(MENAFN- GlobeNewsWire - Nasdaq) The Global Wood Plastic Composites market Size was Valued at USD 7.46 Billion in 2023 and the Worldwide Wood Plastic Composites Market Size is Expected to Reach USD 18.99 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies Covered: Trex Company, Inc., UFP Industries, Inc., Fiberon's, LLC, Axion International, Inc., Certain Teed Corporation, Fortune Brands Inc., Green Bay Decking, Sentai WPC, Wellington Polymer Technology, Inc., Polymera, Inc., Moistureshield, TimberTech, Biologic.
New York, United States , July 02, 2024 (GLOBE NEWSWIRE) -- The Global Wood Plastic Composites Market Size is to Grow from USD 7.46 Billion in 2023 to USD 18.99 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 9.79% during the projected period.
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A combination of plastic and wood is called a wood-plastic composite. Higher than the two reactant materials and their features, the composition enables the final material to have the greatest features of both wood and plastic. PVC, PLA, polyethylene, and polypropylene are examples of thermoplastics that are used. The fact that wood plastic composites are environmentally beneficial due to their ability to be made from waste plastic and wood is one of their main benefits. In a market environmentally wood plastic composites are also advantageous due to their high recycling rate without sacrificing any of their qualities. Considering that they are completely waterproof and termite-proof, their maintenance is also very minimal. Wood plastic composite (WPC) is a material with all the excellent qualities of plastic and a wood-like appearance. As a result, the construction and building industry is using it increasingly frequently. The variety of wood plastic composites (WPC) is remarkable, and the number of companies producing these composites is increasing daily. Furthermore, consumers are choosing less harmful materials over wood-plastic composites (WPCs). These composites also suffer from moisture absorption issues, cracking, and a short lifespan when used outside.
Browse key industry insights spread across 190 pages with 115 Market data tables and figures & charts from the report on the " Global Wood Plastic Composites Market Size, Share, and COVID-19 Impact Analysis, By Material (Polyethylene, Polypropylene, Polyvinyl Chloride, and Others), By Application (Decking, Automotive, Sliding & Fencing, Technical Application, Furniture, Consumer Goods, and Other), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The polyethylene segment dominates the market with the largest market share of the wood plastic composite market during the projected timeframe.
Based on the material, the wood plastic composite market is divided into polyethylene, polypropylene, polyvinyl chloride, and others. Among these, the polyethylene segment dominates the market with the largest market share of the wood plastic composite market during the projected timeframe. Polyethylene is a very commonly utilized manufactured and known form of plastic worldwide. It has applications in a wide range of industries, including the production of gasoline tanks for automobiles and the packaging of food and beverages. Depending on the needs and specifications, polyethylene is a material that is easily molded and formed into a range of shapes and sizes.
The decking segment accounted for the highest market share of the wood plastic composite market during the projected timeframe.
Based on the application, the wood plastic composite market is divided into decking, automotive, sliding & fencing, technical application, furniture, consumer goods, and others. Among these, the decking segment accounted for the highest market share of the wood plastic composite market during the projected timeframe. Due to the building industry's rapid expansion and growing demand for decking, decking composites are used frequently in a variety of applications. These composites have several benefits and increase the material's durability while used in decking.
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North America is expected to hold the largest share of the wood plastic composite market over the forecast period .
North America is expected to hold the largest share of the wood plastic composite market over the forecast period. Because the building industry in this region is expanding. Wood plastic composites are highly needed in both residential and commercial construction projects because of growing urbanization, expanding infrastructure, and restoration projects. Wood plastic composites are used more frequently in the area because of the focus on ecologically friendly building practices. These materials offer environmentally friendly alternatives to traditional building materials. North America has recently developed a well-established infrastructure for the production of wood-plastic composites.
Asia Pacific is predicted to grow at the fastest pace in the wood plastic composite market during the projected timeframe. The Asia Pacific building industry is primarily focused on sustainable building techniques, and wood plastic composites are viewed as an environmentally friendly alternative to plastic and wood. The nations in the area have been provided with a rich supply of wood and polymers, which are necessary raw materials for the manufacturing of wood-plastic composites.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Wood Plastic Composites Market are Trex Company, Inc., UFP Industries, Inc., Fiberon's, LLC, Axion International, Inc., Certain Teed Corporation, Fortune Brands Inc., Green Bay Decking, Sentai WPC, Wellington Polymer Technology, Inc., Polymera, Inc., Moistureshield, TimberTech, Biologic, and Other Key Vendors.
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Recent Developments
In June 2023, Trex Company, Inc. released the Trail Select T-Rail. Trex offers an inexpensive and simple-to-install railing solution called Trex Select T-Rail. With two infill options and a traditional T form on top, it offers an accessible yet attractive deck design. For simple, pre-designed rail applications, this railing system is provided.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the wood plastic composites market based on the below-mentioned segments:
Global Wood Plastic Composites Market, By Material
Polyethylene Polypropylene Polyvinyl chloride Others
Global Wood Plastic Composites Market, By Application
Decking Automotive Sliding & fencing Technical Application Furniture Consumer Goods Others
Global Wood Plastic Composites Market, By Regional Analysis
North America Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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