Wood Plastic Composites (WPC) Market Size & Share to Surpass $15.5 Billion by 2030 | Vantage Market Research

WASHINGTON, Sept. 11, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Global Wood Plastic Composites Market has been steadily growing over the years due to various factors such as increasing construction activities, demand for sustainable and eco-friendly materials, and technological advancements.

According to Vantage Market Research, the global Wood Plastic Composites Market is estimated to be valued at USD 15.5 Billion by 2030 and is expected to exhibit a CAGR of 12.2% from 2023 to 2030. The global Wood Plastic Composites Market grew to USD 6.2 Billion in 2022.

The sector that deals with creating, marketing, and distributing products created from a mixture of wood fibers or particles and plastic is known as the Wood Plastic Composites (WPC) market. Unlike conventional wood and plastic, these materials are more durable, resistant to moisture and insects, low maintenance, and can be molded into various forms and sizes. The demand for sustainable and environmentally friendly materials in the construction and consumer goods industries is causing the WPC industry to expand.

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Key Highlights

• More than 23.24% of global sales in 2022 came from the Polypropylene Product group, which dominated the market.
• Building & Construction dominated the market in 2022, accounting for around 34.45% of total revenue.
• In 2022, the Asia Pacific region held the top position in the market and generated over 43.23% of global sales.
  

Wood Plastic Composites (WPCs) have numerous applications across various industries. In construction, they are commonly used for decking, outdoor furniture, and fencing due to low maintenance requirements and resistance to rot and insects. The automotive industry also utilizes WPCs for interior parts such as door panels and trims, enhancing durability and weight reduction. Additionally, WPCs are employed in consumer goods such as toys, household products, and packaging materials. These versatile materials offer a sustainable alternative to traditional wood products and contribute to reducing environmental impact in various sectors.

Top Companies in The Global Wood Plastic Composites Market   

• Advanced Environmental Recycling Technologies Inc
• Axion Structural Innovations LLC
• Beologic N.V.
• CertainTeed Corporation
• Fiberon LLC
• Fkur Kunststoff GmbH
• Guangzhou Kindwood Co. Ltd.
• Jelu-Werk Josef Ehrler GmbH & Co. KG
• Woodmass
• PolyPlank AB
• Renolit
• TAMKO Building Products Inc.
• TimberTech
• Trex Company Inc.
• Universal Forest Product
  

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Factors Affecting the Growth of the Wood Plastic Composites Market

Several factors can affect the growth of the Wood Plastic Composites industry. Some of these factors include:

• Increasing demand from the construction industry: Wood Plastic Composites (WPC) offers several advantages over traditional materials, such as durability, cost-effectiveness, and eco-friendliness. This has led to a growing demand for WPC in the construction industry for applications such as decking, fencing, and siding.
• Rising environmental concerns: WPC is considered a sustainable alternative to conventional materials like wood and plastic. The demand for green products like WPC is expected to rise as customers become more aware of how their decisions affect the environment.
• Technological advancements: Continuous research and development efforts have led to the improvement of WPC's mechanical properties, durability, and aesthetics. These technological advancements have made WPC a more viable alternative to traditional materials, driving its market growth.
• Government regulations and incentives: Numerous government regulations and initiatives worldwide aim to promote the use of sustainable materials in various industries. These regulations provide incentives for the adoption of materials like WPC, further driving its market growth.
• Growth in the automotive industry: WPC is increasingly being used in the automotive industry for interior components, such as door panels and trims, due to its lightweight, high strength, and low cost. The growth of the automotive industry is expected to positively impact the WPC market.
• Increasing disposable income and urbanization: With rising disposable incomes and urbanization, the demand for housing and infrastructure has been growing. WPC finds significant application in these sectors, driving its market growth.
• Cost-effectiveness: WPC offers a cost-effective solution compared to traditional materials. As consumers and industries seek more affordable options, the demand for WPC is expected to rise.
• Easy availability of raw materials: Wood flour and recycled plastics, the primary raw materials for WPC, are abundantly available. The ready availability of these materials ensures a steady supply and encourages market growth.
• Growing preference for low-maintenance materials: WPC requires minimal maintenance compared to wood, such as sealing, painting, and staining. This makes it an attractive choice for consumers and industries looking for low-maintenance materials, further boosting its market growth.
  

Top Trends in the Global Wood Plastic Composites Market

Wood Plastic Composites are gaining popularity in various industries due to their unique properties and multiple applications. One major trend in WPC is the increasing use of recycled materials, such as plastic waste and wood residues, to reduce the environmental impact of construction materials. The development of WPC goods with smaller carbon footprints and better recyclability is a result of another trend: the rising demand for eco-friendly products and sustainable materials. The development of WPC materials with increased dimensional stability, color fastness, and resistance to rot and insects has also been facilitated by technological improvements.

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Recent Development of the Global Wood Plastic Composites Market

• On 6 December 2022, the AZEK Company Inc. and ThreadUP, an online resale player for apparel, shoes, and accessories, established a recycling partnership for transforming ThredUP’s Clean Out Kit plastic films into TimberTech Composite Decking line of products representing low-maintenance and highly durable outdoor living products.
• On 23 February 2022, MoistureShield, a division of Oldcastle APG, a CRH Company, rolled out an innovative wood plastic composite, MoistureShield Cladding, which exhibits a durable and low-maintenance finish and adds an aesthetic appeal to the exteriors. The product is manufactured with 95% recycled content, thus promising the eligibility to earn LEED green building credit.

Market Drivers

The market for Wood Plastic Composites (WPC) is propelled by an increase in the need for sustainable and green materials across numerous industries. WPC materials are made from recycled plastics and wood fibers, reducing the dependency on finite resources. The construction industry is a significant market driver. WPCs are widely used in outdoor decking, fencing, and cladding due to their durability, resistance to moisture and termites, and low maintenance requirements. Furthermore, increasing consumer awareness regarding environmental issues and the need for green building materials further propels the demand for WPCs.

Market Restraints
Despite the numerous advantages of Wood Plastic Composites (WPC), the market also faces certain restraints. One of the major challenges is the high initial costs of WPCs compared to traditional materials like wood or PVC. The production process of WPCs involves specialized equipment and technology, leading to increased manufacturing costs. Furthermore, variations in the cost of raw materials, particularly plastics, might affect WPC producers’ profitability. Furthermore, the lack of standardized quality control and limited recycling capabilities for WPC products pose obstacles to market growth and sustainability.

Market Opportunities

The Wood Plastic Composites (WPC) market holds promising opportunities for growth and innovation. With the increasing focus on sustainable solutions, WPCs can find applications in various industries beyond construction. For instance, the automotive sector is exploring using WPCs in interior components, reducing the overall weight of vehicles, and improving fuel efficiency. Additionally, the furniture industry can benefit from WPC materials' versatility and aesthetic appeal. Moreover, developing enhanced manufacturing techniques, such as 3D printing, presents opportunities for WPC manufacturers to create customized products and expand their market reach.

Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Wood Plastic Composites Market Forecast Report (2023-2030).

Report Segmentation of the Global Wood Plastic Composites Market

Product Type Analysis
Polypropylene is a widely used material in the product type segment of the Wood Plastic Composites (WPC) market. It is a thermoplastic polymer known for its excellent strength and durability. Polypropylene-based WPC products resist moisture, heat, and chemicals, making them ideal for various applications. Adding polypropylene helps enhance the composites' overall mechanical strength and dimensional stability. These materials find extensive usage in decking, fencing, railing, and other outdoor applications. Polypropylene-based WPCs have gained significant popularity as an alternative to traditional wood products in the construction industry with its exceptional impact resistance and low maintenance requirements.

Application Analysis
Building and construction is a significant Wood Plastic Composites (WPC) market application segment. WPC materials are increasingly used in various construction applications due to their unique properties, such as high strength, resistance to moisture, and low maintenance requirements. WPC-based products are commonly used for building construction decking, cladding, railing, and fencing. The materials perfectly balance aesthetics and performance, providing an attractive appearance while ensuring durability and longevity. Additionally, WPC materials are more sustainable and eco-friendlier than traditional wood products, as they use recycled materials and reduce the demand for natural resources, making them an ideal choice for environmentally conscious construction projects.

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Market Segmentation

By Product Type

• Polyethylene (PE)
• Polyvinyl chloride (PVC)
• Polypropylene (PP)
• Other Products

By Application

• Building and Construction
• Automotive
• Electrical
• Packaging
• Other Applications
  
  

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  
  

Scope of the Report:    

Regional Analysis

The Wood Plastic Composites (WPC) market is witnessing significant growth globally, fueled by increasing demand for sustainable construction materials and the advantages WPC offers over traditional materials. Asia Pacific stands out as the largest region in this market. The rapid economic growth and urbanization in countries like China and India have led to a rise in construction activities, thereby driving the demand for WPC in the region. Additionally, North America is a significant market for Wood Plastic Composites, primarily driven by the increasing demand for eco-friendly and sustainable building materials. Europe is also a major player in this market due to its stringent environmental regulations and initiatives promoting using recycled and renewable materials in construction. Asia Pacific is expected to witness substantial growth in the Wood Plastic Composites market, driven by rapid urbanization, infrastructural development, and a shift towards sustainable construction practices. Furthermore, the market in Latin America and, the Middle East & Africa is anticipated to grow steadily in the coming years due to rising awareness about the benefits of Wood Plastic Composites in the construction industry.

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