Wood Plastic Composite Market is Considered as One of the Rapidly Growing Dynamic Markets

The global wood plastic composite market size is expected to reach USD 8.15 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 9.3% CAGR during the forecast period. Rising applications in outdoor and indoor furniture, automotive units, and construction is anticipated to propel industry growth over the forecast period.

The building and construction sector is a leading consumer of WPC products, followed by the automotive and consumer goods industries. Leading manufacturers in the industry are focusing more on R&D pertaining to use of advanced polymers in order to improve durability.

Adoption of natural fiber plastic materials as a substitute to wood plastic composite products is anticipated to pose a challenge to the market. Natural fiber plastic material products have very similar applications to WPC and can be employed in the manufacturing of fences, railings, cladding, landscaping timbers, park benches, door frames, and more.

Rising market saturation in North America and Europe is likely to impact the industry over the next decade. Major participants in the industry are moving their operations to more developing markets, with Asia Pacific emerging as the most lucrative destination.

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Further key findings from the report suggest:

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  By type, polypropylene is expected to progress at the fastest revenue-based CAGR of 9.7% over the projected period, owing to its low price, easy machinability, and biodegradability

  
  


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  Building and construction was the dominant application segment in 2017 amounting for 71.1% market share by revenue, owing to high demand for wood plastic composite for manufacturing decking, fencing, molding and siding, and railing products

  
  


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  The automotive components segment, on the other hand, is expected to progress at the highest CAGR of 9.9% over the forecast period, owing to high demand in manufacturing molded flexible parts, interior trims, and door panels

  
  


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  Asia Pacific accounted for a revenue-based market share of 31.2% in 2017 and is expected to be the fastest growing region over the forecast period on account of increasing infrastructure activities in developing countries such as China and India

  
  


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  Participants in the industry have adopted R&D, mergers & acquisitions, and product expansion as strategies to serve increasing consumer demand and gain a larger share in the market.

  
  

Grand View Research has segmented the global wood plastic composite market on the basis of type, application, and region:

Wood Plastic Composite Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

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  Polyethylene

  
  


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  Polypropylene

  
  


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  Polyvinylchloride

  
  


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  Others

  
  

Wood Plastic Composite Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

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  Building & Construction

  
  
  
  
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    Decking

    
    
  
  
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    Molding & Siding

    
    
  
  
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    Fencing

    
    
  
  
  
  


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  Automotive Components

  
  


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  Industrial & Consumer Goods

  
  


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  Others

  
  

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.