New York (US), June 13, 2023 (GLOBE NEWSWIRE) -- Wood Plastic Composites Market Overview
The research documents by MRFR indicate that in the “Wood Plastic Composites Market Research Report Information by Type, Region, and End-use Industry - Forecast Till 2032”, the industrial boiler market is predicted to grow substantially over the assessment timeframe from 2022 to 2032 at a healthy CAGR of around 11.40%. The reports even share predictions regarding the market's growing revenue share, which will likely reach a market of USD 10.8330 billion by the end of 2032. As per the research documents, the market was worth nearly USD 4.1 billion in 2022.
The global wood plastic composites industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the escalating demand for sustainable products to lower the carbon footprint in the environment. Furthermore, the growing production of automobiles in emerging economies is also considered to be one of the crucial parameters enhancing the performance of the market around the globe.
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Competitive Analysis
The catalog of the top leaders across the global Market for Wood-plastic composites includes players such as:
- AXION INTERNATIONAL INC.
- CERTAINTEED CORPORATION
- BIOLOGIC N.V.
- POLYMER INC.
- ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES INC.
- TIMBERTECH LTD
- FIBERON LLC
- TREX COMPANY INC.
- FKUR KUNSTSTOFF GMBH
- TAMKO BUILDING PRODUCTS INC
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 10.833 billion |
| CAGR | 11.40 % (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-Use Industry, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Key Market Drivers | Increasing demand for sustainable products to reduce the carbon footprint in the environment |
Browse In-depth Market Research Report (Pages 111) on Wood Plastic Composites:
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Market USP Covered
Market Drivers
The global wood plastic composites industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the escalating demand for sustainable products to lower the carbon footprint in the environment. Furthermore, the growing production of automobiles in emerging economies is also considered to be one of the crucial parameters enhancing the performance of the market around the globe. Moreover, the escalating demand for wood plastic composite in the construction industry will also likely positively impact the market performance over the coming years. In addition, the factors such as expanding the building & construction industry, wide availability of WPC & its unique qualities, enhanced focus on environment-friendly products in automotive, and lower production cost are also projected to catalyze the development of the market over the coming years.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Wood plastic composites industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
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Segment Analysis
Among all the types, the polyethylene segment is anticipated to hold the top position across the global market over the coming years, given mainly to its heavy use in the niche application segments. Furthermore, factors such as the escalating demand for polyvinylchloride thermoplastics in automotive applications and excellent insulation properties are also likely to enhance the performance of the market segment over the coming years.
Among all the end-use sectors, the building & construction segment is anticipated to hold the top globally over the coming years, given mainly to the rising infrastructural development activities in developing countries Brazil, Thailand, India, and China. Furthermore, the growing demand for aesthetically appealing furniture and flooring solutions is also likely to enhance the performance of the market segment over the coming years.
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Regional Analysis
The Global Market for Wood-plastic composites is analyzed across five major parts: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The North American Region secured a top position across the global wood plastic composites industry in 2021. The Region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Wood plastic composites Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspects supporting regional market expansion are the rising income levels. Furthermore, the shifting consumer preference towards green buildings is also likely to be one of the crucial parameters enhancing the regional market's growth.
The European Region was second in the global wood plastic composites industry in 2021. The Region has France, the Netherlands, Germany, and the U.K. as the leading development contributors. Further, the German Wood plastic composites Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The main aspect causing a surge in the performance of the regional market is the environmental measures adopted by the Region.
The Asia-pacific Region is anticipated to showcase the maximum growth rate across the global wood plastic composites industry over the assessment period. India, China, and Indonesia are the leading development contributors in the Region. Further, the China wood plastic composites market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The enhanced per capita income is the main aspect causing a surge in the regional market's performance. Furthermore, rapid industrialization is also likely to be one of the crucial parameters enhancing the regional market's growth.
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