The global wood plastic composites market was valued at USD 7.5 billion in 2023 and is projected to reach USD 11.9 billion by 2028, growing at 9.8% cagr from 2023 to 2028. The commercialization of wood-plastic composites occurred in the early 1990s. The first-generation wood-composite products were made of recycled wood flour or chips with binder and were used in some limited applications. The next generation wood-plastic composites have superior mechanical, physical, and dimensional stability and can be used to produce complex forms. Advancements in the technology, followed by investment in R&D activities by the leading market players, provide a positive sign for the wood-plastic composites products in the marketplace. The major applications of wood-plastic composites are building & construction products, followed by automotive components. In building & construction application, wood-plastic composites are widely used in decking, molding & sliding, and fencing.
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Wood-plastic composites are renewable and abundant. Variety of synthetic fibers such as carbon, aramid and glass fibers faces degradability problem due to non-renewable nature. Thermoplastic resins such as polyethylene, polypropylene and polyvinylchloride along with wood fiber are easy to dispose and recyclable. Easy recyclability factor is driving the growth of wood-plastic composites in multiple end-use industries across the world. Various government in developed countries are implementing regulations and legislations on waste management. This regulations are expected to fuel the demand for wood-plastic composites in future.
Wood is treated with thermoplastics and a few additives, which makes the wood-plastic composite stiffer, and it loses its flexibility. It adopts one shape quickly, but then it becomes challenging to reshape it. This limits the reusability of the material. Every product has a limited shelf life and is subject to depreciation. Wood-plastic composite is susceptible to creep under heavy load when used over a long duration of time. Various processing factors, such as molding temperature, wood-plastic ratio, and screw speed can may affect the mechanical properties of wood-plastic composites. The use of coupling agents can help enhance the tensile properties and can add more strength to wood-plastic composites.
Growing demand for low-maintenance, high-performance, and cost effective products that are eco-friendly in nature and also offer low maintenance properties is expected to increase the demand for wood-plastic composites across the world in coming years. Moreover, increasing demand for biodegradable and recyclable materials for manufacturing various automotive components, that offers weight reduction, and superior mechanical strength is expected to drive the demand for wood-plastic composites during the forecast period.
Wood-plastic composites are highly durable when compared to normal wood. However, due to excess rain or heat, products may have a reduced life span. Wood-plastic composites melts in excess heat and is prone to fungal growth on the surface due to excess humidity. Top global players in the market are yet to produce a product to tackle these issues effectively. This is a major challenge in the wood-plastic composites market.
Polyvinylchloride (PVC) is a thermoplastic material, which can be melted repeatedly. It becomes soft on being heated to a certain temperature, and then hardens on cooling. Polyvinylchloride is a widely consumed type of wood-plastic composites in the global market. Due to its various advantages, such as low maintenance, tough, rigid with a high impact strength, sound and heat insulation, nontoxic and weatherproof, non-wrapping and stain proof, reliable, fire retardant and self-extinguishing, non-corrosive, and chemical resistant, consumers prefer using it as compared to other types of wood-plastic composites. Polyvinylchloride is extensively used in the construction business as it is a low-maintenance material. It is widely used in countries such as the US, the UK, and Ireland. This material has almost entirely replaced the use of raw wood, which tends to rot after a couple of years.
Industrial & consumer goods application segment is one of the significant end-use applications of wood-plastic composites. Polyvinylchloride based wood-plastic composites is gaining high popularity due to its moisture resistance, balance of thermal stability, strength, and stiffness. Patent activity by many manufacturers is very high in this segment. Growth in the industrial & consumer goods segment along with increasing government regulations regarding biodegradable materials may drive the market in upcoming years.
The European wood-plastic composites market is a mature market. Currently, wood-plastic composites are increasingly used to produce furniture, technical parts, consumer goods, and household electronics using the injection molding and extrusion processes. Development of new production methods, such as the extrusion wood-plastic composite board, in many end-use applications shows a positive sign for the overall market.
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The wood-plastic composites market is dominated by a few globally established players. Trex Company, Inc., (US), MoistureShield (US), UFP Industries, Inc. (US), Fiberon (US), TimberTech (US), TAMKO Building Products LLC (US), Beologic (Belgium), FKuR Kunstsoff GmbH (Germany), JELU-WERK J. Ehrler GmbH & Co. KG (Germany), and Green Dot Bioplastics, Inc. (US), among others, are the main producers in the global market.
These companies are attempting to establish themselves in the wood-plastic composites market by employing a range of inorganic and organic approaches. A thorough competitive analysis of these major wood-plastic composites market participants is included in the research, along with information on their company profiles, most recent advancements, and important market strategies.
Read More: Wood-plastic Composites Companies
Market size available for years
Value (USD Million), Volume (Kiloton)
By Type, By Application, By Region
Europe, North America, Asia Pacific, Latin America, Middle East, and Africa
Trex Company, Inc., (US), MoistureShield (US), UFP Industries, Inc. (US), Fiberon (US), TimberTech (US), TAMKO Building Products LLC (US), Beologic (Belgium), FKuR Kunstsoff GmbH (Germany), JELU-WERK J. Ehrler GmbH & Co. KG (Germany), and Green Dot Bioplastics, Inc. (US).
The study categorizes the wood-plastic composites market based on Type, Application, and Region.
Which are the major companies in the wood-plastic composites market? What are their major strategies to strengthen their market presence?
Some of the key players in the wood-plastic composites market are Trex Company, Inc., (US), MoistureShield (US), UFP Industries, Inc. (US), Fiberon (US), TimberTech (US), TAMKO Building Products LLC (US), Beologic (Belgium), FKuR Kunstsoff GmbH (Germany), JELU-WERK J. Ehrler GmbH & Co. KG (Germany), and Green Dot Bioplastics, Inc. (US).
What are the drivers and opportunities for the wood-plastic composites market?
Increase emission regulations from government are forcing OEM’s toward the use of composites anticipated to accelerate market expansion globally.
Which region is expected to hold the highest market share?
North America, Asia Pacific, and Europe’s wood-plastic composites market has been experiencing growth and significant industry demand.
What is the total CAGR expected to be recorded for the wood-plastic composites market during 2023-2028?
The CAGR is expected to record a CAGR of 9.8% from 2023-2028.
How is the wood-plastic composites market aligned?
The market is growing at a significant pace. The market is a potential market, and many manufacturers are planning business strategies to expand their existing business. .
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The study involves two major activities in estimating the current market size for the wood-plastic composites market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary sources referred to for this research study include financial statements of companies offering wood-plastic composites and information from various trade, business, and professional associations. Secondary research has been used to obtain critical information about the industry’s value chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. The secondary data was collected and analyzed to arrive at the overall size of the wood-plastic composites market, which was validated by primary respondents.
Extensive primary research was conducted after obtaining information regarding the wood-plastic composites market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from wood-plastic composites industry vendors; system integrators; component providers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to type, application, and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using wood-plastic composites products were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of wood-plastic composites and future outlook of their business which will affect the overall market.
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The research methodology used to estimate the size of the wood-plastic composites market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations in wood-plastic composite products in different applications at a regional level. Such procurements provide information on the demand aspects of the wood-plastic composites industry for each application. For each application, all possible segments of the wood-plastic composites market were integrated and mapped.
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After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Wood-plastic composites are composites made from wood fibers or wood flour and thermoplastic materials such as polyethylene (PE), polypropylene (PP), and polyvinylchloride (PVC). Additives are used in wood-plastic composites to enhance the physical and mechanical properties within the polymer matrix along with the processing aids such as lubricants, wetting agents, plasticizers, and compatibilizers. Wood-plastic composites for various applications are generally manufactured by extrusion process, whereas injection molding process is still not widely used. Major application areas of wood-plastic composites include decking, railing, fencing, trims, panels, furniture, automotive components, industrial & consumer goods, and others. Wood-plastic composites not only looks and feels similar to natural wood products and have similar performance benefits, but in addition they offer superior durability, color retention, and are resistant to rot, decay, and UV, thus providing greater value in end-market applications.
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Markets and Markets research pvt ltd. (Dec, 2023 ). Wood-plastic Composites Market by Type (Polyethylene, Polyvinylchloride, propylene), Application (Building & construction Products, Automotive Components, Industrial & Consumer Goods), & Region (North America, Europe, APAC, MEA) - Global Forecast to 2028 MarketsandMarkets. Retrieved Oct 14, 2024, from https://www.marketsandmarkets.com/Market-Reports/wood-plastic-composite-market-170450806.html
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