The Asia Pacific Wood Plastic Composites Market would witness market growth of 10.5% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 1,065.5 kilo tonnes, showcasing a growth of 7.6% (2019-2022).
The building and construction sector represents a significant market for wood plastic composites (WPC) due to their versatility, durability, and eco-friendly attributes. WPCs find widespread use in various construction applications, including decking, railing systems, cladding, fencing, and structural components. These materials offer advantages such as resistance to moisture, rot, decay, and insect damage, making them ideal for outdoor structures exposed to harsh environmental conditions. Therefore, the China market make use of 268.0 kilo tonnes in building and construction sector in 2022.
The China market dominated the Asia Pacific Wood Plastic Composites Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $895.2 Million by 2030. The Japan market is registering a CAGR of 9.8% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 11.2% during (2023 - 2030).
In the automotive industry, WPCs are used for interior trim, door panels, seat backs, and other non-structural components, offering weight reduction, design flexibility, and cost savings compared to traditional materials. As per Invest India, the automotive industry is valued at over $222 billion and accounts for 35% of the manufacturing sector's gross domestic product. The automobile industry produced 22.93 Mn vehicles, including passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadricycles, from April 2021 to March 2022. With the capacity to produce the most tractors, the second-most buses, and the third-most heavy trucks, India occupies a prominent position in the international heavy vehicle industry.
Moreover, continuous advancements in material science and formulation technologies are enhancing the performance and durability of WPCs, making them suitable for a broader range of applications and environments. Innovations in additives, coupling agents, and processing techniques improve resistance to moisture, UV radiation, impact, and wear, extending product lifespan and enhancing value proposition.
The increasing prevalence of electronic devices and products in India has generated a need for bespoke enclosures and housings to safeguard delicate electronic components against dust, moisture, and impact, among other environmental elements. As per Invest India, the nation's electronics production will be $300 Bn by FY26. The domestic production of electronics is valued at $101 Bn in FY23 and is segmented (based on FY22 data) as Mobile Phones (43%), IT Hardware (5%), and Consumer Electronics (12%). Thus, with the growing electronics sector in Asia Pacific, there will be lucrative growth prospects for the regional market.
Free Valuable Insights: The Global Wood Plastic Composites Market is Predict to reach $ 12.5 Billion by 2030, at a CAGR of 9.6%
Based on Type, the market is segmented into Polyethylene, Polyvinyl Chloride, Polypropylene and Others. Based on Application, the market is segmented into Building & Construction, Automotive Components, Industrial & Consumer Products and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Type (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, kilo Tonnes, USD Billion, 2019-2030)
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