The size of the world market for wood plastic composites was assessed at USD 5.9 billion in 2020, and from 2022 to 2030, it is anticipated to expand at a CAGR of 12.4%.
The market is being pushed by an increase in the global residential sector’s renovation and repair activities as well as increased demand for environmentally friendly building materials. Manufacturing facilities around the world that produce non-essential products have been forced to partially or completely shut down as a result of the COVID-19 outbreak.
In important countries including the United States, China, Japan, India, and Germany, the lockdown has been prolonged. In most industrial units, this has led to the shutdown or suspension of manufacturing operations.
The largest technology firms, including IBM, Microsoft, and Cisco, are investing in global megaprojects to create sustainable, smart cities. In the following two years, it is anticipated that investments in these cities will total USD 135 trillion. Along with these cities, worldwide megaprojects like Masdar City and Hudson Yards have opened doors for interior construction manufacturers, which will lead to an increase in demand for wood plastic composite in the upcoming years.
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In 2021, the polypropylene product group dominated the market and contributed more than 12% of worldwide sales. Due to its extensive use in specialised application areas like water-resistant furniture coatings and high temperature regulated wooden units, the polypropylene segment is predicted to experience growth over the course of the projection period.
Due to its strong demand in the production of furniture for homes, businesses, restaurants, resorts, and hospitals, polyethylene is one of the product groups with the fastest rising market share. Additionally, the demand for polyethylene composites is predicted to increase in the automobile industry due to its low cost, high stiffness, and biodegradability throughout the ensuing years.
In 2021, the building and construction category dominated the market and accounted for almost 71% of total sales. The need for wood plastic composite in the construction industry has increased as a result of rising infrastructure building activities in emerging nations like China, India, Thailand, and Brazil, as well as rising global demand for visually pleasing furniture and flooring solutions.
The demand for wood plastic composites in the automotive industry will increase as a result of the use of recyclable or biodegradable wood-plastic composite-based parts in automobiles, which are anticipated to improve mechanical strength and acoustic performance, reduce material weight and fuel consumption, reduce manufacturing costs, and improve passenger safety and shatterproof performance.
In 2021, the Asia Pacific region dominated the market and took home more than 30.11% of worldwide revenue. Due to the increased per capita income and quick industrialization, the region is anticipated to have the fastest growing market. During the projected period, significant manufacturers should benefit from changes in consumer behaviour in China, escalating local rivalry, fragmented distribution, and rising dual income.
The economies of Central and South America have seen a significant increase in construction activity as a result of rising income levels and a shift in consumer preference toward green structures. Growth in the commercial construction industry is anticipated during the projection period, along with government attempts to raise public awareness of green buildings.
Key Organizations & Market Share Information
Market players are implementing a variety of techniques to get a competitive edge and maintain the escalating industry rivalry. A significant competitor in the market, CertainTeed Corporation, a Saint Gobain affiliate, offers a range of wood plastic composite products. To establish a firm footing in the market, the corporation engages in mergers and acquisitions and manufacturing capacity growth techniques.
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