by Wood Plastic Composite (WPC), also known as wood-polymer composites, refers to composite materials that consist of wood fiber/wood flour filled thermoplastic or thermoset matrices. WPCs provide excellent strength and durability compared to regular plastics while maintaining the appearance and texture of natural wood. They offer an eco-friendly alternative to solid wood and are suitable for outdoor applications that would deteriorate normal wood. The growing environmental concerns and stringent regulations regarding deforestation have increased the demand for sustainable wood alternatives like WPC from the building & construction sector.
The global Wood Plastic Composite Market is estimated to be valued at US$ 8.46 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The surge in demand for eco-friendly products has propelled the growth of the wood plastic composite market size significantly. Wood plastic composites provide an eco-friendly alternative to conventional plastics and solid wood as they combined the properties of both materials. Producing WPCs causes 20-30% less carbon emission as compared to normal wood, making it a sustainable option. Moreover, WPC products require less maintenance and last longer than wood. They do not splinter, crack or absorb moisture and resist termites and fungus attack. Various properties like durability, sustainability, and eco-friendliness have increased the preference for WPCs in different applications such as building materials, automotive components, household products etc.
SWOT Analysis
Strength: Wood plastic composites offer enhanced durability and weather resistance compared to conventional wood and plastics individually. Their properties such as dimensional stability, resistance to moisture absorption, and rotting as well as lower maintenance requirements compared to untreated wood, make them suitable for various exterior applications.
Weakness: High capital costs involved in setting up manufacturing facilities for wood plastic composites production. Fluctuations in raw material prices can impact the manufacturing costs of wood plastic composites.
Opportunity: Increasing substitution of traditional materials like wood, plastic and metals by wood plastic composites in various end-use industries like building & construction and automotive industries. Growing popularity of eco-friendly composite materials offering sustainability.
Threats: Availability of alternatives like pure plastics and chemically treated wood. Stringent environmental regulations pertaining to plastic waste recycling and disposal could restrain the market growth.
Key Takeaways
The global wood plastic composite market is expected to witness high growth over the forecast period of 2024 to 2031 supported by properties like durability and sustainability offered by wood plastic composites. The global Wood Plastic Composite Market is estimated to be valued at US$ 8.46 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024-2031.
Regional analysis: North America currently dominates the wood plastic composite market owing to huge construction activities and high preference for composite decking applications in countries like the U.S. and Canada. Asia Pacific is anticipated to be the fastest growing region led by increasing construction expenditures and infrastructure development projects in major economies like China and India.
Key players: Key players operating in the wood plastic composite market are Abbott Laboratories, Baxter, Piramal Pharma Solutions, Manus Aktteva Biopharma LLP, Maruishi Pharmaceutical Co.,Ltd., Lunan Pharmaceutical Group, Abbvie, Wellona Pharma, Rewine Pharmaceutical, and Troikaa Pharmaceuticals Limited. They are focusing on new product launches, facility expansion and partnerships to gain more market share.
