Wood Plastic Composites Market Share

Global Wood Plastic Composites Market Overview

Wood Plastic Composites Market Size was valued at USD 4.57 billion in 2023. The Wood Plastic Composites industry is projected to grow from USD 5.09 Billion in 2024 to USD 10.83 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.91% during the forecast period (2024 - 2032). Increased demand for sustainable products to reduce the carbon footprint in the environment and growing production of automobiles in emerging economies are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Wood Plastic Composites Market Trends

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  Growing demand for wood plastic composite in the construction industry drives market growth.

  
  

Wood plastic composite is a material that looks similar to wood and has all the excellent properties of plastic. Thus, it is being used increasingly in the building and construction industry. The number of manufacturers of these composites is growing daily, and the range of WPC is impressive. The wide availability of WPC and its unique qualities have made it a popular choice amongst customers. The fusion of plastic and wood offers unique physical, aesthetic, and practical qualities while making a structure comfortable, beautiful, and durable. Thus, using plastic and wood is both fashionable and practical. The longevity, flexibility, and weather resistance of composites mean they can also be used to make a range of various building structures, such as temporary installations, underwater structures, bridges, roofs, terraces, paths, and garden products. Structures made from these composites don't crack and fade, or warp. They don't need any special protective products.

Moreover, dirt doesn't stick to them. All you need to do is wash them with water, which is safe when it comes to splinters or slipping over. Thus, the high demand from the construction industry is expected to drive the market CAGR.

Additionally, Increased focus on environment-friendly products in automotive is driving the market; wood plastic composite has a very high potential and is sustainable green material to achieve durability without the excessive use of toxic chemicals. Compared to the other fibrous materials, plant-based fibers are generally suitable for reinforced plastics due to their relatively high stiffness and strength, low cost, biodegradability, low density, low CO2 emission, and annually renewable properties. While many automakers are targeting to make the top part of the vehicle biodegradable or recyclable, there is a heavy scope for this Type of Composite as they are biodegradable polymers and plant-based. They enhance mechanical strength, and acoustic performance, reduce material weight, lower production cost and fuel consumption, improve passenger safety, provide shatterproof performance under extreme temperature changes, and improve biodegradability for the automotive interior parts. Thus, many targets are achieved due to the implementation of these composites in the automotive market, and these factors are expected to drive the Wood Plastic Composites market revenue.

Wood Plastic Composites Market Segment Insights

Wood Plastic Composites Type Insights

Based on type, the Wood Plastic Composites market segmentation includes polyethylene, polyvinyl chloride, and others. The polyethylene segment dominated the market, owing to its heavy use in the niche application segments such as water-resistant coatings on furniture and high-temperature controllable wooden units.Growing demand for polyvinylchloride thermoplastics in automotive applications for manufacturing door panels, seat cushions, cabin linings, backrests, and dashboards on account of its excellent insulation properties is expected to have a positive impact on the market growth over the forecast period. Polyvinyl chloride thermoplastics have insulation properties and are thus employed in the manufacturing of insulative products for applications in the electrical and automotive industries.

Figure1:  Wood Plastic Composites Market, by Type, 2022 & 2032(USD billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Wood Plastic Composites End-use Industry Insights

Based on the end-use Industry, the Wood Plastic Composites market segmentation includes building & Construction, automotive, consumer goods, and others. The building & construction segment dominated the market, increasing infrastructural development activities in emerging economies such as China, India, Thailand, and Brazil, coupled with the growing demand for aesthetically appealing furniture and flooring solutions across the globe, has surged the demand for wood plastic composite in the construction industry. Rising demand for various wood plastic-based wood products in construction applications, especially for decking, is expected to propel market growth.

Wood plastic composites Products Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American wood plastic composites market area owing to the rising income levels and shifting consumer preference towards green buildings, will boost the market growth in this Region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2:  WOOD PLASTIC COMPOSITES MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Wood Plastic Composites market accounts for the second-largest market share due to the environmental measures adopted by the Region. Further, the German Wood Plastic Composites market held the largest market share, and the UK Wood Plastic Composites market was the fastest-growing market in the European Region.

The Asia-Pacific Wood Plastic Composites Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increased per capita income coupled with rapid industrialization. Moreover, China’s Wood Plastic Composites market held the largest market share, and the Indian Wood Plastic Composites market was the fastest-growing market in the Asia-Pacific region.

Wood plastic composites Key Market Players& Competitive Insights.

Leading market players are investing heavily in research and development to expand their product lines, which will help the wood plastic composites market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The wood plastic composites industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Wood Plastic Composites industry to benefit clients and increase the market sector. The Wood Plastic Composites industry has offered some of the most significant medical advantages in recent years. Major players in the Wood Plastic Composites market, including AXION STRUCTURAL INNOVATIONS LLC (US)— STRUCTURE, CertainTeed (US)-Panorama, Fiberon (US) ArmorGuard, FKUR Kunststoff GmbH (Germany)— Fibrolon S 7530, Croda International Plc (UK)-Atmer 7300, Polyplank AB (Sweden)-Algustrum Plus Blank, TAMKO (US)-EverGrain, Trex Company, Inc (US)— TRANSCEND, HARDY SMITH (India)-WPC door line, Universal Forest Products, Inc (US), and others, are attempting to increase market demand by investing in research and development operations.

Trex Company, Inc. manufactures wood-alternative composite decking, railing, and other outdoor items made from recycled materials. Headquartered in Winchester, Virginia, Trex is the world's largest wood-alternative decking and railing manufacturer. Trex composite products are made of 95% recycled materials. Trex Company Inc. enhanced its brand footprint by expanding Amerhart Limited into Eastern Missouri. Amerhart Limited is one of the largest independently owned building materials distributors. It has acquired Lumberyard Supply Co. to strengthen its distribution network in the Midwest region, including Wisconsin, Illinois, Minnesota, Michigan, and Missouri.

CertainTeed is a North American manufacturer of building materials for commercial and residential Construction and is a wholly owned subsidiary of Saint-Gobain SA, based in Paris.CertainTeed expanded the distribution of North Gate SBS-Modified Asphalt Roofing Shingles into new areas of North Dakota, South Dakota, Kansas, Missouri, Iowa, Minnesota, Illinois, Wisconsin, Alberta, Saskatchewan, and Manitoba as well as select areas of Nebraska, Michigan, and Ontario.

Key Companies in the wood plastic composites market include

• AXION INTERNATIONAL INC.


• BIOLOGIC N.V.


• ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES INC.


• FIBERON LLC


• FKUR KUNSTSTOFF GMBH


• CERTAINTEED CORPORATION


• POLYMER INC.


• TIMBERTECH LTD


• TREX COMPANY INC.


• TAMKO BUILDING PRODUCTS INC

Wood plastic composites Industry Developments

March 2022: KaraMD announced Pure Health Apple Cider Vinegar Gummies, a vegan gummy to aid ketosis, digestion regulation, and weight management and encourage greater energy levels.

January 2022: Solace Nutrition, a US-based medical nutrition company, bought R-Kane Nutritionals' assets for an unknown sum. This asset acquisition enables Solace Nutrition to develop synergy between brands, accelerate growth, and establish a position in an adjacent nutrition sector. R-Kane Nutritionals is a firm established in the United States specializing in high-protein meal replacement products for weight loss.

February 2021: Hydroxycut's newest creation, CUT Energy, a delectable clean energy drink, was released. This powerful mix was carefully formulated for regular energy drink consumers, exercise enthusiasts, and dieters looking to lose weight.

Wood Plastic Composites Market Segmentation

Wood Plastic Composites Type Outlook

• Polyethylene


• Polyvinyl Chloride


• Others

Wood Plastic Composites End-use Industry Outlook

• Building & Construction


• Automotive


• Consumer goods


• Others

Wood Plastic Composites Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America