Wood Plastic Composite Market Size, Share, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Wood Plastic Composite Market


The global Wood Plastic Composite market size is projected to reach US$ 8.93 billion by 2026, from US$ 5.24 billion in 2020, at a CAGR of 9.3% during 2021-2026. Rising demand for lightweight and durable products in the automotive and construction industries is expected to drive demand over the coming years.

Wood fibers are utilized in manufacturing wood plastic composites (WPC) in order to increase their stiffness and strength. Various types of wood are used in commercial production, with pine, maple, and oak being the most common. Currently, wood selection is influenced more by availability rather than inherent qualities.

U.S. dominated the market in North America in terms of production as well as demand. The dominance of the market is attributed to a well-established building and construction industry, coupled with extensive usage of WPCs in the same.

Designing and manufacturing of the product is remarkably similar to manufacturing traditional plastics. There are some additional variables, though, that designers and manufacturers should be aware of when a material is being selected for manufacturing.
The ratio of wood to plastic in the chosen formula of a WPC will have an effect on its performance as it undergoes the production process. The percentage of wood present in the composite will have an effect on the melt flow index (MFI) of the final product. The more wood added to composite, the lower is the MFI of the final product. WPCs have the aesthetics of conventional wood combined with high strength. These factors have made WPCs a preferred alternative to conventional wood products.

Market Segmentation, Outlook & Viewpoint: Global Wood Plastic Composite Market

Type Market Segmentation & Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  
Polyethylene
  
Polypropylene
  
Polyvinylchloride
  
Others

Application Market Segmentation & Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

Building & construction

  
Decking
  
Molding & Siding
  
Fencing

Automotive Components

Industrial & Consumer Goods

Others

Key Players, Recent Developments & Regional Insights: Global Wood Plastic Composite Market

Building and construction is one of the most important applications for WPC and accounted for the largest market share in 2017. Rising demand for aesthetically appealing flooring and furniture solutions across the world is expected to aid segment growth over the forecast period.

In terms of revenue, the decking application is expected to progress at an estimated CAGR of 9.3% over the forecast period. Consumers demand products with high aesthetic appeal and long life. Increase utilization of capstock-coated decking, which restricts growth of mold and premature degradation, is expected to assist in segment growth over the forecast period.

The automotive segment is expected to progress at the fastest revenue-based CAGR of 9.9% over the forecast period. Wood plastic composites are likely to witness significant growth in the automotive application owing to their favorable properties such as lightweight, machinability, durability, and environment-friendliness.

Rising application scope of wood plastic composites in manufacturing products such as musical instruments, shoe soles, toys, and trays is expected to have a positive impact on industry growth. Increasing demand for bio-plastics in niche applications such as household electronics is also expected to propel demand over the projected period.

Regional Insights

North America was the largest market for wood plastic composites in 2017, accounting for 52.2% of the total revenue. This can be attributed to high product penetration in the building and construction industry. Rising consumer demand for bio-compatible products in applications such as consumer goods and automotive interior parts is expected to have a positive impact on the market.

Europe has reached a state of maturity as far as the WPC industry is concerned and is thus expected to register a sluggish revenue-based CAGR of 5.3% over the projected period. However, growth of the automotive industry in the region is expected to propel demand over the next few years. The auto sector uses WPC to manufacture interior and exterior trims in vehicles.

Government bodies in Asia Pacific have entered into public private partnerships (PPP) to undertake new building and infrastructural construction projects. Moreover, focused efforts taken by governments in various APAC countries to provide affordable housing are driving construction industry, thereby fueling the demand for wood plastic composites over the forecast period.

In terms of revenue, the market in Brazil is expected to progress at an estimated CAGR of 11.0% from 2018 to 2025. Rising construction projects in the region, coupled with increasing government initiatives to promote manufacture and use of bioplastics and biodegradable materials, is expected to benefit the industry over the forecast period.

Wood Plastic Composite Market Share Insights

Industry participants have been adopting strategies such as partnerships, joint ventures, and production capacity expansions in order to gain a larger market share and sustain growing industry rivalry.For instance, CertainTeed Corporation acquired SimTek in July 2017 in order to expand its exterior WPC product portfolio. CertainTeed is also involved in expanding its production capacity to cater to rising demand for WPC. For instance, in June 2016, the company inaugurated a new WPC plant in Missouri, U.S. The company has an R&D division that strives to come up with improved products.Beologic N.V. is one of the leading manufacturers of WPCs in Europe. The companys plant in Belgium has a production capacity of 20,000 metric tons a year. It is aligned toward captive consumption as it is involved in manufacturing of polymers such as polyvinylchloride, polypropylene, and polyethylene, which are then used in manufacturing WPC.

Fiberon LLC distributes its WPC products to North America, Europe, Asia, and Central and South America by means of its own operational facilities in the regions. Fiberon LLC has collaborated with Blue Linx to establish distribution facilities in order to expand its market presence.

Key Insights Covered: Global Wood Plastic Composite Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Wood Plastic Composite industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Wood Plastic Composite industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Wood Plastic Composite industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Wood Plastic Composite industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Wood Plastic Composite industry.

Research Methodology: Global Wood Plastic Composite Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other