Wood Plastic Composite Global Market Report 2024

The global wood plastic composite market has grown rapidly in recent years. It will grow from $6.17 billion in 2023 to $6.95 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth observed in the historical period can be attributed to several factors, including environmental concerns driving the preference for sustainable materials, the expansion of the construction industry, a growing inclination towards low-maintenance materials, the emphasis on durability and longevity in building products, a reduced dependency on treated wood due to environmental considerations, and the cost-effectiveness associated with wood plastic composites.

The global wood plastic composite market is expected to see rapid growth in the next few years. It will grow to $10.92 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The anticipated growth in the forecast period can be attributed to various factors, including advancements in manufacturing processes, innovative product design, the development of fire-resistant formulations, the ongoing trend of increasing urbanization, and a growing emphasis on green building certification. Key trends expected during the forecast period encompass advancements in wood plastic composite (WPC) manufacturing technology, a focus on biodegradability and recyclability, ongoing product innovations, increased collaboration and partnerships within the industry, and a heightened emphasis on regulatory compliance and adherence to standards.

The expansion in construction activities stands as a significant driver propelling the growth of the wood plastic composite market. This sector encompasses the creation, maintenance, and restoration of infrastructures, where wood plastic composites effectively replace wood in structural components. For example, a report by Oxford Economics highlighted a projected 42% increase in global construction output from 2020 to 2030, reaching USD 15.2 trillion. The 2022 U.S. Construction Cost Trends report also emphasized a surge in residential construction, boosting material and labor demand, thereby elevating competition and cost pressures. Consequently, the rise in construction activities fuels the demand for wood-plastic composites.

The surge in vehicle production is anticipated to propel the growth of the wood plastic composite market further. Wood-plastic composites find application in vehicles for crafting interior components, offering a lightweight yet durable alternative to conventional materials. According to data from the European Automobile Manufacturers Association (ACEA), global motor vehicle production escalated by 5.7% in 2022, reaching 85.4 million units. This growth underscores the increasing use of wood plastic composites in vehicle manufacturing, thereby driving the market for these materials.

Technological advancements remain a pivotal trend in the wood plastic composite market, especially concerning innovative applications in cladding. Cladding, serving as an exterior covering for buildings, often mirrors a natural wood appearance and offers weather protection. For instance, MoistureShield, a U.S.-based boarding company, launched MoistureShield Cladding in February 2022, an innovative wood plastic composite product. This new cladding, fortified through MoistureShield's Solid Core manufacturing process, boasts protection on all sides against insect damage, warping, decay, and moisture infiltration, showcasing the market's emphasis on advanced and durable composite materials.

Major companies within the wood plastic composite market are introducing innovative compounds like capstock compounds to reinforce the weather resistance and durability of wood-plastic composite (WPC) decking. Capstock compounds are materials utilized in producing composite decking and other construction materials. For example, Teknor Apex, a U.S.-based chemicals company, launched the Weatherguard WG-9000 Series in February 2021, consisting of Weatherguard WG-9015 LG and Weatherguard WG-9003. These compounds are specifically crafted for the outer layers of dark-color wood/plastic composite (WPC) decking, offering superior durability and scratch resistance compared to standard cap stocks. The WG-9015 LG grade, a 50% concentrate, is blended with fractional-melt index polyethylene, ensuring cost efficiency. Conversely, the WG-9003 LG can be utilized as a 100% cap stock without polyethylene blending. Both grades are pre-colored to meet customized preferences, addressing the aesthetic and performance demands of end users.

In March 2022, Sonoco, a U.S.-based consumer packaging provider, completed the acquisition of Wood Composites Technology. This strategic acquisition is expected to bolster Sonoco's offerings, positioning the company as a comprehensive provider of reels for the wire and cable sectors by integrating composite reels with its existing Baker(R) wood and steel reels. Wood Composites Technology, a U.S.-based manufacturer specializing in wood plastic composites, adds depth to Sonoco's portfolio, expanding its capabilities in providing innovative solutions to meet evolving industry demands.

Major companies operating in the wood plastic composite market report are Trex Company Inc., Advanced Environmental Recycling Technologies Inc., UFP Industries Inc., Fiberon LLC, TAMKO Building Products Inc., TimberTech (part of Azek Building Products), Axion International Holdings Inc., Beologic NV, CertainTeed Corporation, FKuR Kunststoff GmbH, JELU-WERK Josef Ehrler GmbH & Co. KG, Polymera Inc., Polyplank AB, AIMPLAS - Technological Institute of Plastics, Shanghai Seven Trust Industry Co. Ltd., The Dow Chemical Company, The AZEK Company Inc., Geolam Inc., CPG International LLC, Crane Plastics, Deceuninck North America LLC, Enduris Extrusions Inc., Fiber Composites LLC, Green Bay Decking LLC, Kuijper Model and Mold GmbH, Louisiana-Pacific Corporation, North Wood Plastics Inc., OnSpec Composites Inc., Perth Wood Plastic Composite Co. Ltd.

Asia-Pacific was the largest region in the wood plastic composite market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wood plastic composite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wood plastic composite market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of resins used in wood plastic composites include polyethylene (PE), high-density polyethylene (HDPE), low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), polypropylene (PP), polyvinyl chloride (PVC), polylactide (PLA), and others. Polyethylene is a lightweight and versatile synthetic resin derived from the polymerization of ethylene. Manufacturing processes for wood plastic composites involve methods such as extrusion, injection molding, and others. These composites find applications in diverse industries, including building and construction, automotive, consumer goods, and more

This report provides wood plastic composite market statistics, including wood plastic composite industry global market size, regional shares, competitors with a wood plastic composite market share, detailed wood plastic composite market segments, market trends and opportunities, and any further data you may need to thrive in the wood plastic composite industry. This wood plastic composite market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The wood plastic composite market consists of sales of thermoplastic resin wood plastic composite, multifunctional polymer composites, and Polyolefin wood plastic composite. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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