Wood Plastic Composite Market Overview
The global wood plastic composite market size was estimated at USD 5.3 billion in 2019 and is expected to reach USD 12.5 billion by 2027, at a growth rate of 11.4% over the forecast period.
The market is driven by the rising demand for sustainable construction materials along with an increase in the renovation and repair activities in the residential sector across the globe.
Wood plastic composite has high durability, bending strength, shear strength, low moisture content, and low water absorption, as compared to conventional wood products. These properties have made it viable for use in railings, windows, doors, exterior siding, fencing, flooring, interior molding, and landscape materials. Thus, end-users are increasingly preferring wood plastic composite products over conventional wood products.
Gather more insights about the market drivers, restrains and growth of the Global Wood Plastic Composite Market
The rising demand for single-family rental homes is surging in U.S. Builders are focusing on redesigning the models which are expected to boost product demand over the coming years. In addition, over 70% of the large urban regions saw a boost in infill housing development in 2018. The rise of infill development is projected to create opportunities for wood plastic composite manufacturers over the forecast period.
Wood plastic composites have a lower melting temperature as compared to conventional wood products, which lowers the energy cost for end-users and also reduces the environmental impact of the product. Wood plastic composite can be worked upon by the same tools utilized for wood products. This factor eliminates the investments to be made by the manufacturers and the risks associated with recouping the same.
Biggest tech companies such as IBM, Microsoft, and Cisco are investing in megaprojects to build smart and sustainable cities across the globe. The investments in these cities are expected to reach USD 135 trillion in the next two years. In addition to these cities, international megaprojects such as Hudson Yards and Masdar City have created opportunities for interior construction manufacturers resulting in surging the wood plastic composite demand over the coming years.
Wood flour is hygroscopic in nature and must be wetted properly with the use of thermoplastic matrix, otherwise, it can absorb moisture which leads to weak mechanical properties, unwanted odors, and microbial attacks. The technique requires complex machine arrangements and skilled laborers resulting in increasing the overall cost of the products. This, in turn, can restrict the market for wood plastic composite over the next eight years.
Wood Plastic Composite Market Segmentation
Based on the Product Insights, the market is segmented into Polyethylene, Polypropylene, Polyvinylchloride and Others.
- The polypropylene segment is anticipated to see a boom, over the forecast period, owing to its heavy use in the niche application segments such as water resistant coatings on furniture and high temperature controllable wooden units.
- The polyethylene segment is one of the fastest growing product segments on account of its high demand in manufacturing furniture for homes, offices, restaurants, resorts, and hospitals.
Based on the Application Insights, the market is segmented into Building and Construction, Automotive Components, Industrial and Consumer Goods and Others.
- Increasing infrastructural development activities, especially in the 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 in the recent times.
- Increasing demand for wood plastic composite in manufacturing noise barriers for street construction, sheet pilings for landscaping and garden furniture, is expected to surge product demand over the forecast period.
Based on the Wood Plastic Composite Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa (MEA)
- The demand for wood plastic composite in the U.S. is expected to grow significantly over the next eight years on account of the rising application scope of wood plastic composite in manufacturing docks, porches, and window frames.
- Asia Pacific is expected to emerge as the fastest-growing market for wood plastic composite owing to the increased per capita income, coupled with rapid industrialization. The shift in consumer behavior in China, growing local competition, fragmented distribution, and rising dual-income households are expected to create opportunities for wood plastic composite manufacturers over the forecast period.
Browse through Grand View Research’s Specialty Glass, Ceramic & Fiber Industry Research Reports.
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Market Share Insights:
- February 2021: Plastics compounding company Teknor Apex Co. introduced new, highly weatherable compounds for outer layers of dark-color wood plastic composite (WPC) decking. WPC decking is made out of a blend of wood flour and polyolefin plastics and are increasingly gaining popularity as an alternative to traditional treated wood. The new compounds can offer a valuable advantage to WPC in comparison of Wood by providing superior appearance, lower maintenance requirements, and longer lifespan.
- May 2021: Researchers at the KTH Royal Institute of technology developed a transparent wood composite with 100% renewability by replacing lignin in wood with limonene acrylate, a compound made from renewable citrus peel waste recycled from the orange juice industry. The researchers report that the new composite offers optical transmittance of 90% at 1.2 mm thickness and low haze at 30%. The wood composite developed is intended to be used for structural purposes owing to its attractive physiochemical properties.
Key Companies Profile:
The market participants are adopting various strategies to gain a competitive edge, and thus sustain the growing industry rivalry. CertainTeed Corporation, a subsidiary of Saint Gobain is a major player in the industry with a variety of wood plastic composite products. The company is indulged in mergers and acquisitions, as well as production capacity expansion strategies in order to gain a strong foothold in the market wood plastic composite.
Some prominent players in the global Wood Plastic Composite market include
- Advanced Environmental Recycling Technologies, Inc. (AERT)
- Axion Structural Innovations LLC
- Beologic N.V.
- CertainTeed Corporation
- Fiberon, LLC
- PolyPlank AB
- Universal Forest Product
- TAMKO Building Products, Inc.
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