The global Wood Plastic Composite market is likely to gain impetus from their increasing application in kitchen accessories, home furniture, vehicle interiors, and car speakers. They are considered to be the highest growing plastic additives at present. This information is given by Fortune Business Insights™ in a recently published report, The report further mentions that the Wood Plastic Composite market size was USD 4.77 billion in 2019 and is projected to reach USD 9.03 billion by 2027, exhibiting a CAGR of 8.57% during the forecast period.
Source: https://www.fortunebusinessinsights.com/wood-plastic-composite-market-102821
This Report Answers the Following Questions:
- What are the trends, opportunities, challenges, and drivers in the market?
- Which segment is anticipated to lead the market in terms of share?
- Which region would top in terms of revenue in the coming years?
- How will the Wood Plastic Composite manufacturers compete in the market?
Drivers & Restraints-
Increasing Usage of Sustainable Fibers to Boost Growth
Wood Plastic Composite are green materials that have high potential in bringing about sustainability. They don’t contain excessive chemicals that may pose toxic for the environment and are durable in nature. Plant-based fibers are mainly used in reinforced plastics, instead of fibrous materials as they are cost effective, robust, highly stiff, and annually renewable. Such fibers also emit less carbon dioxide, have low density, and possess biodegradability properties.
Segment-
Decking Segment to Grow Rapidly Owing to High Demand from Construction Sector
Based on application, the decking segment held 55.55% Wood Plastic Composite market share in 2019. This growth is attributable to their increasing demand from the construction industry. The process of decking requires the usage of such composites as they possess several benefits that help in refining the quality of the material of concrete. They are also used to improve strength and durability.
Regional Analysis-
Rapid Industrialization in China & India to Favor Growth in Asia Pacific
In terms of region, North America procured USD 2.24 billion revenue in 2019 stocked by the rising demand for environmentally-friendly solutions and products in this region. In addition to this, the rising application of Wood Plastic Composite in decking would drive growth.