Wood Plastic Composites Market was valued around USD 4.13 billion in 2018 and is expected to reach over USD 8.79 billion by the end of 2025 at a CAGR of 11.4%.
Wood plastic composites (WPCs) are composite materials with wood and plastics as constituent materials. WPCs offers properties such as stiffness, resistant to decay, and flexibility which can be altered by changing the composition of the constituent materials. Due to these properties, WPCs are considered the material of choice in the railing and decking applications, which hold two-third share of the global market. The key factors boosting the growth of the global wood composite market are increasing construction activities and expanding automotive industry across the globe.
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Pricing and Regulatory Analysis:
In 2018, the price of polyethylene ranged between USD 733.7 and 1162.65 per metric ton and is expected to decline gradually during the forecast period. The growing adoption of bio-based polymers has resulted in decline in the prices for WPCs products and consequently increased the sale, which is expected to fuel the growth of the global market during the forecast period.
The environmental regulations have increased the adoption of green materials, which is expected to boost the global wood plastic composites market during the forecast period. This is due to the plastics from WPCs can be recycled partially. ISO 16929 by the International Organization for Standardization, for determination of the degree of disintegration of plastic materials.
- Polyethylene (PE): This segment accounted for the largest market share in 2018 owing to the properties such as low price, easy processing, and recyclability. Moreover, the easy availability and low recycling cost of PE make it a preferable material for decking & railing applications.
- Polyvinyl Chloride (PVC): The growth of the segment is primarily due to the growing automotive industry with its use in interior applications to provide retro finish to the vehicle, moreover, high-rise buildings and other construction applications. The segment is expected to witness healthy growth in the developing countries with rapid urbanization.
- Polypropylene (PP): The segment accounted for the second-largest share in 2018, which is attributed to its high strength and less heat-absorbing property over PE. The growth of the segment is driven by the increasing demand for decking & railing materials resistant to heat absorption, color fading, and sponginess.
- Others: Polystyrene (PS) and acrylonitrile butadiene styrene (ABS).
By End-Use Industry
- Building & Construction: It is projected to be the largest segment owing to the high consumption of WPCs in decking & railing applications. The properties such as flexibility and resistance to decay have increased the demand for WPCs in the building & construction industry. The increasing construction activities in emerging countries is the factor fueling the growth of the WPCs market. Moreover, increasing reconstruction activities in North America and Europe is also expected to propel the growth of the market during the forecast period. High economic growth and low mortgage rate in North America with inclination toward the aesthetic appearance in households add to the growth of the segment.
- Automotive: The increasing demand for passenger and commercial vehicles is likely to boost the growth of the global wood plastic composites market during the forecast period. For instance, the automotive industry is expected to witness a growth of 8% in its production capacity, producing around 100 million units in 2019 as compared to 91 million in 2018.
- Consumer goods: The growth of the segment is due to consumption of WPCs in table, chairs, toys, and others. WPCs being resistant towards decay, and warps are used in the manufacturing of park benches, chairs, and tables whose demand is increasing owing to increasing urbanization and growing population.
- North America: Market growth is driven by the high demand for WPCs in decking & railing applications.
- Europe: Stringent government policies refraining the use of chemical-based composites in the construction industry.
- Asia-Pacific: Most opportunistic market, owing to rapid industrialization.
- Latin America: Positive growth owing to the growing automotive industry, which is fueling the demand for WPCs in Latin America.
- Middle East & Africa: The growing infrastructure and consumer goods sectors.
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