Pune, India, Nov. 14, 2022 (GLOBE NEWSWIRE) -- According to a research report by Fortune Business Insights™, the global wood plastic composites market is likely to gain impetus from their increasing application in kitchen accessories, home furniture, vehicle interiors, and car speakers. They are considered to be the highest-growing plastic additives at present. This information is given by Fortune Business Insights™ in a recently published report, titled, "Wood Plastic Composites Market Size, Share & Industry Analysis, and Regional Forecast, 2020-2027." The report further mentions that the wood plastic composites market size was USD 4.77 billion in 2019 and is projected to reach USD 9.03 billion by 2027, exhibiting a CAGR of 8.57% during the forecast period.
Lists of major manufacturers of wood plastic composites present in the market
- Trex Company, Inc. (U.S.)
- Seven Trust (China)
- Meghmani Group (India)
- Beologic (Belgium)
- UFP Industries, Inc. (U.S.)
- Fiberon LLC (U.S.)
- Axion International, Inc. (U.S.)
- Josef Ehrler GmbH & Co KG (Germany)
- Croda International Plc (UK)
- CertainTeed (U.S.)
- Others
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Report Scope & Segmentation
| Report Attribute | Details |
| Market size value in 2019 | USD 4.77 Billion |
| Revenue forecast in 2027 | USD 9.03 Billion |
| Growth Rate | CAGR of almost 8.57% 2020-2027 |
| Base Year | 2019 |
| Historic Years | 2016 - 2018 |
| Forecast Years | 2020 - 2027 |
| Segments Covered | By Product Type, By Application, and By Geography |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2020 to 2027 |
| Regions Covered | North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | Aurora Cannabis Inc. (Edmonton, Canada), Aphria Inc. (Leamington, Canada), Canopy Growth Corporation (Canada), MedReleaf Corp. (Edmonton, Canada), Cronos Group Inc. (Toronto, Canada), GW Pharmaceuticals, plc. (Cambridge, U.K.), CannTrust Holdings Inc. (Vaughan, Canada), VIVO Cannabis Inc. (Ontario, Canada), Tilray (Nanaimo, Canada), OrganiGram Holdings (Moncton, Canada) |
Drivers & Restraints-
Increasing Usage of Sustainable Fibers to Boost Growth
Wood plastic composites are green materials that have high potential in bringing about sustainability. They don't contain excessive chemicals that may pose toxic for the environment and are durable in nature. Plant-based fibers are mainly used in reinforced plastics, instead of fibrous materials as they are cost effective, robust, highly stiff, and annually renewable. Such fibers also emit less carbon dioxide, have low density, and possess biodegradability properties. Numerous automakers worldwide are aiming to develop biodegradable or recyclable parts of vehicles by using sustainable wood plastic composites. They would aid in lowering fuel consumption and production cost, offering shatterproof performance under harsh weather conditions, enhance passenger safety, lower weight of the material, and improve acoustic performance. However, wood plastic composites require higher initial cost spending. It may obstruct growth.
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https://www.fortunebusinessinsights.com/enquiry/queries/wood-plastic-composite-market-102821
Reasons to Purchase this Report:
- Comprehensive analysis of the market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
Segment-
Decking Segment to Grow Rapidly Owing to High Demand from Construction Sector
Based on application, the decking segment held 55.55% wood plastic composites market share in 2019. This growth is attributable to their increasing demand from the construction industry. The process of decking requires the usage of such composites as they possess several benefits that help in refining the quality of the material of concrete. They are also used to improve strength and durability.
The Global Wood plastic composites Market Research/Analysis Report Contains Answers to your following Questions
- Which Manufacturing Technology is used? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in the Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Was Global Wood plastic composites Market Status of? What Was Capacity, Production Value, Cost and PROFIT?
- What Is Current Wood plastic composites Market Status? What's Market Competition in This Industry, Both Company, and Country Wise? What's Market Analysis by Taking Applications and Types in Consideration?
Regional Analysis-
Rapid Industrialization in China & India to Favor Growth in Asia Pacific
In terms of region, North America procured USD 2.24 billion revenue in 2019 stocked by the rising demand for environmentally-friendly solutions and products in this region. In addition to this, the rising application of wood plastic composites in decking would drive growth. In Asia Pacific, developing countries, such as China and India are experiencing rapid industrialization. Coupled with this, the improvements and modernizations in buildings and road construction activities would accelerate growth in this region. The Middle East and Africa and Latin America are set to exhibit steady growth fueled by the surging number of construction activities in both regions.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/wood-plastic-composite-market-102821
Detailed Table of Content:
- Introduction
-
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Global Wood Plastic Composite Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material
- Polyethylene
- Polypropylene
- Polyvinyl chloride
- Others
- Market Analysis, Insights and Forecast – By Application
- Decking
- Automotive
- Sliding & fencing
- Technical Application
- Furniture
- Consumer Goods
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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Competitive Landscape-
Key Companies Follow Acquisition Strategy to Gain Competitive Edge
The wood plastic composites market is fragmented with the presence of more than 100 organizations accounting for the total revenue across the globe. They are constantly investing huge sums in research and development activities to innovate their in-house wood plastic composites. Some of them are also adopting the strategy of mergers and acquisitions to enhance their product offerings.
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