Wood Plastic Composites Market Research Report - Global Forecast till 2030

Wood Plastic Composites Market Research Report: By Type (Polyethylene, Polyvinyl Chloride, Others) and By End-Use (Building & Construction, Automotive, Consumer goods, Others) – Forecast to 2030

ID: MRFR/CnM/6839-HCR | February 2023 | Region: Global | 111 Pages         

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Wood-Plastic Composites Market

According to MRFR analysis, the Wood-Plastic Composites Market is projected to register a CAGR of 11.4% to reach USD 8.79 billion by the end of 2030.

By Type Polyethylene Polyvinyl Chloride Others
By End-use Industry Building & Construction Automotive Consumer goods Others
Key Players
Market Driving Forces   Increasing demand for sustainable products to reduce the carbon footprint in the environment
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Wood-Plastic Composites Market Overview

According to MRFR analysis, The wood plastic composites market size was estimated at USD 5.45 billion in 2021 and is expected to reach USD 8.79 billion by 2030 growing at a CAGR of 11.5% from 2022 to 2030.

The Wood-Plastic Composites Market size is 8.79% for the forecast period. Wood plastics are a natural type of composite that is made from wood and wood shavings. It is a natural composite that is eco-friendly. The durability and resistance of the products make them suitable for both indoor and outdoor applications. The selection of the composite solute is customizable. As wood is available in many types the user can choose their combination of wood in this composite.

 With more than 40% of the wood components, plastics are combined. Wood plastics composites are gaining more traction in global economies. They are more useful composites than any other material. They are processing equipment unstable for many industrial purposes. It is an eco-friendly product that is used for many purposes. The wood plastics composites use recycled plastics at low melting temperatures as well as at a low cost.

It is gaining more exposure than plastics in many regions. Innovative uses of wood composite are prevalent in many regions. The launch of new wood plastics composite is creating more growth. Especially, the hybrid wood plastics composites have high demand among many end-users. The use of wood plastics composite is prevalent in the kitchen, interiors, cars, furniture and much more. All these trends of the market increase wood plastic composites market. 

Covid analysis 

Covid 19 effects are adverse for many markets across the globe. Some lockdowns and restrictions are slowing down the market operations across the world. Some countries were severely affected due to the impact of covid 19. It is a tough period for the economies from both economies and health end.

Construction industry is facing many losses in the period. It is the high consumption of wood plastics. However, the activities of construction are halted around the world. There is a decline in the demand for wood plastics and composites. From 2020, demand for the market is constantly declining. The important and exports of the market are facing problems due to supply chain issues. These issues are expected to continue in the upcoming years. However, the demand for wood plastics has increased since 2021. New developments will create much more growth in the wood plastics composite industry. 

Market dynamics 

  • Crucial market drivers 

The surging demand for wood plastics in the construction industry is a crucial market driver. Most of the consortiums markets use wood plastics as they have exceptional features. Every year, the use of wood plastics cosmopolites is surging. This rise in the adoption rate is bringing favourable changes in the market.

 The availability of quality wood plastics is more for the end-users. The unique properties of the product make it useful in the global market. The aesthetic and physical qualities of wood plastics are superior to any other composites. Fusion of the wood and plastics composites provides higher benefits for constructions across the world.

They are durable, beautiful and practical for the construction markets. Flexibility ad lifespan is high for the durable wood plastics composites. Also, they have exceptional weather resistance qualities. These composites are used in constructions that have harsh weather conditions. It can resist rain, UV and other external harms from damaging the constructions. Today, terraces, roofs other construction in buildings have usage of wood plastics. All these crucial drivers increase the supply and demand rate in the wood plastics composite market

  • The market growth opportunities 

The emergence of greenwood plastics composites will create new growth opportunities. The durability of eco-friendly composites is gaining more traction. Today, composites have a high amount of toxins. These toxins can affect the environment as well as the users. Due to this, the demand for eco-friendly composites is surging in many regions.

The eco-friendly green composites are cost-efficient as well as safe for the environment. The use of plant fibres and plant-based materials are used in their composites that make them efficient. The emergence of green composites will create new wood plastic composites market growth opportunities. The demand from the automotive key player will create more developments.

 The automotive makers have investments for the market. The rising demand from the automotive market for eco-friendly composites is creating an exceptional impact on the growth of the market. There are plenty of benefits of eco-friendly wood plastics composites that have high eco-friendly benefits. Shatterproof performance, extreme changes and improvement in the biodegradable are higher. The market growth will increase the supply in the awareness in the market. All these growth factors boost the growth. 

  • The market restraints 

The increasing cost of research and development is a market restraint. Wood is a material that necessitates ongoing research. There are top grade costly woods used in this composite. Its components can be employed in a variety of applications. The wood component market is suffering as a result of this.

The rising expense of research may hinder market expansion. End-users have a high demand for low-cost wood composite. In the automotive and construction industries, wood composite is essential. These industries' production costs are already higher. As a result, end-users prefer low-cost wood composites to high-cost wood composites.

  • The market challenges 

Wood plastics composites have stringent rules in production. The production of the product is restricted as it uses plastics. The use of plastics is less than the other composites. Still, the overuse of plastics can create a declining effect on the market.

Also, the lack of awareness is a crucial challenge in the market. The demand and awareness for harmful composites are high in many regions. This hinders the demand for wood plastics composites in many regions. 

  • Cumulative growth analysis 

The wood-plastic composites market trends is stable in the forecast period. The wood plastic market has various factors that boost growth. The polyethene segment of the market is gaining more awareness among end-users. Also, the emergence of biodegradable composites will create a positive impact on the market.

The use of composites in the con industry is causing positive effects on the market. The demand is rising due to the wide range of wood plastics composite use. The restraining factors of the market are the high cost of the technology. Also, the use of plastics in composites has restrictions in many regions. Still, growth is sustainable with a wide range of market operations. 

  • Value chain analysis 

The North American region holds the highest plastic composites market share. Industrialization and growing spending is a crucial driver in the market. The need for wood composites in the construction industry is massive. The automotive sector holds lucrative growth opportunities in the market in the forecast period.

It is a region that constrains high investment from countries such as US and Canada. The demands surge due to the presence of key players in the market. The awareness for the wood plastics composite is massive in the market. All these factors will create high revenue for the North American market. 

Segment overview 

  • By Application

  • Building & Construction

  • Automotive Components

  • Industrial & Consumer Products

  • Others

By Type

  • PE-based Composites

  • PVC-based Composites

  • PP-based Composites

  • Others

  • By Geography

  • North America

  • The U.S.

  • Canada

  • Mexico

  • Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Rest of Europe

Competitive landscape 

The competition in the wood plastics composite is rising in the forecast period. The market expansions, mergers, partnerships and collaborations in the wood plastics market is surging. The development of new products will be high in the wood plastics composites market. The revenue rates are expected to grow higher due to plenty of development in the market. 

Regional analysis 

The wood plastics composite market is diversified into Asia Pacific, Europe and North America. North America has the highest demands due to the demand from the automotive industry. The surging demand due to industrialization is high. It is an early adopter of wood plastics composites. The presence of key players benefits the market.

The Asia Pacific is the region with the fastest growth in the market. Urbanisation and construction inductees have higher in the market. Europe is the next market with the largest expansion rate. There is demand from the automotive giants. It is a region with luxury automotive that raises demand. Also, there is plenty of scope for all these regions in the forecast period.

The key players of the wood plastics component market are 

Recent developments 

  • The emerging market has a high demand for the biro degradable composites. Due to this, the mart is utilizing high wood components than the plastics in the market. 

  • The counties such as the Middle East and other emerging market have a high expansion of the market. 

Report Overview 

  • Market overview highlights 

  • Analysis based upon COVID 19

  • Explanation upon the Market Dynamics

  • Value chain analysis

  • Market segmentation overview

  • The regional analysis

  • Competitive landscape analysis

  • Recent Developments

Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 8.79 billion
  CAGR   11.4% (2022-2030)
  Base Year   2021
  Forecast Period   2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, and End-Use
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   AXION STRUCTURAL INNOVATIONS LLC (US)—STRUXURE, CERTAINTEED (US)—Panorama, Fiberon (US)—ArmorGuard, FKuR Kunststoff GmbH (Germany)—Fibrolon S 7530, Croda International Plc (UK)—Atmer 7300, Polyplank AB (Sweden)—Algustrum Plus Blank, TAMKO (US)–EverGrain, Trex Company, Inc (US)—TRANSCEND, HARDY SMITH (India)—WPC door line, Universal Forest Products, Inc (US)
  Key Market Opportunities   Growing production of automobiles in emerging economies
  Key Market Drivers   Increasing demand for sustainable products to reduce the carbon footprint in the environment

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Frequently Asked Questions (FAQ) :

The Wood plastic composites market can expand at 11.4% CAGR by 2030.

By 2030, the Wood plastic composites market value can exceed 8.79 billion.

Fiberon (US)—ArmorGuard, AXION STRUCTURAL INNOVATIONS LLC (US)—STRUXURE and CERTAINTEED (US)—Panorama are some reputed names in the Wood plastic composites industry.

Increasing demand for sustainable products to reduce the carbon footprint in the environment

Asia-Pacific is expected to remain the largest wood plastics composite industry in terms of region during the forecast period of 2022-2030