NEW
YORK, June 6, 2024 /PRNewswire/ -- The global
wood-plastic composites market size is estimated to grow by
USD 6.17 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of about 13.41% during the forecast period. The
global hardwood market faces challenges due to supply imbalances
and price hikes. Manufacturers and stakeholders turn to composites,
particularly WPCs, for their benefits. Currency exchange rates and
European oak supply are key factors influencing hardwood prices. In
North America, supply improvements
but sourcing restrictions persist. European exports are increasing
due to currency devaluation. These elements are expected to impact
the growth of the WPC market during the forecast period.
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segments, customer landscape, and companies- View the snapshot
of this report
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (Polyethylene,
Polyvinyl chloride,
Polypropylene, and Others), End-user (Building
and construction, Automotive, Industrial and
consumer goods, and Others), and Geography
(North America, APAC, Europe, Middle East and
Africa, and South America)
|
Region
Covered
|
North America, APAC,
Europe, Middle East and
Africa, and South America
|
Key companies
profiled
|
AIMPLAS, Axion
Structural Innovations LLC,
Beologic N.V., Cargill Inc., Compagnie de Saint
Gobain, CRH Plc, Dow Chemical Co., Fkur
Kunststoff GmbH, Fortune Brands Innovations
Inc., Guangzhou Kindwood Co. Ltd., Hardy Smith
Designs Pvt. Ltd., JELU WERK J. Ehrler GmbH
and Co. KG, Meghmani Organics Ltd., PolyPlank
AB, RENOLIT SE, Shanghai Seven Trust
Industry Co. Ltd., The AZEK Co. Inc., Trex Co.
Inc., TVL Engineers Pvt. Ltd., and UFP Industries
Inc.
|
Key Market Trends Fueling Growth
The wood-plastic composites market is experiencing significant
growth due to the increasing demand for sustainable and durable
building materials. These composites, made from a combination of
wood fibers and plastic resins, offer advantages such as resistance
to weathering, rot, and insect damage. Recent trends include the
use of recycled plastic in the production of these composites,
making them an eco-friendly alternative to traditional building
materials.
Additionally, advancements in technology have led to
improvements in the appearance and performance of wood-plastic
composites, making them a popular choice for decking, siding, and
other outdoor applications. The market is expected to continue
growing as more consumers seek out sustainable and long-lasting
building solutions.
Research report provides comprehensive data on
impact of trend, driver and challenges - Download a
Sample Report
Market Challenges
- The global Wood-Plastic Composites (WPCs) market faces
challenges due to consumer perception and cost-to-performance
ratio. Traditional use of wood in various industries makes WPCs
seem counterfeit. Aesthetics and economic factors further influence
consumer perception. The high cost of WPCs compared to wood may
hinder market growth. The preference for natural materials in WPCs
may limit expansion during the forecast period.
- The Wood-Plastic Composites market faces several challenges.
Durability is a key concern as the products must withstand various
environmental conditions. The cost of raw materials, including wood
and plastic, can be volatile. Bridging the gap between the look and
feel of wood and the functionality of plastic is another
challenge.
- The production process requires advanced technology and precise
control. The recycling and disposal of these composites also pose
environmental concerns. Strengthening the technology and finding
cost-effective solutions to address these challenges will drive
growth in the Wood-Plastic Composites market.
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Report
Segment Overview
- Product
- 1.1 Polyethylene
- 1.2 Polyvinyl chloride
- 1.3 Polypropylene
- 1.4 Others
- End-user
- 2.1 Building and construction
- 2.2 Automotive
- 2.3 Industrial and consumer goods
- 2.4 Others
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Polyethylene- The polyethylene segment,
specifically PE WPCs, is experiencing significant growth in the
wood-plastic composites market. PE WPCs, including HDPE, LDPE,
LLDPE, and UHMWPE, offer advantages such as strength, hardness, and
water resistance. Applications span from flooring to wall cladding.
In the US, recycled HDPE's availability boosts its popularity.
Europe's demand shift from
polypropylene to PE due to UV stability further fuels growth. These
factors contribute to the expansion of the global wood-plastic
composites market.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Wood-Plastic Composites (WPC) market is experiencing
significant growth due to the increasing demand for eco-friendly
and sustainable building materials. WPCs offer several advantages
over traditional materials, including a smaller carbon footprint,
as they are derived from renewable plant-based fibers and recycled
plastics. These composites exhibit desirable physical properties
such as durability, longevity, flexibility, and weather resistance,
making them suitable for various applications, including building
structures, temporary installations, and underwater structures.
WPCs also provide aesthetic properties, ensuring they are both
beautiful and comfortable. The use of biodegradable polymers
further enhances their environmental appeal, as they offer low CO2
emission and biodegradability. WPCs also exhibit mechanical
strength and acoustic performance, making them an ideal choice for
roofs and bridges. Despite their advantages, it is essential to
ensure the absence of toxic chemicals in their production process.
The low material weight of WPCs is another significant advantage,
contributing to their increasing popularity in the construction
industry.
Market Research Overview
The Wood-Plastic Composites market represents the production and
sale of materials made from a combination of wood fibers and
plastic resins. These composites offer several advantages,
including durability, resistance to weathering, and reduced
maintenance requirements compared to traditional wood products. The
global market for Wood-Plastic Composites is driven by the growing
demand for sustainable and eco-friendly building materials,
particularly in the construction industry.
Key factors fueling market growth include increasing
urbanization, rising disposable income, and government initiatives
to promote green buildings. Applications of Wood-Plastic Composites
include decking, fencing, siding, and other outdoor applications.
The market is expected to witness significant growth in the coming
years due to its numerous benefits and increasing acceptance among
consumers and builders.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Polyethylene
- Polyvinyl Chloride
- Polypropylene
- Others
- End-user
-
- Building And Construction
- Automotive
- Industrial And Consumer Goods
- Others
- Geography
-
- North America
- APAC
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio