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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