Exactitude Consultancy Press Release: Global wood plastic composite market

The market for wood plastic composites is being driven by growing demand of composites in construction and automotive industry.

Wood plastic composites are becoming more popular in the construction and automotive industries due to their low cost and simplicity of use in non-structural areas such as balconies, staircases, and pillars. As a result, demand for wood plastic composites has increased all around the world. WPCs are thought to be a more sustainable alternative to traditional building materials like wood and metal, and they can help minimize the amount of waste and pollution generated in the construction sector. WPCs are rapidly being used in the automotive sector to produce lightweight and long-lasting parts such as interior panels, seat backs, and door panels. This is motivated by the desire to reduce vehicle weight and enhance fuel efficiency while also meeting safety and durability standards.

Explore 188 market data Tables spread through nearly 125 Pages and in-depth analysis on “Wood Plastic Composite Market by Product (Polyethylene, Polypropylene, Polyvinylchloride, Others), by Application (Building and Construction, Automotive Component, Industrial and Consumer Goods, Others) and Region, Global trends and forecast from 2022 to 2029.” With Table of Contents 

The high initial cost of wood plastic composite is restraining the wood plastic composite market growth.

WPCs are often more expensive than traditional materials such as wood, which may make them less appealing to some customers and businesses, particularly in price-sensitive industries. However, the higher initial cost of WPCs may be mitigated in the long run by lower maintenance and replacement costs. Also, because the WPC market is still in its early stages, many consumers and businesses may be unaware of the benefits and possible applications of WPCs. This may limit demand and slow market expansion. While WPCs are very resistant to moisture, rot, and insects, colour fading and weathering can occur over time. This may limit its use in applications requiring a high level of aesthetics, such as outdoor furniture and ornamental items.

Innovations and technological developments will create enormous opportunities for the market of wood plastic composites.

The market has the ability to grow into new geographical and demographic areas, as well as new applications, customization and personalization, and environmentally responsible manufacturing techniques. The WPC sector will also benefit from continued technological and material improvements, such as the use of new thermoplastics and additives, as well as the development of new manufacturing methods that reduce waste and energy usage. By seizing these opportunities, the WPC market may continue to expand and evolve, becoming an increasingly essential part of the sustainable and environmentally friendly building materials industry.

COVID-19 had slowed the growth of wood plastic composite market.

Due to the lengthy lockdown in major countries brought on by the COVID-19 pandemic, manufacturing plants that do not fall under vital items have been partially or completely shut down. It resulted in the shutdown of production activity in the majority of industrial units around the world. COVID-19 presented a significant challenge to the wood plastic fiberglass sector. Due to lockdown and labour shortages, the coronavirus outbreak interrupted the supply chain and delayed deliveries of wood composites and other raw materials from yards. Industries are being closed down all across the world. People’s purchasing power is dwindling, which has a direct impact on the automotive and construction industries, reducing demand for wood-plastic composites and limiting industrial growth.

Polyethylene segment dominates the wood plastic composite market in terms of product.

Polyethylene has the biggest market share due to its molecular arrangement and different molecule structure. Polyethylene has sparked interest in academic and technical circles because it combines the polyethylene properties of wood with adaptability, mechanical, and processability. Polyethylene can be shaped or moulded into various sizes and forms based on the need and need. As a result, it is critical to create windows and doors with excellent polishing and an ironic appearance. Wood plastic composite material, on the other hand, is a low-cost and potential substitute for plywood.

In terms of applications building and construction category led the wood plastic composite market.

In 2021, the building and construction category led the market, accounting for more than 71% of worldwide sales. Growing infrastructure building activities in emerging nations for visually pleasing furniture and flooring solutions, has boosted demand for wood plastic composite in the construction industry. The use of recyclable or biodegradable wood-plastic composite-based parts in automobiles is expected to improve mechanical strength and acoustic performance, reduce material weight and fuel consumption, reduce manufacturing costs, and improve passenger safety and shatterproof performance, all of which are expected to increase demand for wood plastic composites in the automotive industry.

 Wood plastic composite market is dominated by asia-pacific is expected to grow in forecast years.

The Asia-Pacific region dominated the wood plastic composites market with the largest share. The Asia Pacific region is expected to be the fastest growing market due to rising per capita income and rapid industrialization. Expansion in construction in Asia-Pacific countries such as India, China, and Japan are increasing demand for wood plastic composites due to financial improvements and an increase in personal affluence. Wood plastic composites are preferred over traditional wood because of their light weight, pest resistance, and chemical resistance. Throughout the projected period, significant producers are likely to benefit from changes in China’s fragmented distribution, rising local competitiveness, consumer behaviour, and rising double income.

 The Wood Plastic Composite Market key players include Advanced Environmental Recycling Technologies Inc. (AERT), Axion Structural Innovations LLC, Beologic N.V., CertainTeed Corporation, Fiberon LLC, Fkur Kunststoff GmbH, Guangzhou Kindwood Co. Ltd., Woodmass, PolyPlank AB, Renolit, TAMKO Building Products Inc., TimberTech, Trex Company Inc., Universal Forest Product, and others. 

Key Market Segments: Wood Plastic Composite Market

Wood Plastic Composite Market by Product, 2020-2029, (USD Billion, Kilotons)

• Polyethylene
• Polypropylene
• Polyvinylchloride
• Others

Wood Plastic Composite Market by Application, 2020-2029, (USD Billion, Kilotons)

• Building and Construction
• Automotive Components
• Industrial and Consumer Goods
• Others

Wood Plastic Composite Market by Region, 2020-2029, (USD Billion, Kilotons)

• North America
• Asia Pacific
• Europe
• South America
• Middle East and Africa

Important Countries In All Regions Are Covered.

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