Wood Plastic Composites Market Size & Share, by Product Type (Polyethylene, Polypropylene, Polyvinylchloride); Application (Building & Construction, Automotive Components, Industrial & Consumer Goods) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

Growth Drivers

• Growing Generation of Plastic Waste: Over 349 million metric tonnes of plastic trash are currently produced annually by humans. Global plastic trash output is anticipated to triple by 2060, reaching a startling one billion metric tonnes, if present regulations remain unaltered. As a result, with the growing production of wood plastic composite, plastic waste could be handled to some extent. Many organizations are carrying out research on the use of recycled plastic in composites.
• Surge in Global Warming: Concrete or steel are carbon-intensive material that contributes to the emission of CO2 further leading to global warming. About 9% of emission which is responsible for global warming is encouraged by the cement industry. Hence, wood and plastic composite is considered to be the future of architecture. Moreover, wood and plastic composite houses are also estimated to keep the structure cool as well as warm in winter. Consequently, owing to the growing temperature people's preference for wood-plastic composite infrastructure is on the rise.
• Growing Municipal Engineering Activities : Various municipal engineering activities such as the construction of parks and pavement are on the surge. However, municipal organizations are focusing greatly on including wood plastic composite as their primary material. Therefore, this is estimated to encourage wood plastic composites market demand.

Challenges

• High Price of Wood Plastic Composite - The market is expected to be hampered by the wood plastic composite's high initial cost since wood-producing nations such as the US, Russia, Canada, and others won't choose it over alternatives including pure wood and plastic, which are more affordable. Wood plastic composite is made from an uneven mixture of wood fibers and polymers that must go through a number of physical and chemical processes. Given this, it must be installed with consideration for the product's resistance to thermal expansion, which drives up the price of the finished good.
• Lack of Awareness Among People & Industry Regarding Its Benefits
• Low Resistance to Extreme Temperature