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

  • Report ID: 5159
  • Published Date: Aug 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Wood Plastic Composites Market size is anticipated to cross USD 20 billion by the end of 2035, growing at a CAGR of about 13% through the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of wood plastic composites was approximately USD 7 billion. The major factor to boost the market expansion is the growing demand for natural fiber-reinforced composites owing to the scarcity of forests. In accordance with estimates, the use of natural fiber-reinforced composites is anticipated to increase from about 11% in 2010 to approximately 17% and 24%, respectively, by 2020 and 2030, considering the worldwide dilemma of depleting forests and fossil fuel supplies. Hence, the market demand is on the rise.

One of the most important natural fiber-reinforced composites is considered to be wood plastic composites. They are made primarily from thermoplastic polymers (polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), and polystyrene (PS), as well as biomass particles and fibers from forestry and agricultural wastes including wood, bamboo, straw, stalk, husk, and more. Therefore, with the growing concern for deforestation, the demand for wood plastic composite is estimated to rise and successfully replace conventional wood-based composites.


Wood Plastic Composites Market
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Wood Plastic Composites Sector: Growth Drivers and Challenges

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

Wood Plastic Composites Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~13%

Base Year Market Size (2022)

~ USD 7 Billion

Forecast Year Market Size (2035)

~ USD 20 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Wood Plastic Composite Segmentation

Application (Building & Construction, Automotive Components, Industrial & Consumer Goods)

The automotive components segment in the wood plastic composites market is set to garner the highest share of about 60% over the forecast period. The demand for wood plastic composites in the automotive industry is projected to rise as a result of the use of recyclable or biodegradable wood-plastic composite-based components in automobiles, which are expected to enhance durability and acoustic performance, minimize material weight and fuel consumption, decrease manufacturing costs, improve passenger safety, and perform more shatterproof. 

Product Type (Polyethylene, Polypropylene, Polyvinylchloride)

The polyvinylchloride segment is anticipated to capture is highest share of 50% over the forecast period. Over the course of the forecast period, rising demand for polyvinylchloride thermoplastic materials in automotive applications to produce door panels, seat cushions, cabin linings, backrests, and dashboards due to its high insulating capabilities is anticipated to positively affect segment’s growth.

Our in-depth analysis of the global market includes the following segments:

 

     Product Type

  • Polyethylene
  • Polypropylene
  • Polyvinylchloride

 

    Application

 

  • Building & Construction
  • Automotive Components
  • Industrial & Consumer Goods

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Wood Plastic Composites Industry- Regional Synopsis

APAC Market Forecast

The wood plastic composites market in Asia Pacific is poised to capture share of about 30% over the forecast period. The demand for the market for wood plastic composites has increased due to the growth in construction in the Asia-Pacific region in countries including India, China, and Japan due to financial improvements and an increase in individual income. Moreover, opportunities for important producers are expected to arise during the forecast period as a result of changes in China's fragmented distribution, increased local competition, and consumer behavior.

North American Market Analysis

The North America wood plastic composites market is also estimated to have significant growth by the end of 2035. The growth of the market in this region could be attributed to growing consumer preference for decorative houses. Additional since houses made from this material could be constructed faster many farmers in US opted in staying wood plastic composite structure. About 69% of people in America redecorated their homes in 2022. Whereas it was estimated that in 2021, approximately 5 in 10 Americans took decorating homes to next level. 

Research Nester
Wood Plastic Composites Market Region
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Companies Dominating the Wood Plastic Composites Landscape

top-features-companies
    • Trex Company, Inc. 
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Advanced Environmental Recycling Technologies (AERT)
    • UPM Biocomposites
    • Fiberon
    • Azek Company, Inc.
    • Certain Teed Gypsum, Inc.
    • Green Plank AB
    • Beologic
    • Tamko Building Products LLC
    • Axion Structural Innovations LLC 

In the News

  • Trex Company, Inc., the largest producer of wood-alternative decking and railing in the world as well as a pioneer in high-performance, low-maintenance outdoor living products, is always on the cutting edge of outdoor living. As such, the company has upgraded its interactive deck design tool to enable homeowners to plan every aspect of their outdoor space from the comfort of a laptop.
  • A cooperation between Fiberon, a top producer of composite wood-alternative decking and railing materials, and Hixson Lumber Company, a significant supplier of wood goods, was recently announced. Fiberon's presence is increased across Texas, Louisiana, Arkansas, and Oklahoma thanks to the agreement.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5159
  • Published Date: Aug 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are growing generation of plastic waste, surge in global warming, and growing municipal engineering activities.

The market size of wood plastic composite is anticipated to attain a CAGR of 13% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Trex Company, Inc., Advanced Environmental Recycling Technologies (AERT), UPM Biocomposites, Fiberon and others.

The automotive components segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Wood Plastic Composites Market Report Scope
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