Pune, India, June 09, 2022 (GLOBE NEWSWIRE) — According to a premium research report by Fortune Business Insights™, the global wood plastic composites 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. The report further mentions that the wood-plastic composites 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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Fortune Business Insights™ lists out all the manufacturers of wood plastic composites present in the 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.)
Drivers & Restraints-
Increasing Usage of Sustainable Fibers to Boost Growth
Wood plastic composites are green materials that have high potential in bringing about sustainability. They don’t contain excessive chemicals that may pose toxic for the environment and are durable in nature. Plant-based fibers are mainly used in reinforced plastics, instead of fibrous materials as they are cost effective, robust, highly stiff, and annually renewable. Such fibers also emit less carbon dioxide, have low density, and possess biodegradability properties. Numerous automakers worldwide are aiming to develop biodegradable or recyclable parts of vehicles by using sustainable wood plastic composites. They would aid in lowering fuel consumption and production cost, offering shatterproof performance under harsh weather conditions, enhance passenger safety, lower weight of the material, and improve acoustic performance. However, wood plastic composites require higher initial cost spending. It may obstruct growth.
|Market size value in 2019
||USD 4.77 Billion
|Revenue forecast in 2027
||USD 9.03 Billion
||CAGR of almost 8.57% 2020-2027
||2016 – 2018
||2020 – 2027
||By Product Type, By Application, and By Geography
||Value (USD Billion), and Volume (Units)
||Revenue in USD million/billion and CAGR from 2020 to 2027
||North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World
||Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
|Number of Companies Covered
||Aurora Cannabis Inc. (Edmonton, Canada), Aphria Inc. (Leamington, Canada), Canopy Growth Corporation (Canada), MedReleaf Corp. (Edmonton, Canada), Cronos Group Inc. (Toronto, Canada), GW Pharmaceuticals, plc. (Cambridge, U.K.), CannTrust Holdings Inc. (Vaughan, Canada), VIVO Cannabis Inc. (Ontario, Canada), Tilray (Nanaimo, Canada), OrganiGram Holdings (Moncton, Canada)
||Wood plastic composites market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company wood plastic composites market share analysis, and COVID-19 impact analysis.
||Avail customized purchase options to meet your exact research needs.
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Decking Segment to Grow Rapidly Owing to High Demand from Construction Sector
Based on application, the decking segment held 55.55% wood plastic composites 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.
This Report Answers the Following Questions:
- What are the trends, opportunities, challenges, and drivers in the market?
- Which segment is anticipated to lead the wood plastic composites market in terms of share?
- Which region would top in terms of revenue in the coming years?
- How will the wood plastic composites manufacturers compete in the market?
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 composites 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.
Key Companies Follow Acquisition Strategy to Gain Competitive Edge
The wood plastic composites market is fragmented with the presence of more than 100 organizations accounting for the total revenue across the globe. They are constantly investing huge sums in research and development activities to innovate their in-house wood plastic composites. Some of them are also adopting the strategy of mergers and acquisitions to enhance their product offerings.
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Below are a couple of the latest industry developments:
- August 2018: Alvic Plastics Limited was acquired by BSW Group. This new deal would aid BSW in broadening its product portfolio and production capacity. It would also enable the company to bring in diversification to increase its range of products.
- November 2015: Vannplastic Limited, a prominent manufacturer of wood plastic composite was acquired by the Boral Epwin Group for an initial consideration of approximately USD 5.67 million. It would aid Boral in widening its line of low maintenance building materials.
Detailed Table of Content:
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Global Wood Plastic Composite Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material
- Polyvinyl chloride
- Market Analysis, Insights and Forecast – By Application
- Sliding & fencing
- Technical Application
- Consumer Goods
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia pacific
- Latin America
- Middle East & Africa
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
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