The Global Wood Plastic Composite Market is projected to reach a value of over USD 11.8 Billion by 2027 at a CAGR of around 11.5%.
Woodplastic composite is a material that comprises waste wood and recycled plastic. It has beneficiary features such as reduced melting temperature resulting in lower energy costs for producers and further reducing the products environmental impact. Resistance to rot, dimensional stability, excellent thermal properties, low moisture absorption, good stiffness, and impact resistance are some of the excellent properties of wood plastic composite. These properties make it suitable for a wide array of applications such as interiors, home furniture’s, speakers, kitchen accessories and many others.
Market Driver:
Increasing demand for woodplastic composite from the construction industry has expected to drive the product market growth during the forecasted period due to its unique physical, aesthetic, and practical qualities of both wood and plastic. Woodplastic composite is a material which has superlative properties of plastic and similar look like wood due to which it is gaining popularity in the building and construction industry. Moreover, the wide availability of wood plastic composite in unique quantities and is used in various building structures such as underwater structures, temporary installations, roof, paths, and others.According to U.S. Census Bureau, in June 2020 new 36,52,000 residential buildings were constructed.
Market Restraint:
Higher initial investment cost associated with these composite is anticipated to hinder the growth of the woodplastic composite market. For instance, the purchase costs of wood plastic composites decking higher than that of plastics and wood. Plastic decking and wood decking are cheaper than that of composite decking. Some countries such as India, China, and Brazil are rich in wood production and prefer wood over wood plastic composites. Moreover, the composites are mixtureof plastics and wood fibers and not 100% real.Therefore,it has a good thermal expansion of the material and shrinkage of plastic which may cause the floor to curve. Thus, higher initial investment cost has anticipated ti hinder the growth of wood plastic composite market.
The report on the wood plastic compositemarket covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
Base Year for Market Calculation |
2020 |
Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million), Volume (Kiloton) |
Segments Included |
Type, Application, and Region |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Wood Plastic Composite Market, by Type
Wood Plastic Composite Market, by Application
Wood Plastic Composite Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE WOOD PLASTIC COMPOSITE MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY