Wood Plastic Composite Market Is Projected To Reach $9.77 Billion By 2024: Grand View Research, Inc.
The global wood plastic composite market is expected to reach USD 9.77 billion by 2024,
according to a new report by Grand View Research, Inc. Increasing demand for
wood plastic composites in construction industry particularly in decking,
fencing, and molding & siding applications is expected to be the key driver
for the market growth. Superior mechanical strength, low maintenance and weight
reduction offered by these products are expected to propel demand in the
construction industry over the next eight years.
Rising automakers focus towards making every
automotive part biodegradable, and recyclable is expected to open new avenues
for the material over the next eight years. The product is used in door panels,
seat cushions, cabin linings, backrests, and dashboards. The most commonly used
wood species for commercial wood plastic composite products include maple, oak,
and pine. Product cost and regional availability of raw material are expected
to be a key factor for wood plastic composites manufacturers over the projected
period.
Rising application scope for wood plastic composites
for manufacturing various other products including musical instruments, shoe
soles, toys, and trays is expected to have a positive impact on the market
growth. Growing demand for bio-plastics in niche applications such as household
electronics and edge protection for packaging is expected to propel demand over
the projected period.
Full Research Report On Global Wood Plastic Composite Market By Grand View Research:
www.grandviewresearch.com/industry-analysis/wood-plastic-composites-market
www.grandviewresearch.com/industry-analysis/wood-plastic-composites-market
Further
key findings from the study suggest:
- North America was the largest segment for the
Wood Plastic Composite market in 2015 accounting over 45% of the global
volume. Growing construction sector in the region owing to rising
investments in new infrastructure projects is expected to augment growth.
Furthermore, increasing residential and commercial building renovation
activities in the region is expected to have a positive impact on the
growth.
- Polyethylene based wood plastic composites
dominated the industry accounting over 55% of the market share. Excellent
molecular bonding stability and structure offered by polypropylene, which
makes the product robust, is expected to be a key factor for the product
demand.
- Europe demand for wood plastic composites in
automotive applications was valued over USD 65 million in 2015. Automotive
industry is the most crucial sector in the Europe and accounts over 4% of
European GDP. Germany dominated the premium car production in 2015
accounting over 40% of the total market. Adoption of new technologies,
increasing use of bio-based products and high investments in R&D are
expected to open new avenues for the product market.
- Key players in the industry include Advanced
Environmental Recycling Technologies, Inc., Axion International, Inc., Fkur
Kunststoff GmbH, Beologic N.V., Certainteed, Fiberon, LLC, JELU-WERK J.
Ehrler GmbH & Co. KG, Guangzhou Kindwood Co. Ltd., Josef Ehrler GmbH
& Co. Kg, Polymera, Inc., Renolit, Polyplank AB, Tamko Building
Products, Inc., Timbertech and Trex Company, Inc.
Browse more reports of this category
by Grand View Research:
www.grandviewresearch.com/industry/specialty-glass-ceramic-and-fiber
www.grandviewresearch.com/industry/specialty-glass-ceramic-and-fiber
Grand View Research has segmented the wood plastic composite market on
the basis of product, application and region:
Wood Plastic Composite Market Product Outlook (Volume, KiloTons;
Revenue, USD Million, 2013 - 2024)
- Polyethylene
- Polypropylene
- Polyvinylchloride
- Others
Wood Plastic Composite Market Application Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
- Automotive
components
- Building
and construction
- Decking
- Molding
& siding
- Fencing
- Industrial
and consumer goods
- Others
Wood Plastic Composite Market Regional Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
- North
America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Russia
- Asia
Pacific
- China
- India
- Japan
- Australia
- New
Zealand
- Latin
America
- Brazil
- Middle
East & Africa
Access press release by Grand View
Research:
www.grandviewresearch.com/press-release/global-wood-plastic-composite-market
www.grandviewresearch.com/press-release/global-wood-plastic-composite-market
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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