Zion Market Research has published a new report titled “Wood-Plastic Composites Market (Polyethylene, Polypropylene, Polyvinyl Chloride and Others) for Building & Construction, Automotive, Electrical and Other Applications: Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global wood plastic composites market was valued at USD 4.37 billion in 2016 and is expected to reach USD 8.76 billion in 2022, growing at a CAGR of 12.3% between 2017 and 2022. In terms of volume, global wood plastic composites stood at approximately 4,262.3 kilotons in 2016.
Wood plastic composites are the hybrid compound of wood fibers and thermoplastic resin. The most common method of production is to extrude the material into the desired shape. It is resistant to rot, moisture and germ infestation. Moreover, it can be molded into various shapes according to need. In addition, superior mechanical strength, low maintenance and weight reduction offered by these products are expected to propel demand for the construction and automotive industries.
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The wood plastic composites have several advantages over traditional furniture-making materials like wood. Thus, the growing demand for construction and automotive is expected to be a major driving force of wood-plastic composites market. Additionally, growing demand for recyclable materials in the automobile industry is predicted to boost the market size in the near future. However, the high cost of raw material is a major restraint that may hamper the market growth. Nonetheless, untapped market in emerging countries is likely to set the new wings to the market over the coming years.
The polyethylene segment accounted for the largest market share in 2016, followed by polypropylene segment. Polyethylene accounted for over 60% share of the total consumption in 2016 and likely to grow at a strong CAGR between 2017 and 2022. Furthermore, polyvinyl chloride segment is expected to be the most attractive segment of the market over the forecast period. Due to its various advantages, consumers prefer using it as compared to other types of WPC. PVC is extensively used in the constructions business as it is a low maintenance material.
Based on applications, building & construction was the most attractive application segment of the market in 2016. It accounted for above 50% share of the total market and this trend is likely to continue within the forecast period. Automotive held as the second largest application segment in 2016 and it is predicted to be the fastest growing segment during the years to come. Increasing demand for the lightweight automobile is likely to drive the demand for wood-plastic composites owing to the WPCs has the capacity to reduce the overall weight of the vehicle and it helps to increase the fuel efficiency. The electrical segment is expected to grow at moderate pace in the coming years.
North America dominated the wood-plastic composites market in 2016 and further this trend is expected to continue during the next five years owing to rapidly growing demand for flooring and decking applications in U.S. Moreover, North America is growing tremendously owing to huge consumption of wood plastic composites in different applications such as automotive, construction, electronics, and other sectors. Asia Pacific was the second largest market of wood plastic composites in 2016. Furthermore, it is also projected to be one of the fastest growing markets in the near future. Asia Pacific was followed by Europe and Latin America in the same year. Middle East & Africa is expected to witness moderate growth of market within the forecast period.
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The key vendors in the Global wood-plastic composites market include Trex Company Inc., TimberTech Limited, WPC-Wood Plastic A.S., Fiberon LLC., Perth Wood Plastic Composite Co, Ltd., Advanced Environmental Recycling Technologies (AERT), Solvay S.A., Beologic N.V., CertaiTeed Corporation, Louisiana Pacific Corporation, Strandex Corporation and JELU-WERK J. Ehrler GmbH & Co. KG among others.
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