The global
wood plastic
composites market report
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 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.
Regional
Analysis-
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 Latin America are set to exhibit steady
growth fueled by the surging number of construction activities in both regions.
Information Source:
https://www.fortunebusinessinsights.com/wood-plastic-composite-market-102821