Fort Collins, Colorado, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The Wood Plastic Composites Market was valued at USD 7.2 Billion in 2022 and is projected to reach USD 22.8 Billion by 2032 at a CAGR of 12.3%.
The sustainable construction materials market is experiencing a significant upswing on a global scale, uplifted by the surge in demand for eco-friendly products and the need to repair and renovate residential properties. The construction industry is increasingly embracing these environment-friendly materials, recognizing their potential to help achieve sustainable building practices and reduce construction projects' carbon footprint.
Wood plastic composite (WPC) is an eco-friendly material that utilizes sawdust, chips, and shavings leftover from lumber production for its wood component. Although WPCs are not biodegradable, they can be recycled at the end of their life cycle. Compared to traditional wood products, WPCs have a lower melting temperature, which reduces energy costs and environmental impact for end-users. Additionally, manufacturers can use the same tools for working with WPCs as they would for wood products, eliminating the need for additional investments and associated risks.
Wood plastic composites with over 40% wood content are becoming popular in the automotive, construction, and packaging industries. They offer improved thermal performance and formability, making them ideal for interior automotive components. Automotive manufacturers prefer enhanced mechanical strength, acoustic performance, and reduced weight. In the construction industry, they are widely used for non-load-bearing applications due to their moisture and rot resistance, particularly for replacement window sills.
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Segmentation Overview:
The global wood plastic composites market has been segmented into resin, adhesives, end-user, and region. The construction and building industry is the top revenue generator worldwide. The demand for wood plastic composite in construction has increased due to infrastructural development and demand for furniture and flooring solutions. The rising demand for wood plastic-based products, particularly decking, drives the market growth. Polypropylene is the leading product segment, widely used in water-resistant coatings on furniture and high-temperature controllable wooden units.
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Wood Plastic Composites Market Report Highlights:
- The global wood plastic composites market growth is anticipated at a CAGR of 12.3% by 2032.
- WPCs are eco-friendly materials made from sawdust and other lumber production waste and can be recycled at the end of their life cycle. They have a lower melting temperature than traditional wood products, reducing energy costs. WPCs with over 40% wood content are popular in the automotive, construction, and packaging industries due to their improved thermal performance and formability.
- The Asia Pacific region dominates the wood plastic composite market, with a high revenue share. The region's increasing per capita income and rapid industrialization make it the fastest-growing market. Due to shifting consumer behavior in China, local competition, fragmented distribution networks, and a rise in dual-income households, manufacturers have numerous opportunities. Therefore, wood plastic composite manufacturers are expected to expand their businesses and reach over the forecast period.
- Some prominent players in the wood plastic composites market report include Teijin Aramid B.V, Ashland, Toray Industries, Inc, Quantum Composites, Magna International Inc., Composites Evolution, CIT Wood Plastic Composites, Exel Composites, 3M, Mitsubishi Chemical Corporation, Dow, DuPont, H.B. Fuller, Solvay, Owens Corning, Henkel AG and Co. KGaA, Rock West Composites, Inc, PPG Industries, Inc., Cabot Corporation, NEI Corporation, Engineered Bonding Solutions, LLC.
Industry Trends and Insights:
- Teijin Aramid has partnered with TPACC, supporting their dedication to innovation and sustainability in the textile sector. The Wilson College of Textiles leads the way in textiles education and research, educating future industry leaders to apply textiles thinking to the world's grand challenges.
- Toray Industries, Inc. introduces TORAYCA™ M46X carbon fiber, which is 20% stronger than others in the TORAYCA™ MX series and reduces the weight of carbon fiber-reinforced plastic materials, thus lowering its environmental impact.
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Wood Plastic Composites Market Segmentation:
By Resin: Thermoset, thermoplastic
By Adhesives: Epoxies, modified acrylics, cyanate ester, polyurethanes, silicones
By End-user: Construction, electronics & electrical, transportation, industrial, power generation
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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