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
30th August 2019
- find_in_page Our Research Methodology is based on the following main points:
- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The global wood plastic composite market revenue is expected to register a CAGR of 9.5% and is projected to be valued at more than US$ 9 Bn in 2029. The global wood plastic composite market is segmented on the basis of product type, application, and region/ country.
Wood Plastic Composite: Overview
Wood plastic composite is made using wood flour or wood fiber along with thermoplastics such as polylactide (PLA), polypropylene (PP), polyethylene (PE), polyvinyl chloride (PVC), and others. Wood plastic composite also consists of inorganic filler substances such as ligno-cellulosic.
Global Wood Plastic Composite Market: Drivers
Drivers: Increasing demand and adoption of wood plastic composite in several sectors such as construction, automotive, and industrial, among other industries is a major factor expected to drive growth of the global wood plastic composite market. The integration of wood-plastic composite-based parts in automobiles, which are recyclable or biodegradable, is expected to improve mechanical strength and acoustic performance. It also reduces overall vehicle weight and increases fuel efficiency. Usage of WPC reduces overall production cost, offers enhanced passenger safety, and biodegradability of the auto interior parts, which in turn, is projected to boost demand for wood plastic composites and drive market growth.
Opportunities: Easy processing of wood plastics composites and high usage of recyclable raw materials is expected to result in increasing use of wood plastic composites (WPC) in several industries, which, in turn, is projected to offer revenue opportunities for players in the global market in the years to come. New product development, process optimization, and widening scope of applications are also projected to create revenue opportunities.
Global Wood Plastic Composite Market: Segment Insights
Insights, by Product Type:
Among the product types, the Polyethylene (PE) based wood plastic composite segment is expected to record largest revenue share over the 10-year forecast period, owing to its higher performance feature as compared to the other resins-based wood plastic composites. Polyethylene-based wood plastic composite is widely used for manufacturing decking, fencing, furniture, hollow boards, wall cladding, and other profiles.
The Polypropylene (PP) segment is projected to register highest CAGR of more than 10.4% over the 10-year forecast period, due to its increasing adoption in niche applications such as water-resistant coatings on furniture and high0temperature controllable wooden units. The polypropylene has a wide range of applications in manufacturing consumer goods such as musical instruments and household electronics.
The polyvinyl chloride (PVC) segment is expected to account for a moderately lower share in terms of revenue in the global wood plastic composite market. Polyvinylchloride thermoplastics have excellent insulation properties due to which it is employed in manufacturing insulated products for applications in industries such as electrical & electronics, and automotive.
Insights, by Application:
The outdoor decking & fencing segment is expected to record major revenue share, followed by the building and construction segment, with second-highest share in terms of revenue in the global wood plastic composite market over the 10-year forecast period. High construction and re-construction activities, especially in residential sector, across various countries in Asia Pacific and Middle East & Africa regions and increasing focus on use of green building materials are projected to boost growth of the building and construction segment in the global market. Fencing, siding, and decking are among the prominent applications of wood plastic composite in the building and construction industry.
The outdoor decking & fencing is also projected to register highest CAGR of more than 10.3% over the 10-year forecast period. The automotive segment is projected to register second-highest CAGR in the global market. This is attributable to increasing focus of the automakers to follow and maintain the stringent regulations imposed by the government associated VOC emissions by manufacturing lightweight vehicles is projected to have a positive impact on the target market. Regulatory standards include European Union Carbon emissions, Corporate Average Fuel Economy (CAFÉ) standards, and this coupled with increasing demand for recycled WPC materials for automobile production are factors expected to drive growth of the automotive industry segment. WPCs are commonly used for making interiors including trims and rear shelves for spare wheels and trunks, and for interior trims for doors of the vehicle. Moreover, the wood plastic composite companies and automotive players are constantly working on expanding scope of wood-plastic composite applications in the automobiles.
Global Wood Plastic Composite Market: Region Insights
The North America wood plastic composite market is expected to account for higher revenue share as compared to that of the other regional markets. The market in Asia Pacific is projected to register highest CAGR of more than 10% over the next 10 years.
Global Wood Plastic Composite Market: Key Developments
TREX Company, Inc. (Year 2016)
- New Products/Services; Trex launched Trex Reveal Lighting in June 2016.
TREX Company, Inc. (Year 2015)
- Management Changes; In August 2015, the company appointed James E Cline as the President, the Chief Executive Officer and a Director; and Bryan H Fairbanks as the Vice President and Chief Financial Officer.
- New Products/Services; Trex launched recycled polyethylene pellets in September 2015.
- New Products/Services; In November 2015, the company launched Trex Pergola shade structures such as Air, Balance and Vision.
ANDERSEN CORPORATION (Year 2018)
- Acquisitions/Mergers/Takeovers; In January, the company announced the acquisition of Frontier Tooling and Design Corporation., an extrusion tooling supplier.
- Acquisitions/Mergers/Takeovers; In March, the company announced the acquisition of Heritage Windows and Doors, a manufacturer of aluminum windows and doors.
- Acquisitions/Mergers/Takeovers; In August, the company agreed to sell its hollow core vinyl window and patio door business, including American Craftsman and the Silver Line brands, to Ply Gem.
ANDERSEN CORPORATION (Year 2017)
- Acquisitions/Mergers/Takeovers; In October, the company acquired Fenetres MQ Inc., a luxury window and door manufacturer.
ANDERSEN CORPORATION (Year 2016)
- Corporate Awards; The company was recognized as a 2016 ENERGY STAR Partner of the Year, Product Brand Owner Award by The U.S. Environmental Protection Agency.
Global Wood Plastic Composite Market Segmentation:
Segmentation by Product Type:
- PE-based Composites
- PVC-based Composites
- PP-based Composites
- Other Types
Segmentation by Application:
- Building and Construction
- Outdoor Decking & Fencing
- Automotive Components
- Industrial & Consumer Products
- Other Applications
Segmentation based on Region:
- North America
- Asia Pacific
- South America
- Middle East & Africa
- TREX Company, Inc.
- AZEK Building Products Inc. (TimberTech)
- ANDERSEN CORPORATION
- Ply Gem Industries, Inc.
- Silvadec SA
- 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)
- TECNARO GMBH
- Chapter 1 Global Wood Plastic Composite (WPC) Market Insights
- 1.1 Introduction
- 1.2 Segmentation for Global Wood Plastic Composite (wood plastic composite) Market, based on Product Type, Application, and Region
- 1.3 Drivers
- 1.4 Restraints
- 1.5 Opportunities
- 1.6 Macro-economic Factors
- 1.7 Opportunity Map Analysis
- 1.7.1 Optimistic Scenario:
- 1.7.2 Likely Scenario:
- 1.7.3 Conservative Scenario:
- 1.8 Opportunity Orbits
- 1.9 Market Investment Feasibility Index
- 1.10 Pest Analysis
- 1.11 PORTER’s Five Forces Analysis
- Chapter 1 Global Wood Plastic Composite (WPC) Market Insights
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