Sarasota, FL, Feb. 13, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Wood Plastic Composites Market (Polyethylene, Polypropylene, Polyvinyl Chloride and Others) for Building & Construction, Automotive, Electrical and Other Applications: Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global wood plastic composites market was valued at USD 4.37 billion in 2016 and is expected to reach USD 8.76 billion in 2022, growing at a CAGR of 12.3% between 2017 and 2022. In terms of volume, global wood plastic composites stood at approximately 4,262.3 kilotons in 2016.
Wood plastic composites are the hybrid compound of wood fibers and thermoplastic resin. The most common method of production is to extrude the material into the desired shape. It is resistant to rot, moisture and germ infestation. Moreover, it can be molded into various shapes according to need. In addition, superior mechanical strength, low maintenance and weight reduction offered by these products are expected to propel demand for the construction and automotive industries.
Browse through 23 Market Tables and 24 Figures spread through 110 Pages and in-depth TOC on “Global Wood Plastic Composites Market: By Type, Product, Application, Size, Share, Trends, Analysis, Segment and Forecast 2016 – 2022”.
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The wood plastic composites have several advantages over traditional furniture-making materials like wood. Thus, the growing demand for construction and automotive is expected to be a major driving force of wood plastic composites market. Additionally, growing demand for recyclable materials in the automobile industry is predicted to boost the market size in the near future. However, the high cost of raw material is a major restraint that may hamper the market growth. Nonetheless, untapped market in emerging countries is likely to set the new wings to the market over the coming years.
The polyethylene segment accounted for the largest market share in 2016, followed by polypropylene segment. Polyethylene accounted for over 60% share of the total consumption in 2016 and likely to grow at a strong CAGR between 2017 and 2022. Furthermore, polyvinyl chloride segment is expected to be the most attractive segment of the market over the forecast period. Due to its various advantages, consumers prefer using it as compared to other types of WPC. PVC is extensively used in the constructions business as it is a low maintenance material.
Browse the full "Wood Plastic Composites Market (Polyethylene, Polypropylene, Polyvinyl Chloride and Others) for Building & Construction, Automotive, Electrical and Other Applications: Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022" report at https://www.zionmarketresearch.com/report/wood-plastic-composites-market
Based on applications, building & construction was the most attractive application segment of the market in 2016. It accounted for above 50% share of the total market and this trend is likely to continue within the forecast period. Automotive held as the second largest application segment in 2016 and it is predicted to be the fastest growing segment during the years to come. Increasing demand for the lightweight automobile is likely to drive the demand for wood plastic composites owing to the WPCs has capacity to reduce the overall weight of the vehicle and it helps to increase the fuel efficiency. The electrical segment is expected to grow at moderate pace in the coming years.
Europe was the third largest market of wood plastic composites in 2016. Germany was the largest producer of wood plastic composites in the region. Decking and automotive are the most important applications of wood plastic composites, followed by siding and fencing in the region. Moreover, adoption of new technologies, increasing use of bio-based products and high investments in R&D are expected to set new wings to the major competitors in the region during the next few years.
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Asia Pacific was second largest market in 2016 and it is predicted to be one of the fastest growing markets of wood plastic composites within the forecast period. China was the largest producer of the wood plastic composites, followed by Japan in 2016. China produces varieties of wood plastic composites for indoor applications. However, emerging construction and automotive industries in Asian countries such as Thailand, Indonesia, South Korea, Vietnam, and others is expected to impel the wood plastic composites market in the region during the years to come.
Latin America experience the least demand for wood plastic composites in 2016 owing to deteriorating economy, weak property market, and lack of investor confidence. On other hand, growing demand for improvements in fuel efficiency and reduced CO2 emissions is likely to promote the growth of the market in the region in the near future. Middle East & Africa hold the small chunk of the total market in 2016. Nonetheless, the growth of market in the region is predicted to experience at moderate pace during the next few years. Growing construction sector in the region due to rising investments in new infrastructure projects is expected to augment growth of the market.
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The key vendors in the global wood-plastic composites market include Trex Company Inc., TimberTech Limited, WPC-Wood Plastic A.S., Fiberon LLC., Perth Wood Plastic Composite Co, Ltd., Advanced Environmental Recycling Technologies (AERT), Solvay S.A., Beologic N.V., CertaiTeed Corporation, Louisiana Pacific Corporation, Strandex Corporation and JELU-WERK J. Ehrler GmbH & Co. KG among others.
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This report segments the global wood-plastic composites market as follows:
Wood-Plastic Composites Market: Product Analysis
- Polyethylene
- Polypropylene
- Polyvinyl chloride
- Others (ABS, polystyrene, and polylactide)
Wood-Plastic Composites Market: Application Analysis
- Building & construction
- Automotive
- Electrical
- Others (Toys, trays, musical instruments, shoe soles, etc)
Wood-Plastic Composites Market: Regional Analysis
- North America
- U.S.
- Europe
- Germany
- France
- UK
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East & Africa
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