Pune, India, Nov. 14, 2022 (GLOBE NEWSWIRE) — According to a research report by Fortune Business Insight™the Global wood plastic composites market is likely to gain momentum through their growing application in kitchen accessories, home furnishings, vehicle interiors and car speakers. They are considered the fastest growing plastic additives today. This information is given by Fortune Business Insight™ in a recently published report, titled “Market size, share and analysis of the wood-plastic composites industry and regional forecast, 2020-2027.” The report further mentions that the wood plastic composites market size was $4.77 billion in 2019 and is expected to reach $9.03 billion by 2027, posting a CAGR of 8.57% during the forecast period.
Lists of major manufacturers of wood-plastic composites present in the market
- Trex Company, Inc. (USA)
- Seven Trust (China)
- Meghmani Group (India)
- Beologic (Belgium)
- UFP Industries, Inc. (USA)
- Fiberon LLC (USA)
- Axion International, Inc. (USA)
- Josef Ehrler GmbH & Co KG (Germany)
- Croda International Plc (UK)
- CertainTeed (USA)
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Report scope and segmentation
|Market size value in 2019||$4.77 billion|
|Revenue forecast in 2027||$9.03 billion|
|Rate of growth||CAGR of nearly 8.57% 2020-2027|
|Historical years||2016 – 2018|
|Forecast years||2020 – 2027|
|Segments Covered||By product type, by application and by geography|
|Forecast units||Value (USD billion) and volume (units)|
|Quantitative units||Revenue in USD Million/Billion and CAGR from 2020 to 2027|
|Regions covered||North America, Europe, Asia-Pacific, South America, Middle East and Africa, and Rest of the World|
|Countries covered||United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others|
|Number of companies covered||Aurora Cannabis Inc. (Edmonton, Canada), Aphria Inc. (Leamington, Canada), Canopy Growth Corporation (Canada), MedReleaf Corp. (Edmonton, Canada), Cronos Group Inc. (Toronto, Canada), GW Pharmaceuticals, plc. (Cambridge, UK), CannTrust Holdings Inc. (Vaughan, Canada), VIVO Cannabis Inc. (Ontario, Canada), Tilray (Nanaimo, Canada), OrganiGram Holdings (Moncton, Canada)|
Drivers and Constraints-
Increase the use of sustainable fibers to stimulate growth
Wood-plastic composites are green materials that have great potential for sustainability. They do not contain excessive chemicals that can be toxic to the environment and are durable in nature. Plant fibers are mainly used in reinforced plastics, instead of fibrous materials, because they are cost effective, strong, very rigid and renewable every year. Such fibers also emit less carbon dioxide, have a low density and have biodegradable properties. Many automakers around the world are aiming to develop biodegradable or recyclable vehicle parts using sustainable wood-plastic composites. They are said to help reduce fuel consumption and production costs, provide unbreakable performance in harsh weather conditions, improve passenger safety, reduce material weight and improve acoustic performance. However, wood-plastic composites require higher initial outlay. This can hinder growth.
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Reasons to buy this report:
- Comprehensive analysis of market growth drivers, barriers, opportunities and other related challenges.
- Tracks developments, such as new product launches, agreements, mergers and acquisitions, geographic expansions and joint ventures.
- Identifies market constraints and drivers.
The terrace segment is expected to grow rapidly due to strong demand from the construction sector
Based on application, the decking segment held 55.55% market share of wood-plastic composites in 2019. This growth is attributed to their increasing demand from the construction industry. The decking process necessitates the use of such composites as they possess several advantages that help refine the material quality of concrete. They are also used to improve strength and durability.
The Global Wood and Plastic Composites Market Research/Analysis Report Contains Answers to your following Questions
- What manufacturing technology is used? What are the current developments in this technology? What trends are driving these developments?
- Who are the major global market players? What is their company profile, product information and contact details?
- What Was the Status of the Global Wood Plastic Composites Market? What was the capacity, production value, cost and PROFIT?
- What is the current status of the wood-plastic composites market? What is the market competition in this industry, both at company and country level? What is market analysis considering applications and types?
Rapid industrialization in China and India to drive growth in Asia-Pacific
In terms of region, North America generated revenue of USD 2.24 billion in 2019, fueled by the growing demand for environmentally friendly solutions and products in this region. In addition to this, the increasing use of wood-plastic composites in decking would drive growth. In Asia-Pacific, developing countries such as China and India are experiencing rapid industrialization. In addition, improvements and modernizations in buildings and road construction activities would accelerate growth in this region. The Middle East, Africa and Latin America are expected to show sustained growth fueled by the growing number of construction activities in both regions.
Browse Detailed Abstract of Research Report with TOC:
Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Main emerging trends – for main countries
- Main developments: mergers, acquisitions, partnerships, etc.
- Latest technological advancement
- Overview of the regulatory scenario
- Analysis of the five forces of carriers
- Global Wood Plastic Composites Market Analysis, Outlook and Forecast, 2016 – 2027
- Main results/summary
- Market Analysis, Outlook and Forecast – By Material
- Polyvinyl chloride
- Market Analysis, Outlook and Forecast – By Application
- Slides and fences
- Technical application
- Consumer goods
- Market Analysis, Outlook and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key companies follow their acquisition strategy to gain competitiveness
The wood-plastic composites market is fragmented with the presence of more than 100 organizations accounting for the total revenue across the globe. They constantly invest huge sums in research and development activities to innovate their wood-plastic composites in-house. Some of them are also adopting the strategy of mergers and acquisitions to enrich their product offering.
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