Wood Plastic Composites Market Statistics, Size Will Hit $12.6 billion by 2030 | Growth with Recent Trends & Demand

Wood plastic composites (WPC) are a blend of recycled plastic and wood waste, offering advantages like a lower melting temperature,ETC

PORTLAND, OREGON, UNITED STATES, December 8, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Wood Plastic Composites Market," The wood plastic composites market was valued at $5.4 billion in 2020, and is estimated to reach $12.6 billion by 2030, growing at a CAGR of 8.9% from 2021 to 2030.

Wood plastic composite has high durability, bending strength, shear strength, low moisture content, and low water absorption, compared to conventional wood products. These properties have made it viable for use in railings, windows, doors, exterior siding, fencing, flooring, interior molding, and landscape materials. Thus, end-users are increasingly preferring wood plastic composite products over conventional wood products.

Wood plastic composites comprises recycled plastic and wood wastes with beneficial features, such as reduced melting temperature resulting in lower energy costs for producers and further reducing the environmental impact of the product. There is increase in demand for these composites among the plastic additives. Innovative use for wood-based composites are constantly accomplished. These hybrid materials provide sustainability, longevity, and cost savings in various applications, such as car speakers, interiors, home furniture, and kitchen accessories.

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The global wood plastic composites market is driven by high availability of non-utilized plastic and wood wastes, increase in demand for decking, molding & sliding, and fencing in building & construction applications, and stringent regulations on the use of chemicals in building materials. However, rise in cost of raw materials and issues related to mechanical strength and/or weight hamper their potential for several structural applications.

According to type, the polypropylene segment is projected to hold a 69.4% market share in the market in 2020. The polypropylene segment is anticipated to see a boom, over the forecast period, owing to its heavy use in the niche application segments, such as water resistant coatings on furniture and high temperature controllable wooden units.

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Impact of COVID-19 on Global Wood Plastic Composites Market
• The outbreak of COVID-19 led to partial or complete shutdown of production facilities that do not come under essential goods, owing to prolonged lockdown in major countries, including the U.S., China, Japan, India, and Germany. It led to either closure or suspension of their production activities in most of the industrial units across the globe.
• COVID-19 proved to be a major challenge for the wood plastic composite market. The outbreak of coronavirus has disrupted the supply chain and postponed the deliveries of wood composites and other raw materials from yards, due to lockdown and shortages of staff.
• Industries are being shut down all across the world. People's purchasing power is decreasing, which has a direct impact on the automobile and construction industries, lowering demand for wood-plastic composites and limiting industry growth.
• During this time, the construction industry suffered numerous losses. It's because of the high use of wood plastics. Construction, on the other hand, come to a halt. The need for wood plastics and composites is dwindling. Demand for the wood plastics and composites declined since 2020. Due to supply chain challenges, the markets experience difficulties in import and export. However, the demand for wood plastics has increased since 2021. New developments will create much more growth in the wood plastics composite industry.

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Key Findings Of The Study:
• Region-wise, Asia-Pacific is projected to grow at the highest CAGR of nearly 9.1%, in terms of revenue, during the forecast period.
• On the basis of application, the building & construction segment accounted for the largest market share in 2020.
• Depending on type, the polypropylene segment garnered the highest share in 2020.

Leading Market Players:
JELU-WERK J. Ehrler GmbH & Co. KG, Trex Company, Inc., Fortune Brands Homes & Security, Dow Inc., FKuR, TimberTech, Renolit SE, Beologic, UPF Industries, Inc., AIMPLAS

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