The wood-plastic composites market industry size is projected to grow USD 7.5 billion in 2023 and is projected to reach USD 11.9 billion by 2028, at a CAGR of 9.8% from 2023 to 2028. During the forecasted years, long life cycle, along with low maintenance cost of wood-plastic composites, growing economies of emerging countries across the globe, rapid urbanization is some of the factors driving the growth of wood-plastic composites market. Some of the market opportunities include emissions regulations in various regions are forcing OEM’s attention towards the use of composites and shift towards the environmentally friendly products.
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Based on type, the wood-plastic composites market is segmented on the basis of type as polyethylene, polyvinylchloride, polypropylene and others. In terms of value, polyethylene type segment accounted for the largest market share in the global market. Polyethylene-based wood-plastic composites are getting widely used to make rough application and high-performance exterior products. Polyethylene-based wood-plastic composites can be used in making decking, including flooring, lumber, molding strips, furniture materials, and many more.
Based on application, the market for wood-plastic composites market has been segmented into building & construction products, automotive components, industrial & consumer goods, and others. The building & construction products application of wood-plastic components accounted for the largest market share in terms of both, volume and value. Use of wood-plastic composites are getting widely used for decking, fencing, molding & siding, and others. A deck made of wood-plastic composites is durable and capable of bearing enough weight. Wood-plastic composite decking is also eco-friendly and maintenance-free. Due to its inherent characteristics, rainwater is drained out through the gaps between flooring planks, thus keeping the surface dry even during rains.
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Based on Region, Asia Pacific region is expected to witness highest CAGR, in terms of both value and volume, during 2023 to 2028. The high growth of wood-plastic composites market can be attributed to rapid modernization and urbanization in various countries. The growth of the wood-plastic composites market for automotive components in the region is driven by growing pressure on OEMs for fuel-efficient and lightweight vehicles.
Major players operating in the wood-plastic composites market include Trex Company, Inc., (US), MoistureShield (US), UFP Industries, Inc. (US), Fiberon (US), TimberTech (US), TAMKO Building Products LLC (US), Beologic (Belgium), FKuR Kunstsoff GmbH (Germany), JELU-WERK J. Ehrler GmbH & Co. KG (Germany), and Green Dot Bioplastics, Inc. (US). Many companies have reliable manufacturing facilities as well as wide and strong distribution networks across the globe, such as North America, Europe and Asia Pacific. The manufacturers have well-established portfolio of wide range of products and services, a robust global market presence, and strong business and growth strategies.
