According to the report, the global wood plastic composites industry generated $5.4 billion in 2020, and is anticipated to generate $12.6 billion by 2030, witnessing a CAGR of 8.9% from 2021 to 2030.
Increase in demand for wood plastic composites in building and automobile sectors and wide application in interiors, home furniture, and kitchen appliances drive the growth of the global wood plastic composites market. However, rise in cost of R&D hinders the market growth. On the other hand, the emergence of greenwood plastics composites presents new opportunities in the coming years.
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Wood plastics are a sort of natural composite made from wood and sawdust. It is an environment friendly natural composite. It is used in application of both indoor and outdoor use, owing to durability and resistance . The composite solute can be chosen in various ways. The user can mix and match the woods in the composite due to the fact that wood comes in various types. Plastics are blended with more than 40% of the wood components. Wood plastic composites are gaining popularity in the global economy. Composites are used more than any other material. The wood plastics composites are produced by using recycled plastics at low melting temperatures as well as low cost.
Impact Of Covid-19 On the Wood Plastic Composites Market:
- The outbreak of the Covid-19 pandemic has had a negative impact on the growth of the global wood plastic composites market, owing to implementation of the global lockdown that led to temporary closure of manufacturing facilities.
- The pandemic had further disrupted the supply chain, due to restrictions in the export & import activities across various nations.
- Various construction projects were either delayed or cancelled due to shortage of raw material and unavailability of labor force. The automobile sector suffered losses due to decline in sales. These factors decreased the demand for wood plastic composites and hampered the market growth.
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There is increase in demand for wood plastic composites in building and automobile sectors, owing to low-cost and easy to use in non-structural areas, such as balconies, stairs, and pillars. Furthermore, Wood plastic composites have various advantages, compared to its alternatives. They are used in interiors, automotive speakers, home furniture, and kitchen appliances as they are robust, rust-free, low-maintenance, and can withstand high temperature. This has resulted in increase in demand for wood plastic composites all across the globe. Furthermore, growth of construction and building sectors is due to industrialization and urbanization in developing countries of the aforementioned factors drive the growth of the global wood composites market.
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Leading Market Players:
- Timbertech Ltd.
- Trex Company, Inc.
- Beologic N.V.
- FKUR Kunststoff GMBH
- AIMPLAS
- Dow
- Fortune Brands Inc.
- JELU-WERK J. Ehrler GmbH & Co. KG
- Renolit SE
- Universal Forest Products, Inc.
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