The global woodplastic composites market is likely to gain impetus from their increasingapplication in kitchen accessories, home furniture, vehicle interiors, and carspeakers. They are considered to be the highest growing plastic additives atpresent. This information is given by Fortune Business Insights™ in a recentlypublished report, titled, “Wood Plastic Composites Market Size, Share &Industry Analysis, By Material (Polyethylene, Polypropylene, Polyvinyl Chlorideand Others), By Application (Decking, Automotive, Sliding & fencing,Technical Application, Furniture, Consumer Goods and Others), and RegionalForecast, 2020-2027.” The report further mentions that the wood plasticcomposites market size was USD 4.77 billion in 2019 and is projected to reach USD9.03 billion by 2027, exhibiting a CAGR of 8.57% during the forecast period.
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This Report Answers the Following Questions:
· What are the trends, opportunities,challenges, and drivers in the market?
· Which segment is anticipated to leadthe market in terms of share?
· Which region would top in terms ofrevenue in the coming years?
· How will the wood plasticcomposites manufacturers compete in the market?
Drivers &Restraints-
Increasing Usage of Sustainable Fibers to Boost Growth
Woodplastic composites are green materials that have high potential in bringingabout sustainability. Theydon’t contain excessive chemicals that may pose toxicfor the environment and are durable in nature. Plant-based fibers are mainlyused in reinforced plastics, instead of fibrous materials as theyarecosteffective, robust, highly stiff, and annually renewable. Such fibers also emitless carbon dioxide, have low density, and possess biodegradability properties.Numerous automakers worldwide are aiming to develop biodegradable or recyclableparts of vehicles by using sustainable wood plastic composites. They would aidin lowering fuel consumption and production cost, offering shatterproofperformance under harsh weather conditions, enhance passenger safety, lowerweight of the material, and improve acoustic performance. However, wood plasticcomposites require higher initial cost spending. It may obstruct growth.
Segment-
Decking Segment to Grow Rapidly Owing to High Demand fromConstructionSector
Based on application,the decking segment held 55.55%wood plastic composites market share in 2019.This growth is attributable to their increasing demand from the constructionindustry. The process of decking requires the usage of such composites as theypossess several benefits that help in refining the quality of the material ofconcrete. They are also used to improve strength and durability.
Regional Analysis-
Rapid Industrialization in China & India to Favor Growthin Asia Pacific
In terms ofregion, North America procured USD 2.24 billion revenue in 2019 stocked by therising demand for environmentally-friendly solutions and products in thisregion. In addition to this, the rising application of wood plastic compositesin decking would drive growth. In Asia Pacific, developing countries, such asChina and India are experiencing rapid industrialization. Coupled with this,the improvements and modernizations in buildings and road constructionactivities would accelerate growth in this region. The Middle East and Africaand LatinAmerica are set to exhibit steady growth fueled by the surging numberof construction activities in both regions.
Competitive Landscape-
Key Companies Follow Acquisition Strategy to Gain CompetitiveEdge
The market isfragmented with the presence of more than 100 organizations accounting for thetotal revenue across the globe. They are constantly investing huge sums inresearch and development activities to innovate their in-house wood plasticcomposites. Some of them are also adopting the strategy of mergers andacquisitions to enhance their product offerings. Below are a couple of thelatest industry developments:
· August2018: Alvic Plastics Limited was acquired by BSW Group.This new deal would aid BSW in broadening its product portfolio and production capacity.It would also enable the company to bring in diversification to increase itsrange of products.
· November 2015: Vannplastic Limited, a prominent manufacturerof wood plastic composite was acquired by the Boral Epwin Group for an initialconsiderationofapproximately USD 5.67 million. It would aid Boral in widening its line of lowmaintenance building materials.
FortuneBusiness Insights™lists out all the manufacturers of wood plastic compositespresent in the market. They are as follows:
• Seven Trust (China)
• Meghmani Group (India)
• Beologic (Belgium)
• Trex Company, Inc. (U.S.)
• UFP Industries, Inc. (U.S.)
• Fiberon LLC (U.S.)
• Axion International, Inc. (U.S.)
• Josef Ehrler GmbH & Co KG(Germany)
• Croda International Plc (UK)
• CertainTeed (U.S.)
• Others
Information Source:
https://www.fortunebusinessinsights.com/wood-plastic-composite-market-102821
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