Wood-plastic Composites Market worth $11.9 billion by 2028
The report "Wood-plastic Composites Market by Type (Polyethylene, Polyvinylchloride, propylene), Application (Building & construction Products, Automotive Components, Industrial & Consumer Goods), & Region (North America, Europe, APAC, MEA) - Global Forecast to 2028", is estimated at USD 7.5 billion in 2023 and is projected to reach USD 11.9 billion by 2028, at a CAGR of 9.8% from 2023 to 2028. Wood-plastic composites are composite materials made of fine wood fibers or wood flour mixed with thermoplastics. Wood fibers or wood flour are mixed with thermoplastic such as polyethylene (PE), polyvinyl chloride (PVC), polypropylene (PP), along with the additives that include pigments, blowing agents, and lubricants, among others, that are processed to produce wood-plastic composites. Additives are used to provide physical and mechanical properties to the polymer matrix. In terms of finished products, wood-plastic composites appear in two forms; one is either pellets that can be used as a feedstock for extrusion or injection molding process, and another is as a wood-plastic composite lumber or timber. Wood-plastic products can also be produced from either new or recycled thermoplastics materials.
Browse 260 market data Tables and 47 Figures spread through 222 Pages and in-depth TOC on "Wood-plastic Composites Market by Type (Polyethylene, Polyvinylchloride, propylene), Application (Building & construction Products, Automotive Components, Industrial & Consumer Goods), & Region (North America, Europe, APAC, MEA) - Global Forecast to 2028"
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The Polyethylene (PE) segment accounted for the largest market share in 2022, in terms of value.
Polyethylene (PE) is one of the four most popular thermoplastics in the world. PE is generally divided into high-density polyethylene (HDPE), low-density polyethylene (LDPE), and linear low-density polyethylene (LLDPE). One of the most important properties of polyethylene is its molecular structure, stability, and special arrangement of the molecules within the polymer matrix. PE contains approximately 30% to 75% wood fibers and 3% to 5% agents. It gets widely used in wall cladding, hollow boards, hollow filler sections, and profiles.
Building & construction Products to remain the largest end-use application in terms of value during the forecast period.
Building & construction applications hold the largest share the of wood-plastic composites market. Wood-plastic composites offers long shell life that makes them better option than wood composites. Wood-plastic composites get considered as eco-friendly products and hence getting widely adopted across the globe.
North America accounted for the largest share in 2022, in terms of value.
In North America, the high usage of wood-plastic composites is driven by its high usage in decking, fencing, railings, and others. Many recent technological developments in the use of wood-plastic composites in the automotive components application is further driving the demand of wood-plastic composites in the region. Along with this, the market is driven by various growth strategies adopted by market players such as joint ventures, capacity expansions, and partnerships in the product supply chain aiming to meet the growing demand of wood-plastic composites from the rapidly developing end-use applications.
Key Players:
Prominent companies in the wood-plastic composites market include Trex Company, Inc., (US), MoistureShield (US), UFP Industries, Inc. (US), Fiberon (US), TimberTech (US), TAMKO Building Products LLC (US), Beologic (Belgium), FKuR Kunstsoff GmbH (Germany), JELU-WERK J. Ehrler GmbH & Co. KG (Germany), and Green Dot Bioplastics, Inc. (US).
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