Global Wood Plastic Composite Market, By Type (Polyvinylchloride, Polyethylene, Polypropylene, Others), Application (Building & Construction Products, Automotive Components, Industrial & Consumer Goods, Others) – Industry Trends and Forecast to 2029.
Wood Plastic Composite Market Analysis and Size
Wood plastic composite is an important material which is most commonly used all over the globe, Wood plastic composite is available in variety of type that and can be used in several industries such as healthcare, construction, food packaging, transportation, electronics and others. Furthermore, the consumption and sales of wood plastic composite depends on numerous factors such as trends in the demand for different products which has manufactured by using this plastic. The rising demand for Wood plastic composite mainly in packaging industry due to its environmentally favourable qualities and biodegradability are expected to boost the market growth rate.
Data Bridge Market Research Data Bridge Market Research analyses that the wood plastic composite market was valued at USD 5.84 billion in 2021 and is expected to reach USD 14.41 billion by 2029, registering a CAGR of 11.95% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Wood Plastic Composite Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Polyvinyl Chloride, Polystyrene, Polycarbonate, Polyethylene Terephthalate, Other), Application (Healthcare, Construction, Food Packaging, Transportation, Electronics and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Trex Company, Inc. (U.S.), UFP Industries, Inc., (U.S.), Fiberon (U.S.), Advanced Environmental Recycling Technologies, Inc (U.S.), UPM (Finland), Flexform SpA (U.S.), UFP Industries, Inc., (U.S.), Meshlin Composites ZRT (Hungary), Tecnaro GmbH (Germany), Anhui Guofeng Wood-Plastic Composite Co., Ltd. (China), B.COMPOSITES PVT.LTD. (India), Green Dot Corporation (U.S.), Hualong New Material Lumber Co. Ltd. (China), TAMKO Building Products LLC (U.S.), AXION STRUCTURAL INNOVATIONS LLC. (U.S.), CertainTeed (U.S.)
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Market Opportunities
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Market Definition
Wood plastic composites are those composite materials which is formed by combining plastic fibers and wood-based elements including acrylonitrile-butadiene-styrene, polyethylene polypropylene, polyvinyl chloride (PVC) and other. Wood plastic composites can be manufactured from completely recycled materials obtained from wood products.
Global Wood Plastic Composite Market Dynamics
Drivers
- Rising demand of Wood plastic composite due to several properties
Wood plastic composite has various properties such as lightweight, thermal insulation, sound insulation, cushion, selective light transmission, energy absorption, filtration, tissue engineering scaffolds and diffusion, giving a competitive edge to the product. All these factors lead to rising demand of wood plastic composite in several applications such as food & packaging, electronics, biomedical, transportation, toys and construction.
- Growing demand polyethylene in several industry
The polyethylene is one of the fastest-growing product due to its high demand in manufacturing furniture for resorts, homes, offices, restaurants and hospitals. Furthermore, the increasing demand for polyethylene composites in the automotive sector due to their high stiffness, low cost and biodegradability is anticipated to further propel the growth of the market during the forecast period.
Wood plastic composite is widely used for packaging several food and refreshments because this wood plastic composite is light in weight, clean, solid, retain the freshness of the contents and are dimensionally stable than other plastic. Wood plastic composite is more resistant to chemical substances, water, and non-harmful materials than other counterparts due to this it is highly used in the food industry which are expected to drive the growth rate of this market.
- Rising demand for wood plastic composites in construction industry
Wood plastic is the fastest growing and the most popular composite because of its excellent durability and super lightweight properties. The rising demand for effective and efficient wood plastic composite materials to make commercial and residential building parts are expected to drive the overall growth of the wood plastic composite market.
Furthermore, a better and improved standard of living is the major reason which is increasing the market growth. Also, rising urbanization, mobile industry, frequent use of wood plastic composites in the construction industry, and sports production are some major factors, among others that are expected to boost the wood plastic composite market.
Opportunities
- Growing awareness regarding plastic waste in landfills and oceans
Increasing awareness of plastic waste leakage in public, specifically for plastic waste, into the environment has increased considerably during past years which has enforced to upsurge the demand for sustainable plastic from brand retailers and owners to choose the compostable wood plastic composite materials which are likely to upsurge the demand of compostable wood plastic composite in the targeted market.
Also, the development of new products and technological advancements are contributing to the revenue growth of the market and further boosting beneficial opportunities for the wood plastic composite market.
Restraints/ Challenges
- Fluctuating price of raw materials
The uncertainty regarding the availability of raw materials of wood plastic composite further rises the overall cost of the materials. Changing the cost of wood plastic composite has an impact on the entire cost structure, which will pose a hurdle to the wood plastic composite market. As a result, the fluctuations of wood plastic composite raw materials prices constrain the market's growth rate.
This wood plastic composite market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the wood plastic composite market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Wood Plastic Composite Market
The outbreak of coronavirus had a adverse impact on the wood plastic composites market. The COVID-19 outbreak has resulted in the entire or partial shutdown the manufacturing facilities of non-essential product manufacturing facilities all over the globe. The primary users of wood plastic composites, such as construction, automotive industry, have also shut down their manufacturing facilities, resulting in a global decline in composite demand. Also, the majority of raw materials providers in this market had to close down their operations and the major suppliers turned their priority to providing pandemic relief. This, in turn, is decreasing the demand for the wood composites and limiting the market growth.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Global Wood Plastic Composite Market Scope
The wood plastic composite market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Polyvinylchloride
- Polyethylene
- Polypropylene
- Others
Application
- Building & Construction Products
- Automotive Components
- Industrial & Consumer Goods
- Others
Wood Plastic Composite Market Regional Analysis/Insights
The wood plastic composite market is analysed and market size insights and trends are provided by country, type and application as referenced above.
The countries covered in the wood plastic composite market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the wood plastic composite market in terms of market share. This is due to the increased research and development activities in wood plastic composites.
Asia-Pacific is anticipated to be the fastest developing region during the forecast period of 2022-2029 due to the growth of the construction sector in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Wood Plastic Composite Market Share Analysis
The wood plastic composite market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to wood plastic composite market.
Some of the major players operating in the wood plastic composite market are:
- Trex Company, Inc. (U.S.)
- UFP Industries, Inc., (U.S.)
- Fiberon (U.S.)
- Advanced Environmental Recycling Technologies, Inc (U.S.)
- UPM (Finland)
- Flexform SpA (U.S.)
- UFP Industries, Inc., (U.S.)
- Meshlin Composites ZRT (Hungary)
- Tecnaro GmbH (Germany)
- Anhui Guofeng Wood-Plastic Composite Co., Ltd. (China)
- B.COMPOSITES PVT.LTD. (India)
- Green Dot Corporation (U.S.)
- Hualong New Material Lumber Co. Ltd. (China)
- TAMKO Building Products LLC (U.S.)
- AXION STRUCTURAL INNOVATIONS LLC. (U.S.)
- CertainTeed (U.S.)
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