Wood Plastic Composite Market Industry Leaders & New Revenue Pockets
Wood-plastic composites are the composites made from wood fibers or wood flour and thermoplastic materials such as polyethylene (PE), polypropylene (PP), and polyvinylchloride (PVC). Additives are used in wood-plastic composites to enhance the physical and mechanical properties within the polymer matrix. Building & construction is one of the prominent application where wood-plastic composites are used in manufacturing decking, sliding, fencing, and many other products. The major companies operating in the wood plastic composite market are Trex Company, Inc. (U.S.), Advanced Environmental Recycling Technologies Inc. (U.S.), Fiberon LLC (U.S.), TimberTech (U.S.), CertainTeed (U.S.), and TAMKO Building Products, Inc. (U.S.).
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In recent times, key companies have adopted various strategies such as partnerships, agreements, collaborations, acquisitions, and new product launches in order to gain competitive advantage in the market place. The growing demand of wood-plastic composites from emerging economies has resulted in a surge of strategic initiatives in recent times and it is anticipated to continue in near future. The companies are also making investments to strengthen their sales and distribution networks, enhance their market visibility, and strengthen their position in the global wood-plastic composites market.
Trex Company, Inc. is the one of the leading producers of wood-plastic composites globally. The company is focusing more on new product launches as well as business expansion strategies to strengthen its market position and consolidate its financial position in the global wood-plastic composites market. In February 2016, the company enhanced its brand footprint with the expansion of Amerhart Limited into Eastern Missouri. Amerhart Limited is one of the largest independently owned building materials distributors which acquired Lumberyard Supply Co. to strengthen its distribution network in the Midwest region that includes Wisconsin, Illinois, Minnesota, Michigan, and Missouri. In November 2015, Trex Company, Inc. introduced a product named Trex Pergola. Three new Trex Pergola shade structures were also introduced, namely, Air, Balance, and Vision with varied color finishes.
Fiberon LLC is another major player in the wood-plastic composites market. It provides standard quality decking and railing products mainly for building & construction application. The company has signed multiple agreements with various distributors in the North American region in order to expand its distribution network and increase its regional footprint. In January 2015, Fiberon LLC and BlueLinx added 14 new distribution locations for composite decking and railing products that helps the company to address the market demand for wood-plastic composites. In May 2014, Fiberon LLC partnered with BlueLinx Holdings, Inc. (U.S.) to enhance the distribution of composite decking and railing products in Georgia, U.S.
The global wood-plastic composites market is expected to reach USD 5.84 billion by 2021. The growth of this market is attributed to the increasing demand from building & construction and automotive sectors. The increasing awareness towards making automotive components from recyclable or biodegradable materials is also anticipated to drive the wood-plastic composites market in coming years. Wood-plastic composites offer superior performance benefits, durability, and low maintenance cost as compared to the conventional materials, which makes them one of the most reliable material.
On the basis of application, wood-plastic composites market is classified into building & construction, automotive components, industrial & consumer goods, and others including infrastructure and marina. Automotive components application is the fastest-growing application of wood-plastic composites. In automotive components application, wood-plastic composites are used in making car interiors, door and head liners, ducting, platform, and many other products. The mechanical strength, acoustic performance, and safety offered by wood-plastic composites makes them a prominent material for making automotive parts.
On the basis of type, wood-plastic composites are classified into polyethylene, polyvinylchloride, polypropylene, and others including acrylonitrile butadiene styrene (ABS) and polylactic acid (PLA). Polyvinylchloride type wood-plastic composites is the fastest-growing segment of global wood-plastic composites market and is anticipated to remain the largest wood-plastic composites type for the forecast period. Polyvinylchloride type wood-plastic composites are mainly used in making window, door profiles, decking, railing, and siding.
The RoW wood-plastic composites market is expected to witness the highest growth rate between 2016 and 2021. The RoW wood-plastic composites market includes countries such as Brazil, Russia, Australia, New Zealand, and others (Middle East & Africa and Latin America).The market in this region is witnessing increased consumption of wood-plastic composites in building & construction application. It is anticipated that the increasing construction activities, along with the replacement of old housing infrastructure, will drive the RoW wood-plastic composites market in coming years.
Major market players covered in the report are Trex Company, Inc. (U.S.), Advanced Environmental Recycling Technologies, Inc. (U.S.), Universal Forest Products, Inc. (U.S.), Fiberon, LLC (U.S.), TAMKO Building Products, Inc. (U.S.), TimberTech (U.S.), Axion International, Inc. (U.S.), Beologic N.V. (Belgium), CertainTeed (U.S.), FKuR Kunststoff GmbH (Germany.), Josef Ehrler GmbH & Co. KG. (Germany), Polymera, Inc. (U.S.), and Polyplank AB (Sweden).
