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Wood Plastic Composite Industry Size, Share & Growth Projections 2032
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The global Wood Plastic Composite market is likely to gain impetus from their increasing application in kitchen accessories, home furniture, vehicle interiors, and car speakers. They are considered to be the highest growing plastic additives at present. This information is given by Fortune Business Insights™ in a recently published report, titled, “Wood Plastic Composite Market Size, Share & Industry Analysis, By Material (Polyethylene, Polypropylene, Polyvinyl Chloride and Others), By Application (Decking, Automotive, Sliding & fencing, Technical Application, Furniture, Consumer Goods and Others), and Regional Forecast, 2025-2032.” The report further mentions that 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.
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This Report Answers the Following Questions:
- What are the trends, opportunities, challenges, and drivers in the market?
- Which segment is anticipated to lead the market in terms of share?
- Which region would top in terms of revenue in the coming years?
- How will the Wood Plastic Composite manufacturers compete in the market?
Key Market Drivers & Restraints:
Drivers
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Sustainability Advantage: WPCs are eco-friendly, free from harmful chemicals, and durable.
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Automotive Applications: Automakers are increasingly using WPCs to produce lightweight, recyclable parts that lower fuel consumption, improve passenger safety, and enhance acoustic performance.
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Cost-Effective Plant Fibers: Use of plant-based fibers in reinforced plastics reduces cost, improves stiffness, and offers biodegradability.
Restraint
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High Initial Costs: WPC production involves higher upfront costs, which can limit adoption in price-sensitive markets.
Segment-
Decking Segment to Grow Rapidly Owing to High Demand from Construction Sector
Based on application, the decking segment held 55.55% Wood Plastic Composite market share in 2019. This growth is attributable to their increasing demand from the construction industry. The process of decking requires the usage of such composites as they possess several benefits that help in refining the quality of the material of concrete. They are also used to improve strength and durability.
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Regional Analysis-
Rapid Industrialization in China & India to Favor Growth in Asia Pacific
In terms of region, North America procured USD 2.24 billion revenue in 2019 stocked by the rising demand for environmentally-friendly solutions and products in this region. In addition to this, the rising application of Wood Plastic Composite in decking would drive growth. In Asia Pacific, developing countries, such as China and India are experiencing rapid industrialization. Coupled with this, the improvements and modernizations in buildings and road construction activities would accelerate growth in this region. The Middle East and Africa and Latin America are set to exhibit steady growth fueled by the surging number of construction activities in both regions.
Competitive Landscape:
The market is highly fragmented, with over 100 players. Key strategies include R&D investments, product innovation, and mergers & acquisitions to strengthen market position.
Recent Industry Developments
- Feb 2021: Teknor Apex Co. introduced new weatherable compounds for dark-colored WPC decking, offering better aesthetics, lower maintenance, and a longer lifespan.
- May 2021: KTH Royal Institute of Technology developed a 100% renewable transparent WPC using limonene acrylate from citrus peel waste, achieving 90% optical transmittance for structural applications.
Fortune Business Insights™ lists out all the manufacturers present in this market. They are as follows:
- Seven Trust (China)
- Meghmani Group (India)
- Beologic (Belgium)
- Trex Company, Inc. (U.S.)
- UFP Industries, Inc. (U.S.)
- Fiberon LLC (U.S.)
- Axion International, Inc. (U.S.)
- Josef Ehrler GmbH & Co KG (Germany)
- Croda International Plc (UK)
- CertainTeed (U.S.)
- Others
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