The Wood Plastic Composites Market is forecasted to grow owing to favourable government initiatives to increase the infrastructural and construction activities across the globe
The Global Wood Plastic Composites Market was estimated at USD 5.43 Bn in 2020 and is expected to grow with CAGR of 13.1% during the forecast period.
The Wood Plastic composites market is majorly growing owing to the rising awareness regarding the benefits offered by Wood Plastic composites over other conventional materials. Plywood and wood are not resistant to water and mostly fail when they come in contact. However, Wood Plastic composites (WPC) are resistant to water, which makes them a lot more desirable, particularly for using them in potentially wet areas such as cleaning rooms and bathrooms. Additionally, WPCs, owing to their competitive pricing and durable nature, have applicability in a wide range of interior designing applications such as deck flooring, fall ceilings, shoe racks, wooden flooring among others. Owing to these benefits, WPC key market players are aggressively investing in research for expanding the areas of application of these new-age materials, thus providing lucrative growth opportunities in the Wood Plastic composites market.
Moreover, favourable government initiatives to increase the infrastructural and construction activities across the globe are also projected to augment the wood plastics market growth. The Smart City Mission launched in 2015 aims at developing 100 smart cities across the country making them citizen-friendly and sustainable. Similarly, in May 2020, the Australian government launched the Smart Cities and Suburbs Program specifically designed for developing innovative technology-based solutions to urban challenges for improving the liveability, productivity, sustainability of cities and towns across Australia. Additionally, the France government is committed to making all public structures using at least 50% of wood or other sustainable materials based out of wood by 2022 to achieve sustainable urban development. Such projects are immensely helping in boosting the construction sector, thereby positively impacting the industry growth.
Global Wood Plastic Composites Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, North America has dominated the Wood Plastic composites (WPC) market across the globe, followed by Asia-Pacific and Europe regions. This high share is attributable to the rising population and growing trend of nuclear family houses. This rising trend is creating more housing demand across the region, thus driving the wood plastic composites industry. In addition, building and construction activities in several North American regions like the Mexico and United States owing to economic reforms and increasing per capita income are also surging the Wood Plastic composites market demand. Furthermore, various government policies in the region such as the ‘Investing in Canada Plan’ project launched by the Canadian government in 2016 to offer affordable housing, develop rural communities and public transit is further contributing to driving the Wood Plastic composites industry in the region.
The Global Wood Plastic Composites Industry Segmentation:
Global Wood Plastic Composites Market by Application Outlook (Revenue, USD Million, 2021-2027)
Global Wood Plastic Composites Market by Product Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the Wood Plastic composites market are: