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Wood Plastic Composites Market Size, Global Demand & Opportunities, Segmentation, Upcoming Trends and Forecast by 2027

Rushab Adsule Rushab Adsule
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 The global

wood plastic

composites market

is likely to gain impetus from their increasing application in

kitchen accessories, home furniture, vehicle interiors, and car speakers. They

are considered to be the highest growing plastic additives at present. This

information is given by Fortune Business Insights™ in a recently published

report, titled, “Wood Plastic Composites Market Size, Share & Industry

Analysis, By Material (Polyethylene, Polypropylene, Polyvinyl Chloride and

Others), By Application (Decking, Automotive, Sliding & fencing, Technical

Application, Furniture, Consumer Goods and Others), and Regional Forecast,

2020-2027.” The report further mentions that the wood plastic composites market

size was USD 4.77 billion in 2019 and is projected to reach USD 9.03 billion by

2027, exhibiting a CAGR of 8.57% during the forecast period.



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This Report

Answers the Following Questions:



·        

What are the trends, opportunities, challenges, and drivers in the

market?



·        

Which segment is anticipated to lead the market in terms of share?



·        

Which region would top in terms of revenue in the coming years?



·        

How will the wood plastic composites manufacturers compete in the market?



Drivers

&Restraints-



Increasing

Usage of Sustainable Fibers to Boost Growth



Wood plastic composites are green materials that

have high potential in bringing about sustainability. Theydon’t contain

excessive chemicals that may pose toxic for the environment and are durable in

nature. Plant-based fibers are mainly used in reinforced plastics, instead of

fibrous materials as theyarecost effective, robust, highly stiff, and annually renewable.

Such fibers also emit less carbon dioxide, have low density, and possess biodegradability

properties. Numerous automakers worldwide are aiming to develop biodegradable

or recyclable parts of vehicles by using sustainable wood plastic composites. They

would aid in lowering fuel consumption and production cost, offering

shatterproof performance under harsh weather conditions, enhance passenger

safety, lower weight of the material, and improve acoustic performance. However,

wood plastic composites require higher initial cost spending. It may obstruct

growth.



Segment-



Decking

Segment to Grow Rapidly Owing to High Demand fromConstruction Sector



Based on application, the decking segment held

55.55%wood plastic composites market share in 2019. This growth is attributable

to their increasing demand from the construction industry. The process of

decking requires the usage of such composites as they possess several benefits

that help in refining the quality of the material of concrete. They are also

used to improve strength and durability.



Regional

Analysis-



Rapid

Industrialization in China & India to Favor Growth in Asia Pacific



In terms of region, North America procured USD

2.24 billion revenue in 2019 stocked by the rising demand for

environmentally-friendly solutions and products in this region. In addition to

this, the rising application of wood plastic composites in decking would drive

growth. In Asia Pacific, developing countries, such as China and India are experiencing

rapid industrialization. Coupled with this, the improvements and modernizations

in buildings and road construction activities would accelerate growth in this

region. The Middle East and Africa and LatinAmerica are set to exhibit steady

growth fueled by the surging number of construction activities in both regions.



Competitive

Landscape-



Key Companies

Follow Acquisition Strategy to Gain Competitive Edge



The market is fragmented with the presence of

more than 100 organizations accounting for the total revenue across the globe. They

are constantly investing huge sums in research and development activities to

innovate their in-house wood plastic composites. Some of them are also adopting

the strategy of mergers and acquisitions to enhance their product offerings. Below

are a couple of the latest industry developments:



·        

August 2018

: Alvic Plastics

Limited was acquired by BSW Group. This new deal would aid BSW in broadening

its product portfolio and production capacity. It would also enable the company

to bring in diversification to increase its range of products.



·        

November 2015

: Vannplastic

Limited, a prominent manufacturer of wood plastic composite was acquired by the

Boral Epwin Group for an initialconsideration ofapproximately USD 5.67 million.

It would aid Boral in widening its line of low maintenance building materials.



Fortune Business Insights™lists out all the

manufacturers of wood plastic composites present in the market. They are as

follows:



•                   

Seven Trust (China)



•                   

Meghmani Group (India)



•                   

Beologic (Belgium)



•                   

Trex Company, Inc. (U.S.)



•                   

UFP Industries, Inc. (U.S.)



•                   

Fiberon  LLC (U.S.)



•                   

Axion International, Inc. (U.S.)



•                   

Josef Ehrler GmbH & Co KG (Germany)



•                   

Croda International Plc (UK)



•                   

CertainTeed (U.S.) 



•                   

Others



Information Source:



https://www.fortunebusinessinsights.com/wood-plastic-composite-market-102821




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