Global Wood Plastic Composites (WPC) Market - Segmented by Plastic Material, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The wood plastic composite (WPC) market is expected to register a moderately high growth rate during the forecast period, 2018-2023. In 2017, North America dominated the global wood plastic composite (WPC) market.
Growing Use of Recyclable Materials in Automotive Production to Drive the Market
Wood-plastic composite is a sustainable green material which provides durability without the use of toxic chemicals. They contain plant fiber, which provides them with relative high strength and stiffness, low density, low CO2 emission, and biodegradability. Automotive manufacturers are focusing on switching to recyclable or biodegradable parts and go for lightweight materials. This has increased the demand for wood plastic composites in the automotive industry. WPCs are primarily used in automobiles for storage (trims in trunks, shelves for spare tires, etc.), interior door trims, etc. Furthermore, they are often used to replace metal or fiberglass components in automotive components. With automotive production growing through the years, primarily in Asia-Pacific and Europe an region, the consumption of WPCs too will rise in the automotive industry through the forecast period. According to Mordor Intelligence analysis, automotive parts application is estimated to be the fastest growing segment through the forecast period, while building & construction is expected to dominate the global market owing to the vast application of wood plastic composite in decking.
Polyethylene (PE) - The Majorly Used Plastic Material in the Industry
Polyethylene accounted for more than 60% of the market in 2017. PE, majorly high density polyethylene (HDPE), owing to its large strength to density ratio, strong intermolecular forces and tensile strength is preferred over any other type of thermoplastic to be used to manufacture WPCs. The market is also expected to register a significantly high CAGR through the forecast period
North America - the Dominating Regional Wood Plastic Composites (WPC) Market
North America accounted for the largest market share for wood plastic composites driven primarily owing to the growing infrastructure projects in the region. Growing population, changes in household size, and pent-up demand is driving the demand in the residential housing sector rapidly. Further, the reconstruction and remodeling of old houses too is helping to drive the construction market in the region, which, in turn, is expected to drive the market for wood plastic composite through 2023.
Notable Developments in Wood Plastic Composites (WPC) Market
April 2018: Cali Bamboo, added a premier composite decking line, TruOrganics, to its outdoor product repertoire with all-new rail and post systems and fresh decking colors
December 2017: CertainTeed Corp. launched a national rollout for a polyurethane composite siding
Major Players in Wood Plastic Composites (WPC) Market
Advanced Environmental Recycling Technologies, Inc. (AERT)
Axion International, Inc.
AZEK Building Products (Timbertech)
Fkur Kunststoff GmbH
Universal Forest Products, Inc.
Reason to Purchase Wood Plastic Composites (WPC) Market Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand which type and application will dominate the market
To identify which countries are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of Wood Plastic Composites (WPC) Market Report
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