composite floorings market companies are Advanced Environmental Recycling Technologies, Inc. (AERT), Axion Structural Innovations LLC. Beologic N.V. CertainTeed Corporation, Fiberon, LLC, Fkur Kunststoff GmbH, Guangzhou Kindwood Co. Ltd., Jelu-Werk Josef Ehrler GmbH & Co. KG, Woodmass, PolyPlank AB, Renolit, TAMKO Building Products, Inc., TimberTech, Trex Company, Inc. and Universal Forest Product. The wood plastic composite market share for companies will depend upon their innovation and how they are able to market their product. Significant investments will be required in the product launches.
Wood Plastic Composite Market: Key Drivers
The forecast for wood plastic composite market was impacted due to the pandemic but before that there was great usage. The wood plastic composite has a really low melting temperature when it comes to the conventional wood products and that offers advantages such as the lowering of energy cost for the end users and also reduces the impact on the environment.
Wood plastic composite has a lower melting temperature compared to conventional wood products, which lowers the energy cost for end-users and reduces the environmental impact of the product. Wood plastic composite can be worked upon by the same tools utilized for wood products. This factor eliminates the investments to be made by the manufacturers and the risks associated with recouping the same.
The biggest companies in the world are now making an investment in the megaprojects for building sustainable and smart cities all over the world. the investments in many cities have been expected to increase in the coming years. Further, there are international megaprojects like Masdar City and Hudson Yards has been creating opportunities for the interior construction manufacturers which is going to result in the rise in demand for the wood plastic composite in the coming years.
The wood flour is hygroscopic and needs to be wetted properly with the use of the thermoplastic matrix as, it can absorb the moisture which can lead to the development of a weak mechanical properties, microbial attacks and unwanted odors. This is a technique which requires the complex machine arrangements as well as skilled laborers resulting in an increase in the cost overall for the products. This might restrict the growth of the market in the coming years.
Wood Plastic Composite Market: Key Trends
Wood plastic composite market trends suggest that the coronavirus pandemic has been resulting in the labor shortages in industries as well as the supply chain disruption of wood composites and other raw materials from the yards. There is also the impact that the pandemic has had on the purchasing power which has decreased considerably. That is affecting the plants in the industries like construction and automobile industries. This reduced the demand for the market in the last couple of years.
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Wood Plastic Composite Market: Segmentation Analysis
The polypropylene product segment is going to be the one which is going to account for the largest market share. The segment is going to see a growth due to the heavy usage in many niche applications like the water-resistant coatings on the furniture as well as high temperature controllable wooden units. The polyvinylchloride product segment has been seeing a growth in the terms of value in last few years and the trend will continue. The growth in demand is coming from the automobile applications for the manufacture of door panels, cabin linings, seat cushions as well as dashboards due to their excellent properties of insulation and that will have a huge impact on the growth of the market.
Wood Plastic Composite Market: Regional Analysis
The market is going to see an increase in the Asia Pacific region for the coming years and the market has also been dominating the market as they are accounting for close to one third of the global revenue. This is a region which will come up to be the fastest growing region due to the increase in rapid industrialization and urbanization. This is going to be a main reason behind the growth of the market in the region. When it comes to the central and south American economies, the growth in construction is going to have a rise at a substantial level due to the rise in income levels and shifting the consumer preference towards building green buildings.
Expansion in the commercial sector with the initiatives of government for creating the awareness regarding the green buildings in the people is going to stimulate the growth of the market. There is a rise in concerns with related to the continuous fall of the global economy. There are political situations which are emerging in the regions such as China and Russia . There are trade discussions breaking down all over the world and the commercial projects are also suffering due to this however this market will still see a continuous growth in the coming years. The construction industry has been still seeing a resilient growth in the last few years in the South American region and hence it is going to be a significant market in the coming years.
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