Newark, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 4 billion in 2022 North American wood plastic composites market will reach USD 10.37 billion in 2032. The market will expand due to the rising demand for wood plastic composites in the packaging, building, and automotive sectors. A wood-plastic composite extends the life cycle of items, making them more affordable and sustainable in the construction and automobile industries. In addition, they protect the products from damaging environmental elements while maintaining their original aesthetics. Given the reusable, recyclable and eco-friendly nature, the wood plastic composite-based pellets, crates and boxes used in the packaging industry have witnessed significant growth over the forecast period. Moreover, the demand for housing has grown due to the increase in per capita income which will bode well for the wood plastic composites market.
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Key Insight of the North America wood plastic composites Market
The US is expected to dominate the market during the forecast period.
The building and construction industry will be driven by the rising demand for real estate housing, retrofitting, and redevelopment infrastructure projects, which will favourably impact the expansion of the US wood plastic composites market. The market will benefit from the development of efficient production technologies that are sustainable, eco-friendly, and cost-effective, given the presence of large manufacturers and suppliers of WPC. The country would grow during the projection period due to favourable government regulations and a supportive market environment.
In 2022, the polyethylene segment dominated the market with the largest market share of 44% and revenue of 1.76 billion.
The product type segment is divided into polyethylene, polyvinylchloride, polypropylene, and others. In 2022, the polyethylene segment dominated the market with the largest market share of 44% and revenue of 1.76 billion.
In 2022, the building and construction segment dominated the market with the largest market share of 47% and revenue of 1.88 billion.
The application segment is divided into building and construction, industrial and agricultural products, automotive components and others. In 2022, the building and construction segment dominated the market with the largest market share of 47% and revenue of 1.88 billion.
Advancement in market
July 2023 - Green Dot Unveiled New Terratek WC Wood-Plastic Composite Pellets Designed for Sheet Extrusion and Injection Moulding. The development makes it possible to employ wood-plastic composites in various plastics applications, including toys, furniture, architecture, and household goods. Compared to other wood-plastic composites, manufacturing the smaller, more uniform pellet size is optimized to ensure higher performance. Better pellets result in better parts, enabling designers and OEMs to produce more durable, high-quality parts on current machinery without making significant mould adjustments. Terratek WC wood-plastic composites blend fine wood particles with reclaimed, recycled, or virgin plastic. Compared to plastic alone, parts made of wood-plastic composites are more rigid and strong.
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Market Dynamics
Driver: The expanding construction and building sector.
The expanding building and construction industry is fueled by public, private, and individual capital expenditures made by the government, businesses, and households. By funding new public infrastructure projects to boost the economy, the government is concentrating on encouraging the real estate sector to grow and thrive. Commercial companies are investing in constructing new office buildings and retail spaces like malls and theatres. The desire for new homes is driven by households, who also drive the demand for private property renovation and redevelopment. Given its great strength, durability, and termite and water resistance, wood plastic composites are widely used in the building and construction industry. They are utilized in flooring, furniture, wall panelling, doors, and window frames. They are also utilized in guarding, railing, and fences. WPC is low maintenance, easy to make, and environmentally friendly. Therefore, the wood plastic market in North America will expand significantly along with the building and construction sector.
Restraints: The price of wood-plastic composites is high.
The benefits of both materials are combined in wood and plastic. However, both materials' limitations are coupled. High temperatures can harm any final product since the wood-plastic composite is not temperature resistant. Furthermore, WPC composite lacks the inherent texture of wood. Given the availability of less expensive and equally durable materials on the market, the high cost of wood-plastic composite is its biggest drawback. Consequently, the high price of wood plastic composites will hamper the market's expansion.
Opportunities: Wood plastic composites are sustainable and environmentally friendly.
Due to its widespread use in various industries, plastic has grown to be a powerful force in every economy. But during the past few decades, the misuse and exploitation of plastic have had several negative environmental effects affecting the environment. Plastic is not biodegradable and can linger in ecosystems for years, harming flora, wildlife, land, water, soil, and ultimately the human population. Dealing with the expanding threat of plastic trash is essential. A plastic additive called wood plastic composite is created using waste plastic collected from several industries. The finished product has a wide range of uses and a long lifespan. WPC can be recycled as well. During the anticipated period, the increased emphasis on minimizing plastic usage and moving towards the most sustainable, ecologically friendly, and socially responsible choices will present profitable chances for the growth of the wood plastic market.
Challenges: The lack of awareness.
The lack of awareness about wood plastic composites, their applications and their benefits limits the market's potential. Furthermore, the limitation of wood plastic composite in offering a wood texture to furniture shifts consumers towards traditional wood furniture that is more refined in taste. The high cost of wood plastic composites further alienates most of the population. Therefore, the lack of awareness will challenge the market's growth.
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Some of the major players operating in the North American wood plastic composites market are:
• Advanced Environmental Recycling Technologies, Inc. (AERT)
• American Wood Fibers Inc.
• CertainTeed Corporation
• Polymera, Inc.
• PolyPlank AB
• TAMKO Building Products, Inc.
• TimberTech
• Trex Company, Inc.
• Universal Forest Product
• Wellington Polymer Technology, Inc
Key Segments cover in the market:
By Product Type
• Polyethylene
• Polyvinylchloride
• Polypropylene
• Others
By Application
• Building and Construction
• Industrial and Agricultural Products
• Automotive Components
• Others
By Country
• The U.S.
• Canada
• Mexico
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed, regional and country. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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