The wood plastic composite market in Canada is expected to grow at a CAGR of approximately 6.3% between 2024 and 2034. The country’s sector has expanded due to a greater emphasis on sustainable construction and building operations, as well as increased environmental conservation standards.
NEWARK, Del, July 29, 2024 (GLOBE NEWSWIRE) — The wood plastic composite market, valued at USD 6,914.1 million in 2024, is projected to grow at a CAGR of 10.3% from 2024 to 2034. The market is anticipated to attain a value of USD 18,498.9 million by 2034, driven by increasing demand for sustainable building materials.
The wood plastic composite (WPC) market is witnessing significant growth, fueled by the construction sector’s rising focus on sustainable practices. WPCs are made from recycled wood fibers and thermoplastics, providing a friendly alternative to other traditional materials. WPCs are set to gain popularity due to their eco-friendly properties and recyclability, especially amid initiatives like India’s Smart Cities Mission.
The automation industry is pushing market expansion by utilizing WPCs for interior components, with a focus on fuel efficiency. The industry values the properties of WPCs, such as their lightweight nature, durability, and aesthetic appeal. Increasing demand for WPCs in applications like door panels, seat backs, and trunk liners is propelled by the global increase in vehicle production.
The packaging industry is gaining momentum due to increasing focus on sustainability. It becomes the focal point for consumers and businesses as the packaging solutions produced by WPCs are gaining traction. WPC-based packaging solutions offer environmental and functional benefits.
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The WPC sector is propelled by various other factors, including sustainable construction practices, automotive industry demands, and rising popularity of WPC-based packaging solutions. The wood plastic composite market trends indicate a promising outlook as it expands across multiple sectors, pushed by a need for environmentally conscious and innovative materials.
Technological advancement is driving the wood plastic composite market growth with the development of improved formulations, including superior mechanical properties and durability. Expansion of the application creates possibilities across multiple industries, thereby augmenting growth of the sector. A key focus on the circular economy principle fosters recycling and reuse of materials, increasing the adoption of WPCs.
The wood plastic composite industry is experiencing significant growth globally, with strong demand from regions such as Asia-Pacific, North America, and Europe. In Asia-Pacific, the market is driven by rapid urbanization and infrastructure development. In North America and Europe, the emphasis on sustainable practices is fueling the adoption of WPCs across various industries.
What Are The Major Driving Factors For The Wood Plastic Composites Market?
New construction approaches, component-specific materials, and exciting price ranges along with the rising trend of recycled plastic use in any construction or repairing sites are gaining traction in the market while increasing the demand for wood plastic composites.
According to the wood plastic composites market survey, the market is just starting to evolve and it would be making valuable contributions in the future, especially with climate change and changing demographics. The governments are setting up plants to melt down the plastic and recycle it for usage in construction or repair sites.
The low cost attached to it is fueling the demand for wood plastic composite. It has been observed that composites are highly sought materials.
Another factor contributing to the growth of the market is the use of wood-plastic composites in non-structural sites like balconies, pillars, and stairs. Also, it acts as the best alternative and can be used in automotive speakers, interiors, kitchens, and home furniture, thus pushing the overall sales of wood-plastic composites.
Key Takeaways from the Wood Plastic Composite Market Report:
- The WPC market is projected to reach a value of USD 1 million by 2024.
- India is projected to experience a 4% CAGR during the forecast period.
- Spain is set to witness a 8% CAGR over the forecast period.
- The polyethylene segment is projected to account for a share of 1% by 2024.
- The building and construction segment is anticipated to hold a share of 8% by 2024.
“The wood plastic composite industry is experiencing growth due to urbanization and high demand for sustainable construction materials. This shift towards eco-friendly materials is augmenting expansion, particularly in India. Advancements in technology and product innovation are fueling the growth of the industry. Manufacturers are investing heavily in sustainable WPC material development to enhance performance in construction and building projects,” Opines Nikhil Kaitwade Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
Key industry participants are employing multiple strategies to gain a competitive edge and sustain the increasing sector rivalry. CertainTeed Corporation, a subsidiary of Saint Gobain, is a key player offering a wide range of WPC products.
Companies are actively pursuing mergers, acquisitions, and increasing production capacity to establish a strong foothold. They often engage in mergers and acquisitions to increase market share in specific regions.
In some instances, companies form technological collaborations to develop advanced products with superior performance characteristics, ultimately driving their revenues. These initiatives reflect the dynamic nature of the sector and the ongoing efforts of companies to innovate and expand their sector presence.
Leading Wood Plastic Composite Brands:
- Advanced Environmental Recycling Technologies, Inc. (AERT)
- Axion Structural Innovations LLC
- Beologic N.V.
- CertainTeed Corporation
- Fiberon, LLC
- Fkur Kunststoff GmbH
- Guangzhou Kingwood Co. Ltd.
- Jelu-Werk Josef Ehrler GmbH & Co. KG
- Woodmass
- PolyPlank AB
- Renolit
- TAMKO Building Products, Inc.
- TimberTech
- Trex Company, Inc.
- Universal Forest Product
Recent Industry Development –
- In 2023, MoistureShield, based in the United States, in partnership with Great Southern Wood Preserving, Inc., broadened its distribution of composite decking and railing products to Pennsylvania and Kentucky, offering homeowners high-quality, durable options for outdoor spaces.
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What Are The Key Market Trends Observed In Wood Plastic Composites Market?
With the evolving technology and increasing scope in the usage of wood plastic composites, the manufacturers are finding ways to amalgamate both technology and the increased usage aspect, and are trying to come up with much more advanced versions of wood plastic composites.
This will help in maintaining a balance between development and the environment, and consequently, the usage of wood plastic composites would certainly increase in the coming times. In this way, the activities will be carried out under a moral ambit.
Get More Insights into the Wood Plastic Composite Market Report:
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the wood plastic composite industry, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034.
To understand the region’s industry potential, growth, and scope, the industry is segmented based on product type and applications. Leading products are polyethylene, polypropylene, and polyvinyl chloride. The dominant applications are building and construction (decking, molding & siding, and fencing), automotive components, and industrial and consumer goods.
Key Segments of Market Report:
By Product Type:
Leading products in the wood plastic composite industry are polyethylene, polypropylene, and polyvinyl chloride.
By Application:
Dominant applications of wood-plastic composites are building and construction (decking, molding and siding, and fencing), automotive components, and industrial and consumer goods.
By Region:
An industry analysis has been conducted across significant countries of regions, including North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
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