What Has Been The Historical And Current Growth Of The Wood Plastic Composite Market?
The wood plastic composite market has seen considerable growth due to a variety of factors.
• The market size of wood plastic composite has witnessed swift expansion in the previous years. It's anticipated to rise from $6.91 billion in 2024 to $7.77 billion in 2025, showcasing a compound annual growth rate (CAGR) of 12.6%. The escalating growth during the historical period is due to environmental considerations, boom in the construction industry, inclination towards materials requiring less upkeep, impressive durability and lifetime, diminished reliance on treated wood, and cost efficiency.
What are the Market Size and Expected Growth Rates for the Wood Plastic Composite Market Size Evolve over the Forecast Period?
The Wood Plastic Composite market is expected to maintain its strong growth trajectory in upcoming years.
• The next few years are expected to witness a significant expansion in the wood plastic composite market, with the market size projected to surge to $12.37 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 12.3%.
This growth during the forecast period is likely to be driven by factors such as improvements in production processes, innovative product designs, the creation of fire-resistant formulations, as well as increasing urbanisation and a rising focus on obtaining green building certification. Key trends forecasted for this period entail enhancements in WPC production technology, an emphasis on biodegradability and recyclability, novel product developments, industry collaborations and partnerships, as well as adherence to regulatory compliance and standards.
Which Key Drivers Are Propelling The Wood Plastic Composite Market's Growth?
The growth of the wood plastic composite market is being significantly fueled by an uptick in construction activities. The construction industry, which encompasses the creation, upkeep, and repair of infrastructures, commonly uses wood plastic composite as a substitute for steel joists and beams within buildings. To illustrate, the Office for National Statistics, a government agency based in the UK, reported in November 2023 that a 0.4% rise in construction output in September 2023 amounted to an extra $76 million compared to the previous month, with growth noted in three out of nine sectors. The primary contributors to this monthly surge were private housing repair and maintenance, seeing a 3.0% ($96 million) boost, and private commercial new work, which experienced a 3.6% ($84 million) increase. Thus, the escalating construction activities have proven to be a major driver for the wood-plastic composite market's expansion.
What Are The Key Segments Within The Global Wood Plastic Composite Market?
The wood plastic composite market covered in this report is segmented –
1) By Resin Type: Polyethylene (PE), High-density polyethylene (HDPE), Low-density polyethylene (LDPE), Linear Low-density polyethylene (LLDPE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polylactide (PLA), Other Resin Types
2) By Process: Extrusion Method, Injection Molding Method, Other Processes
3) By End-use Industry: Building And Construction, Automotive, Consumer Goods, Other End-Use Industries
Subsegments:
1) By Polyethylene (PE): High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Linear Low-Density Polyethylene (LLDPE)
2) By Polypropylene (PP): Homopolymer PP, Copolymer PP
3) By Polyvinyl Chloride (PVC): Rigid PVC, Flexible PVC
4) By Polylactide (PLA): D-Lactic Acid PLA, L-Lactic Acid PLA, Co-polymer PLA
5) By Other Resin Types: Thermoplastic Elastomers (TPE), Thermoplastic Polyurethane (TPU), Polycarbonate (PC), Other Biodegradable Resins
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How Are New Trends Impacting The Size Of The Wood Plastic Composite Market?
The permeation of technological advancement is a notable trend observed in the wood plastic composite industry. Market leaders are turning to innovative wood plastic composites for cladding purposes. This material, which confers a natural, timber-like aesthetic to buildings, is used as an external covering. Cladding, a protective shield made from tiles, wooden panels, or other materials, is attached to buildings' exteriors to safeguard against weather conditions or enhance architectural aesthetics. For instance, MoistureShield, a U.S.-headquartered board manufacturer, introduced an inventive wood plastic composite product named MoistureShield Cladding in February 2022. This novel cladding is fortified on all four sides against insect intrusion, warping, decay, and moisture ingress, based on MoistureShield's unique Solid Core production technique.
Who Are the Key Players In The Wood Plastic Composite Market?
Major companies operating in the wood plastic composite market include:
• Trex Company Inc.
• Advanced Environmental Recycling Technologies Inc.
• UFP Industries Inc.
• Fiberon LLC
• TAMKO Building Products Inc.
• Beologic NV
• CertainTeed Corporation
• FKuR Kunststoff GmbH
• JELU-WERK Josef Ehrler GmbH & Co. KG
• Polyplank AB
• AIMPLAS - Technological Institute of Plastics
• Shanghai Seven Trust Industry Co. Ltd.
• The Dow Chemical Company
• The AZEK Company Inc.
• Geolam Inc.
• CPG International LLC
• Crane Plastics
• Deceuninck North America LLC
• Enduris Extrusions Inc.
• Fiber Composites LLC
• Green Bay Decking LLC
• Kuijper Model and Mold GmbH
• Louisiana-Pacific Corporation
• North Wood Plastics Inc.
• OnSpec Composites Inc.
• Perth Wood Plastic Composite Co. Ltd.
What Are The Regional Insights Into The Wood Plastic Composite Market?
Asia-Pacific was the largest region in the wood plastic composite market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wood plastic composite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
