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