Portland, OR -- (SBWire) -- 07/26/2017 --According to a new report published by Allied Market Research titled, "Wood Plastic Composites Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017–2023," the global wood plastic composites (WPC) market was valued at $2,551 million in 2016, and is expected to reach at $6,584 million by 2023, registering a CAGR of 12.6% from 2017 to 2023. Asia-Pacific is expected to dominate the market, both in terms of volume and value, and is expected to maintain this trend throughout the forecast period.
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WPCs are composed of wood or wood flour, plastics, and additives. The source of the materials can be either virgin or recycled material. The demand for materials based on renewable raw materials has risen steadily in the recent years. Furthermore, increase in interest from governments about climate protection and sustainability results in expansion of the market size of natural-based materials such as wood plastic composites (WPC).
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The factors that drive the growth of the global wood plastic composites market are high availability of non-utilized plastic and wood wastes, increase in demand from building & construction applications, and stringent regulations on the use of chemicals in building materials. However, surge in cost of raw materials and issues with respect to mechanical strength and/or weight hamper the market growth.
The building & construction segment accounted for more than three-fourths share of the global market in 2016, in terms of volume, and is expected to maintain its dominance during the forecast period, owing to its improved performance and appearance characteristics. However, automotive components are also expected to grow with a high rate due to rise in demand for recyclable and lightweight materials.
According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, "WPC provides a challenge to solid wood/polymer products as alternative construction materials and is expected to increase on a large scale in the near future due to development of more recycled products. Furthermore, reliable and consistent recyclable material supply chains are required for strong market growth, though high demand from automotive sector is expected to augment the market growth."
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KEY FINDINGS OF THE STUDY
- In terms of value, the building & construction segment is expected to grow at a CAGR of 12.6% during the forecast period.
- In Asia-Pacific, China is estimated to grow at the highest CAGR of 12.9%, in terms of value.
- PVC-based composites occupied around one-eighth of the global market share in 2016, in terms of volume.
- U.S. accounted for over one-fifth of the global market in 2016, and is expected to grow at a significant CAGR of 8.8%, in terms of volume.
In 2016, Asia-Pacific and North America collectively accounted for over three-fourths share of the global market, by volume, while Asia-Pacific is expected to grow at a higher rate during the forecast period. Furthermore, high demand from the emerging countries, such as South Korea, India, and China, is estimated to drive the market growth.
The major companies profiled in the report include, Advanced Environmental Recycling Technologies, Inc., Axion International, Inc., Beologic N.V., Certainteed Corporation, Fiberon, LLC., Fkur Kunststoff GmbH, Polymera, Inc., Tamko Building Products, Inc., Timbertech Ltd., and Trex Company, Inc.
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