USD 6.14 billion
Wood Plastics Composites Market Size, Share, Growth Analysis, By Type(Polyethylene (PE) WPC, Polyvinyl Chloride (PVC) WPC, Polypropylene (PP) WPC and Other materials.), By Application(Building and Construction, Automotive Components and Industrial and Consumer Goods.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20B2020 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Wood Plastics Composites Market Insights
Global Wood Plastics Composites Market size was valued at USD 6.14 billion in 2021 and is poised to grow from USD 6.9 billion in 2022 to USD 17.56 billion by 2030, growing at a CAGR of 12.38% during the forecast period (2023-2030).
The global wood plastics composites (WPC) market has experienced significant growth in recent years, driven by the increasing demand for sustainable and eco-friendly building materials. Wood plastic composites are composite materials made of wood fibres or flour mixed with thermoplastics, offering a combination of the aesthetic appeal of wood and the durability and low maintenance of plastics. This market analysis aims to provide an overview of the current state and trends within the global wood plastics composites market.
One of the key drivers for the growth of the global wood plastics composites market is the growing focus on environmental sustainability. Wood plastics composites offer an alternative to traditional building materials like wood, which contributes to deforestation, and non-recyclable plastics. With increasing awareness about environmental issues and the need for sustainable solutions, the demand for wood plastics composites has witnessed a steady rise. These materials are often made from recycled or reclaimed materials, reducing waste and promoting resource conservation.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Polyethylene (PE) WPC
Fastest Growth
Polyethylene (PE) WPC
Growth Rate
12.38% CAGR
Global Wood Plastic Composites By Country ($ Bn)
Country Share for North America Region (%)
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Wood Plastics Composites Market Segmental Analysis
The global wood plastic composites market is segmented based on type, application, and region. Based on type, the market can be segmented into Polyethylene (PE) WPC, Polyvinyl Chloride (PVC) WPC, Polypropylene (PP) WPC, and other materials. Based on application, the market is segmented into Building and Construction, Automotive Components and Industrial and Consumer Goods. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
Among the different types of wood-plastic composites, the dominant type is Polyethylene (PE) WPC. PE-based WPCs have gained significant popularity and market share due to their favourable properties, such as high strength, durability, and resistance to moisture. PE WPCs find extensive applications in decking, fencing, and outdoor furniture, primarily driven by their ability to withstand outdoor environmental conditions and provide long-lasting performance. The dominance of PE WPCs can be attributed to their wide availability, cost-effectiveness, and versatility, making them the preferred choice in many construction and consumer goods applications.
The fastest-growing type in the global wood-plastic composites market is Polypropylene (PP) WPC. PP-based WPCs have witnessed substantial growth in recent years due to their unique combination of properties, including high stiffness, impact resistance, and thermal stability. PP WPCs are increasingly being utilised in various applications, such as automotive components, packaging materials, and industrial products. The growing demand for lightweight and eco-friendly materials in the automotive sector, coupled with the increasing focus on sustainable packaging solutions, has propelled the adoption of PP WPCs. The market growth of PP WPCs is further fueled by ongoing research and development efforts to enhance their mechanical and processing properties.
Analysis by Application
Among the various applications of wood plastic composites (WPC) in the global market, the dominant application is the Building and Construction sector. The Building and Construction industry has been a major consumer of WPC due to its versatility, durability, and aesthetic appeal. WPC is extensively used in decking, railing, fencing, cladding, and siding applications in both residential and commercial construction projects. The demand for WPC in the Building and Construction sector is driven by the need for sustainable and eco-friendly materials that offer low maintenance and long-lasting performance.
On the other hand, the fastest-growing application in the global wood plastic composites market is the Automotive Components sector. The Automotive industry has recognized the benefits of WPC in various applications, including interior components, exterior trim parts, and automotive body parts. WPC offers advantages such as lightweight, high strength, resistance to moisture, and reduced environmental impact compared to traditional materials. The growing focus on lightweighting vehicles for fuel efficiency and the increasing demand for sustainable materials in automotive manufacturing are propelling the growth of WPC in the Automotive Components sector.
Global Wood Plastic Composites By Type
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Wood Plastics Composites Market Regional Insights
North America emerges as the most dominant region in the global wood plastic composites market. This is accountable to the presence of a well-established construction industry and a strong focus on sustainable building materials. The US and Canada are the key contributors to the market's dominance in North America. These countries have witnessed a surge in demand for wood plastic composites in residential and commercial construction projects due to their durability, low maintenance, and resistance to environmental elements.
Asia Pacific is experiencing the fastest growth in the global wood plastic composites market. The region is witnessing rapid urbanisation, infrastructure development, and an increasing preference for sustainable materials. Countries such as China, Japan, India, and South Korea are the major drivers of growth in the Asia Pacific market. The construction industry in these countries is booming, with a significant emphasis on eco-friendly materials and green building practices. Additionally, the automotive and consumer goods industries in the region are also adopting wood plastic composites for various applications, further propelling market growth.
Global Wood Plastic Composites By Geography
- Largest
- Fastest
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Wood Plastics Composites Market Dynamics
Drivers
Rising Demand for Lightweight and High-performance Materials
- The global wood plastic composites (WPC) market is driven by the rising need for lightweight and high-performance materials. WPCs offer a favourable strength-to-weight ratio, making them appealing for applications that require materials with reduced weight and enhanced performance. Industries such as automotive, aerospace, and consumer goods are increasingly adopting WPCs to achieve fuel efficiency, weight reduction, and improved overall product performance. This demand is fueling the growth of the WPC market.
Restraints
Vulnerability to Moisture and Environmental Factors
- Despite their improved resistance to rotting and decay compared to natural wood, wood plastic composites are still susceptible to moisture and environmental factors. Exposure to moisture and extreme temperature variations can cause issues like swelling, warping, or fading of WPC products. It is essential to implement proper design, installation, and maintenance practices to mitigate these challenges and ensure the long-term durability of WPCs. By addressing these concerns, manufacturers and end-users can maximise the benefits and performance of WPCs.
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Wood Plastics Composites Market Competitive Landscape
The global wood plastic composites (WPC) market is highly competitive, characterised by the presence of numerous players across the value chain. The market landscape is shaped by factors such as product innovation, technological advancements, and strategic collaborations. Manufacturers in the industry strive to gain a competitive edge by offering high-quality products, expanding their customer base, and maintaining strong distribution networks.
Top Player’s Company Profiles
- Trex Company, Inc. (US)
- Axion International Holdings, Inc. (US)
- Fiberon, LLC (US)
- TAMKO Building Products, Inc. (US)
- UPM-Kymmene Corporation (Finland)
- Universal Forest Products, Inc. (US)
- CertainTeed Corporation (US)
- TimberTech (US)
- Green Bay Decking, LLC (US)
- Polyplank AB (Sweden)
- Beologic N.V. (Belgium)
- FKuR Kunststoff GmbH (Germany)
- Green Resources Material (China)
- Guangzhou Kindwood Co., Ltd. (China)
- Techwoodn (China)
- Perth Wood Plastic Composite Co., Ltd. (China)
- Shanghai Seven Trust Industry Co., Ltd. (China)
- EverJade Group Limited (China)
- Sentai WPC (China)
Recent Developments
- In December 2021, TimberTech, a leading manufacturer of WPC products, announced that it had launched a new line of WPC products that are made with recycled content. These products are designed to be more environmentally friendly than traditional WPC products.
- In September 2021, Guangzhou Kindwood Co., Ltd., a Chinese manufacturer of WPC products, announced that it had received a new order for WPC decking from a major retailer in the United States. This order is a sign of the growing demand for WPC products in the U.S. market.
- In June 2021, PolyPlank AB, a Swedish manufacturer of WPC products, announced that it had opened a new manufacturing plant in the United States. This plant will allow PolyPlank to meet the growing demand for its products in the U.S. market.
- In March 2021, CertainTeed Corporation, a leading manufacturer of building materials, announced that it had launched a new line of WPC products. These products are designed to be more durable and weather-resistant than traditional WPC products.
- In January 2021, Trex Company, Inc., a leading manufacturer of WPC products, announced that it had acquired Fiberon, LLC, another leading manufacturer of WPC products. This acquisition will allow Trex to expand its product portfolio and reach a wider customer base.
Wood Plastics Composites Key Market Trends
- Recyclable Nature: The increasing demand for sustainable and durable construction materials is a key market trend for the global wood plastic composites market. Wood plastic composites (WPCs) are made from a mixture of wood fibres and plastic, which makes them strong, lightweight, and resistant to weathering. They are also recyclable, which makes them a more environmentally friendly option than traditional wood products. As the demand for sustainable construction materials continues to grow, WPCs are expected to become increasingly popular. This is because WPCs offer a number of advantages over traditional wood products, including their durability, sustainability, and versatility.
Wood Plastics Composites Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global wood plastic composites analysis, the rising preference for eco-friendly and sustainable materials in construction and automotive sectors is identified as a major driver. Wood plastic composites, being recyclable and made from renewable resources, are considered environmentally friendly alternatives to traditional materials. Additionally, the growing construction industry, particularly in emerging economies, is expected to drive the demand for wood plastic composites in applications such as decking, railing, and fencing. Furthermore, the report analyses the market's competitive landscape, highlighting the presence of key players and their strategies. It emphasises the importance of product innovation, research and development, and strategic collaborations to gain a competitive edge. The report also discusses the market's regional analysis, identifying the major market segments and their growth prospects across different geographic regions. In terms of market opportunities, the report identifies emerging applications and untapped regions where wood plastic composites can find significant demand.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.14 billion |
| Market size value in 2031 | USD 17.56 billion |
| Growth Rate | 12.38% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wood Plastics Composites Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wood Plastics Composites Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Wood Plastics Composites Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wood Plastics Composites Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wood Plastics Composites Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wood Plastics Composites Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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