The wood plastic composites market is forecasted to flourish at a CAGR of 11.3% and reach a valuation of USD 16.06 Bn by 2032, while it holds a revenue of USD 6.38 Bn in 2022.
Growing construction and repairing activities in the areas with dilapidated buildings are fueling the sales of wood-plastic composites, though the covid-19 has damaged the supply chain and distribution channel, limiting the growth of wood plastic composites market.
Wood plastic composite with its lower melting temperature, unlike the other conventional wood products is expected to grow at a decent rate over the forecast period. Its lower cost and energy-efficient structure attracts a lot of end-users, fueling the sales of wood plastic composites.
Expanding wood-plastic composites market size can be attributed to its nature-friendly feature because of which it is used in planned cities to keep the environment healthy and the habitat more natural. This not only increases the sales of wood plastic composites but creates positive future prospects for the market.
Key Takeaways from Market Study
- As on 2022, the valuation of wood plastic composites market is US $ 6.38 billion.
- In 2032, the valuation for the wood plastic composites market is expected to be US $ 16.06 billion.
- Based on the application, the building and construction segment holds 71% of the global revenue.
- Based on the product type, the leading segment is Polypropylene holding 13% of the market share.
- Asia Pacific is currently the largest market having 30.11% of the global share.
- South American market is expected to be one of the fastest growing markets and is currently showing positive signs.
- North American market is anticipated to grow during the forecast period because of the wide scope in the usage of the product.
- European market as well is expected to grow during the forecast period because of the eco-friendly aspect of the product.
Competitive Landscape
The Wood plastic composites market is composed of enterprises that are focusing on expanding their supply chain and the sales channel. The key competitors understand and focus on experimenting with the product while making it nature-friendly and industry-specific for the end users. This makes the competitive landscape more dynamic and versatile, thereby leading to the expansion of wood plastic composites market.
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