MarketResearch.biz has recently published its market research report titled, “Global Wood Plastic Composite Market by Product Type, by Application, and by Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa) – Global Forecast from 2020 to 2029”. The report offers a deep-dive analysis of the global wood plastic composite market. It is through systematic and exhaustive research efforts, both primary and secondary, as well as ideal segmentation that the research results have been gleaned over the study period. The report also presents the first five-year cumulative revenue (2020–2024), which is projected to be valued at over US$ 25 Billion, and this is expected to increase quite significantly over the latter part of the five-year forecast period.
Wood plastic composites are made of wood fiber or wood flour and thermoplastics such as polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polylactide (PLA), etc. Wood plastic composites also contains other inorganic filler materials such as ligno-cellulosic.
Browse the full “Global Wood Plastic Composite (WPC) Market By Product Type, By Application, And By Region (North America, Europe, Asia Pacific, South America, And Middle East & Africa) – Global Forecast From 2020 To 2029” report at https://marketresearch.biz/report/wood-plastic-composite-wpc-market/
Global Wood Plastic Composite Market: Market Dynamics
A major factor driving growth of the global wood plastic composite market is its wide use in building and construction sector for various applications such as deck flooring, cladding, fences, park benches, and others. In addition, use of biodegradable and recycling components such as wood waste, to manufacture wood plastic composites with good mechanical strength and less weight, is a factor expected to fuel growth of the global market to a significant extent in the next 10 years. Furthermore, increasing adoption of wood plastic composites by automotive sector is another factor boosting growth of the global market. A major factor restraining growth of the global wood plastic composite market is high cost of raw materials.
Increasing strategic plans by major companies with domestic companies such as mergers, acquisitions, joint ventures, partnerships, collaborations, etc. is expected to present revenue opportunities for players in the global wood plastic composite market in the years to come.
The market in Asia Pacific is estimated to account for highest share in the global wood plastic composite market in terms of revenue over the forecast period. This can be attributed to growth in building and construction sector in countries such as India, China in the region. The market in North America is projected to account for significant share and is expected to register a considerable growth in terms of revenue in the global market over the 10-year forecast period.
Global Wood Plastic Composite Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global wood plastic composite market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, the global wood plastic composite market revenue is projected to register a CAGR of 9.5% over the 10-year forecast period.
Global Wood Plastic Composite Market: Segment Snapshot
The market report has been segmented on the basis of product type, application, and region. The product type segment includes PE-based composites, PVC-based composites, PP-based composites, and other types. The application segment includes building and construction, outdoor decking & fencing, automotive components, industrial & consumer products, and other applications. The regions include North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Product Type: The PE-based segment is expected to record highest revenue share as compared to other segments. The PP-based is projected to register highest CAGR of over 10.4% in the global wood plastic composite market.
Application: The outdoor decking & fencing segment is expected to record highest revenue share as compared to other segments in the global market, and is projected to register highest CAGR of over 10.3%
Region: The North America wood plastic composite market is expected to account for major revenue share, followed by Europe market. The Asia Pacific market is expected to register highest CAGR of more than 10% over the next 10 years.
Global Wood Plastic Composite Market: Competitive Analysis
The global wood plastic composite market research report includes profiles of some major players such as TREX Company, Inc., AZEK Building Products Inc. (TimberTech), ANDERSEN CORPORATION, Ply Gem Industries, Inc., Silvadec SA, Komdeck, Vann Plast Ltd. (Epwin Group PLC), TherraWood UK Ltd., Tecnodeck (Mitera Group), Beologic NV, RENOLIT GOR S.p.A., NFP Europe Limited (NOVO-TECH GmbH & Co KG decking), and TECNARO GMBH.
“Global Wood Plastic Composite Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2020–2029” report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global wood plastic composite market for 2019–2029.
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