The global wood plastic composite market is expected to reach USD 9.77 billion by 2024, according to a new report by Grand View Research, Inc. Increasing demand for wood plastic composites in construction industry particularly in decking, fencing, and molding & siding applications is expected to be the key driver for the market growth. Superior mechanical strength, low maintenance and weight reduction offered by these products are expected to propel demand in the construction industry over the next eight years.
Rising automakers focus towards making every automotive part biodegradable, and recyclable is expected to open new avenues for the material over the next eight years. The product is used in door panels, seat cushions, cabin linings, backrests, and dashboards. The most commonly used wood species for commercial wood plastic composite products include maple, oak, and pine. Product cost and regional availability of raw material are expected to be a key factor for wood plastic composites manufacturers over the projected period.
Rising application scope for wood plastic composites for manufacturing various other products including musical instruments, shoe soles, toys, and trays is expected to have a positive impact on the market growth. Growing demand for bio-plastics in niche applications such as household electronics and edge protection for packaging is expected to propel demand over the projected period.
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Further key findings from the study suggest:
- North America was the largest segment for the Wood Plastic Composite market in 2015 accounting over 45% of the global volume. Growing construction sector in the region owing to rising investments in new infrastructure projects is expected to augment growth. Furthermore, increasing residential and commercial building renovation activities in the region is expected to have a positive impact on the growth.
- Polyethylene based wood plastic composites dominated the industry accounting over 55% of the market share. Excellent molecular bonding stability and structure offered by polypropylene, which makes the product robust, is expected to be a key factor for the product demand.
- Europe demand for wood plastic composites in automotive applications was valued over USD 65 million in 2015. Automotive industry is the most crucial sector in the Europe and accounts over 4% of European GDP. Germany dominated the premium car production in 2015 accounting over 40% of the total market. Adoption of new technologies, increasing use of bio-based products and high investments in R&D are expected to open new avenues for the product market.
- Key players in the industry include Advanced Environmental Recycling Technologies, Inc., Axion International, Inc., Fkur Kunststoff GmbH, Beologic N.V., Certainteed, Fiberon, LLC, JELU-WERK J. Ehrler GmbH & Co. KG, Guangzhou Kindwood Co. Ltd., Josef Ehrler GmbH & Co. Kg, Polymera, Inc., Renolit, Polyplank AB, Tamko Building Products, Inc., Timbertech and Trex Company, Inc.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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