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Wood Plastic Composites Market Forecast to Reach $7.4 Billion by 2026

July 3, 2021 GMT

Increasing Environmental Concerns and Stringent Government Regulation Boosts the Growth of the Wood-plastic Composites (WPC) Market.

Wood Plastic Composites (WPC) Market is forecast to reach $7.4 billion by 2026, after growing at a CAGR of 11.4% during 2021-2026. Wood Plastic Composite is a composite material made from sawdust and plastic as a polymer like PE-based Composites, recycled plastics, Polyvinyl chloride (PVC) based, and Polypropylene (PP), which better bonding and provide sustainability, longevity, and cost savings in a wide array of applications such as car interiors, home furniture, and kitchen accessories.

These properties have made it viable for use in railings, windows, doors, exterior siding, fencing, flooring, and interior molding, and raised its demand from automotive and construction industries. Whereas, the growing building & construction sector in emerging countries like China, India, Brazil, Argentina, and the African region is also driving the market growth during the forecast period.

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Wood-Plastic Composites (WPC) Market Segment Analysis – By Resin Type

Polyethylene the segment held the largest share of more than 35% in the Wood-Plastic Composites market in 2020. Owing to its molecular structure and special arrangement of the molecules, PE-based composites of wood-plastic are widely used for producing decking including flooring, furniture materials, wall cladding, and hollow filler profiles. Increase in construction activities across the globe augments the growth of the wood-plastic composites market.

According to, The Institution of Civil Engineers, the volume of construction output will grow by 85% to $15.5 trillion worldwide by 2030, and three countries i.e. China, the US, and India alone accounts for 57% of all global growth.

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Wood-Plastic Composites (WPC) Market Segment Analysis – By Process

Extrusion method held the largest share of more than 55% in the Wood-Plastic Composites (WPC) market in 2020. Owing to its variety of extruder types such as a single screw or double screw to form the final shape of the material, this method is widely used for producing decking by using wood and polymers.

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The WPC deck has a production cost of about 15% more as compared to that of pressure-treated lumber, but requires a lower maintenance cost. It’s excellent dimensional stability along with less variability also can be considered as another main advantage of WPC products thus augments the growth of the wood-plastic composite market.

Wood Plastic Composites (WPC) Market Segment Analysis - Geography

North America has dominated the Wood Plastic Composites (WPC) market with a share of more than 35% in 2019 followed by the Asia Pacific and Europe.

According to the US Census Bureau, in February 2020 total construction was at a seasonally adjusted annual rate of 1,366,697 which is 6.0 percent above February 2019. The building and construction activities are also increasing owing to the various government initiatives and Foreign Direct Investments (FDI), which acts as a driver for the wood-plastic composites market during the forecast period.

Wood-Plastic Composites (WPC) Market Drivers

Governments initiatives to boost construction activities

Government schemes for boosting construction and remodeling activities drive the growth of the wood-plastic composites market. The growing use of recycled plastics materials in the construction sector also drives the market growth.
Additionally, in order to achieve sustainable urban development, the government of France pledged to build all public buildings with at least 50% of wood or other wood-based sustainable materials by 2022. This may drive the growth of the wood-plastic composites market.

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Wood-Plastic Composites (WPC) Market Challenges

Volatility in raw material prices and lower tensile strength

The raw materials often used for manufacturing wood-plastic composites such as polypropylene, polyethylene, polyvinyl chloride, and polylactide are derived from crude oil. Hence, uncertainty in crude oil prices also fluctuates the prices for wood-plastic composites. According to, BP Statistical Review of World Energy, In the recent year there is been an increase in the price volatility of crude oil, such as the crude oil price decreased from $98.95 in 2014 to $52.39 in 2015 and increased from $43.73 in 2016 to $71.31 in 2018.

In addition, the tensile strength of wood-plastic composites (WPC) is lower than common tropical wood, which is only 5.54 to 12.75 MPa, due to the absence of grain in WPC. Low tensile strength also acts as a restraint for wood-plastic composites market.

Market Landscape

Major players in the Wood Plastic Composites (WPC) market are Trex Company, Inc., Axion Structural Innovations LLC, Beologic N.V., Oldcastle Architectural Inc., CertainTeed Corporation, Fiberon, LLC, Fkur Kunststoff GmbH, Guangzhou Kindwood Co. Ltd., Jelu-Werk Josef Ehrler GmbH & Co. KG, Woodmass, PolyPlank AB, Renolit, TAMKO Building Products, Inc., TimberTech, and Universal Forest Product., among others.

Key Takeaways

Wood Plastic Composites are made from recycled materials or byproducts from the furniture industry, thereby reducing deforestation. Increasing environmental concerns and stringent government regulation boosts the growth of the Wood-Plastic Composites (WPC) market.

Growing demand for recyclable materials in the automobile industry also augment the wood-plastic composites market.

Lockdown and disruption of supply chain due to coronavirus pandemic slowed the growth of wood plastic composites market.

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B. Plastics Market
https://www.industryarc.com/Research/Plastics-Market-Research-503136

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Source URL: https://marketersmedia.com/wood-plastic-composites-market-forecast-to-reach-74-billion-by-2026/89032960

Source: MarketersMedia

Release ID: 89032960