“Global Wood Plastic Composite (WPC) Market, By Product Type (PE-based Composites, PVC-based Composites, PP-based Composites, Other Types), By Application (Building & Construction, Outdoor Decking & Fencing, Automotive Components, Industrial & Consumer Products, Other Applications), as well as By Region – Global Forecast 2021 to 2030.”, which offers a comprehensive view of the Global Wood Plastic Composite Market through systematic segmentation that encompasses every aspect of this target market. The 5-year (2020–2025) cumulative revenue of this sector is projected to be over $6,808.0 Mn, and is estimated to increase significantly over the latter part of the forecast period.
Wood Plastic Composites (WPCs) are composite materials made of wood fiber/wood flour and thermoplastic(s) such as Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), or Polylactic Acid (PLA). In addition to wood fiber and plastic, WPCs can also contain other lignocellulosic and/or inorganic filler materials.
The steady expansion of various end-use industries that utilize wood plastic composites for numerous applications is a factor that is anticipated to continue to fuel the revenue growth of the Global Wood Plastic Composite Market over the next 10 years. Moreover, the steady adoption of these composites for a growing number of automotive sector applications is also a major factor that is slated to further contribute to the overall market growth of the global wood plastic composite industry. Furthermore, owing to favorable properties that this product offers, it is gradually being utilized by various manufacturing industries. In addition to this, several key industry players utilize a large amount of recyclable raw materials when producing this product, resulting in better adoption rates among a wide array of end-use sectors. This is another major element that is slated to have a profound influence on the projected market growth of the global wood plastic composite industry, and is anticipated to further augment the overall market footprint of this sector. These are some of the most crucial factors anticipated to play a critical role in catapulting projected revenues for the Global Wood Plastic Composite Market to $9,953.8 Mn by 2030, at a CAGR of 10.2%.
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