The
global Wood Plastic Composite market is expected to reach USD 9.77
billion by 2024, according to a new report by Grand View Research, Inc.
Increasing demand for wood plastic composites in construction industry
particularly in decking, fencing, and molding & siding applications is
expected to be the key driver for the market growth. Superior mechanical strength,
low maintenance and weight reduction offered by these products are expected to
propel demand in the construction industry over the next eight years.
Rising
automakers focus towards making every automotive part biodegradable, and
recyclable is expected to open new avenues for the material over the next eight
years. The product is used in door panels, seat cushions, cabin linings,
backrests, and dashboards. The most commonly used wood species for commercial
wood plastic composite products include maple, oak, and pine. Product cost and
regional availability of raw material are expected to be a key factor for wood
plastic composites manufacturers over the projected period.
Rising
application scope for wood plastic composites for manufacturing various other
products including musical instruments, shoe soles, toys, and trays is expected
to have a positive impact on the market growth. Growing demand for bio-plastics
in niche applications such as household electronics and edge protection for
packaging is expected to propel demand over the projected period.
Full research report on
wood plastic composite market: http://www.grandviewresearch.com/industry-analysis/wood-plastic-composites-market
Further key findings from the report suggest:
·
North America was the largest segment for the Wood Plastic Composite
market in 2015 accounting over 45% of the global volume. Growing construction
sector in the region owing to rising investments in new infrastructure projects
is expected to augment growth. Furthermore, increasing residential and
commercial building renovation activities in the region is expected to have a
positive impact on the growth.
·
Polyethylene based wood plastic composites dominated the industry
accounting over 55% of the market share. Excellent molecular bonding stability
and structure offered by polypropylene, which makes the product robust, is
expected to be a key factor for the product demand.
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·
Europe demand for wood plastic composites in automotive applications
was valued over USD 65 million in 2015. Automotive industry is the most crucial
sector in the Europe and accounts over 4% of European GDP. Germany dominated
the premium car production in 2015 accounting over 40% of the total market.
Adoption of new technologies, increasing use of bio-based products and high
investments in R&D are expected to open new avenues for the product market.
·
Key players in the industry include Advanced Environmental Recycling
Technologies, Inc., Axion International, Inc., Fkur Kunststoff GmbH, Beologic
N.V., Certainteed, Fiberon, LLC, JELU-WERK J. Ehrler GmbH & Co. KG,
Guangzhou Kindwood Co. Ltd., Josef Ehrler GmbH & Co. Kg, Polymera, Inc.,
Renolit, Polyplank AB, Tamko Building Products, Inc., Timbertech and Trex
Company, Inc.
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