Wood Plastic Composites Market Size Worth $14.98 Billion By 2030 | CAGR: 11.4%

The global wood plastic composites market size is expected to reach USD 14.98 billion by 2030, according to a new study by Polaris Market Research. The report " Wood Plastic Composites Market Share, Size, Trends, Industry Analysis Report, By Application (Building & Construction Products, Automotive Components, Industrial & Consumer Goods, Others); By Type; By Region; Segment Forecast, 2022 - 2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.

The region's high growth in a wood plastic composite is mainly due to increased demand from building & construction applications, growing demand for recyclable materials in the automobile industry, and government initiatives. Since wood-plastic composites are used on a large scale to reduce vehicle weight, this advancement is predicted to affect the industry directly.

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It is made using recyclable materials and generates less hazardous waste. Due to this characteristic, the consumer has turned to the need to protect the environment. It helps reduce deforestation as the wood used in the wood-plastic composite is a byproduct of the furniture industry. These factors have contributed to driving the global market.

In this, natural wood, such as sawdust and wood shavings, is combined with plastic fibers. In addition to increasing durability, it increases moisture resistance. As well as the general properties of each component, the manufacturer's preference plays a significant role in material selection.

It is primarily used as a flooring material for balconies and terraces due to its lightweight. As a durable, antibacterial, non-corrosive material, it is widely used in kitchens, wall cladding, bathrooms, and false ceilings.

Wood Plastic Composites Market Report Highlights

• The polyethylene segment is anticipated to grow at a significant CAGR over the forecast period owing to its molecular arrangement and distinct structure of the molecules.
• Building and construction accounted for a significant revenue share. This Composites are mainly used in the construction industry because decking has seen a higher demand and more growth. The use of mixtures in flooring has more importance because it helps in improving the quality of concrete materials and also helps to improve strength and durability.
• Asia Pacific is expected to grow at a lucrative CAGR over the projected period on account of the Increase in building and construction activities in the Asia-Pacific countries, such as China and India. There is a steep increase in the people's spending power in this region.
• The global market is highly competitive due to the existence of large market players with a worldwide presence, including Seven Trust., Advanced Environmental Recycling Technologies, Inc. (AERT)., Meghmani Group, Teknor Apex Co., UFP Industries, Inc., Josef Ehrler GmbH & Co KG.

Polaris Market Research has segmented the wood plastic composites market report based on type, application, and region:

Wood Plastic Composite, Type Outlook (Revenue - USD Billion, 2018 - 2030)

• Polyvinylchloride
• Polypropylene
• Polyethylene
• Others

Wood Plastic Composite, Application Outlook (Revenue - USD Billion, 2018 - 2030)

• Building and Construction
• Automotive Components
• Industrial Components
• Consumer Products
• Others

Wood Plastic Composite, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa