The global Wood Plastic Composite Market is estimated to be valued at US$ 7.34 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Wood plastic composites are a combination of wood fibers or wood flour and polymeric resins such as polyethylene, polypropylene, polyvinyl chloride and others. These materials combine the appearance and feel of real wood with improved resistance to moisture and chemicals. They provide advantages of low maintenance, durability and longevity over conventional wood. They are increasingly being adopted in outdoor decking, window and door profiles, railing and fencing.
Market key trends:
Growing consumer preference for sustainable and eco-friendly materials along with stringent regulations on use of tropical hardwood are fueling demand for wood plastic composite materials. Additionally, rapid growth of construction industry worldwide especially in developing countries of Asia Pacific and Latin America has increased focus on use of long lasting and low maintenance building materials. This is driving focus of manufacturers on developing advanced wood plastic composite formulations and adoption of digital marketing strategies to promote benefits over traditional wood especially for outdoor applications.
The global wood plastic composite market is segmented by type, application, and geography. By type, the market is classified into polyvinylchloride, polyethylene, polypropylene, and others. Among these, the polyvinylchloride segment held the largest market share in 2022 owing to its superior properties such as durability and weather resistance. By application, the market is bifurcated into building & construction, automotive components, industrial & consumer goods, and others. The building & construction application segment dominates the market due to extensive use of wood plastic composites in decking, railing, fencing, and window components in residential and commercial construction.
Global Wood Plastic Composite Market Demand is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing demand from the construction industry.
The Asia Pacific region dominated the global market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to growth of the building & construction sector in emerging economies such as China and India. North America and Europe are other major regions for the wood plastic composite market.
Key players operating in the wood plastic composite market are Tamco Building Products, Trex company Inc, Meghani group, Beologic, Seven Trust, UFP Industries Inc, Fiberson LLC, Axion International, Polyplank AB, TimberTech, Universal forests Products, and Josef Ehrler GmbH & Co KG. Trex Company is the global market leader in wood-plastic composites due to its widespread distribution network and innovative product portfolio.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it