The global WoodPlastic Composite market is likely to gain impetus from their increasingapplication in kitchen accessories, home furniture, vehicle interiors, and car
speakers. They are considered to be the highest growing plastic additives at
present. This information is given by Fortune Business Insights™ in a recently
published report, The report further mentions that the Wood Plastic Composite
market size was USD 4.77 billion in 2019 and is projected to reach USD 9.03
billion by 2027, exhibiting a CAGR of 8.57% during the forecast period.
This Report Answers the Following Questions:
- What are the trends, opportunities, challenges, and drivers in the market?
- Which segment is anticipated to lead the market in terms of share?
- Which region would top in terms of revenue in the coming years?
- How will the Wood Plastic Composite manufacturers compete in the market?
Drivers & Restraints-
Increasing Usage of Sustainable Fibers to BoostGrowth
Wood Plastic Composite are green materials thathave high potential in bringing about sustainability. They don’t contain
excessive chemicals that may pose toxic for the environment and are durable in
nature. Plant-based fibers are mainly used in reinforced plastics, instead of
fibrous materials as they are cost effective, robust, highly stiff, and
annually renewable. Such fibers also emit less carbon dioxide, have low
density, and possess biodegradability properties.
Segment-
Decking Segment to Grow Rapidly Owing to HighDemand from Construction Sector
Based on application, the decking segment held55.55% Wood Plastic Composite market share in 2019. This growth is attributable
to their increasing demand from the construction industry. The process of
decking requires the usage of such composites as they possess several benefits
that help in refining the quality of the material of concrete. They are also
used to improve strength and durability.
Regional Analysis-
Rapid Industrialization in China & India toFavor Growth in Asia Pacific
In terms of region, North America procured USD 2.24billion revenue in 2019 stocked by the rising demand for environmentally-friendly
solutions and products in this region. In addition to this, the rising
application of Wood Plastic Composite in decking would drive growth.
