According to a new report, published by KBV research, The Global Wood Plastic Composites Market size is expected to reach $12.5 billion by 2030, rising at a market growth of 9.6% CAGR during the forecast period. In the year 2022, the market attained a volume of 4,332.8 kilo tonnes, experiencing a growth of 7.1% (2019-2022).
The wood plastic composites market represents a dynamic and rapidly evolving segment within the global materials industry, driven by technological advancements, environmental considerations, and shifting consumer preferences. Wood plastic composites (WPCs) are composite materials of wood fibers or flour blended with thermoplastics, typically polyethylene, polypropylene, or polyvinyl chloride (PVC). This innovative class of materials offers a compelling combination of wood's natural aesthetics and workability with the durability, versatility, and sustainability of plastics, making them increasingly popular in various applications across industries.
Moreover, wood plastic composites are used in various industries and sectors, from construction and building materials to automotive components, consumer goods, and outdoor furniture. Their versatility and adaptability make them suitable for diverse applications, including decking, fencing, railing, siding, windows, doors, automotive interiors, furniture, packaging, and more. In construction and infrastructure, WPCs are valued for their durability, weather resistance, and dimensional stability, making them ideal for outdoor decking, cladding, and landscaping applications.
The Polyethylene segment is leading the Global Wood Plastic Composites Market, by Type in 2022; thereby, achieving a market value of $7.9 Billion by 2030. Polyethylene is compatible with wood fibers or flour, allowing efficient blending and homogenization in WPC formulations. Its versatility enables incorporating various wood species, fiber sizes, and moisture contents, providing flexibility in material composition and processing parameters to meet specific performance requirements and application needs. Thus, the segment will grow rapidly in the coming years.
The Automotive Components segment is registering a CAGR of 10.4% during (2023 - 2030). There is a growing emphasis within the automotive industry on enhancing fuel efficiency. WPCs offer a lightweight alternative to metal components, contributing to overall vehicle weight reduction and improved fuel economy. As per the data released by the International Trade Administration in 2023, China continues to hold its position as the worldwide leader in both annual vehicle sales and manufacturing output, and it is projected that domestic production will reach 35 million vehicles by 2025. Thus, the segment will grow rapidly in the upcoming years.
Full Report: https://www.kbvresearch.com/wood-plastic-composites-market/
The North America region dominated the Global Wood Plastic Composites Market, by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4.6 Billion by 2030. The Europe region is poised to grow a CAGR of 9.3% during (2023 - 2030). Additionally, The Asia Pacific region would witness a CAGR of 10.5% during (2023 - 2030).
By Type (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
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