SEATTLE, Jan. 5, 2022 /PRNewswire/ -- The global wood plastic composite market is estimated to be valued at US$ 5.84 million in 2021, and is expected to exhibit a CAGR of 12.10% during the forecast period (2021-2028).
KeyTrends and Analysis of the Global Wood Plastic Composite Market:
The popularity of the wood plastic composite material is increasing rapidly among the consumer sector due to its wide range of applications in the various sectors such as building and construction. The wood plastic composite material plays an important role in managing the municipal solid waste which mostly contains plastic waste. For instance, in September 2021, a study by the world bank statics shows that the production of MSW (Municipal solid waste) was 1.3 billion tons in the year 2020. Moreover, the study aims to recycle plastic waste by converting the disposed plastic into useful wood plastic composite by improving its mechanical as well as physical properties with the addition of additives, coupling agents and lubricant. The composites are prepared by adding 40-70% of wood flour to 20-30% of polymer matrix of various polymers (polyethylene, polypropelene, polyvinyl chloride, and others). A high proportion of wood fibre tends to increase the steady-state torque and viscosity of the wood plastic composite material.
The global wood plastic composite market is estimated to surpass US$ 12.99 billion by 2028 and is expected to exhibit a CAGR of 12.10% between 2021 and 2028.
Wood–plastic composite (WPC) is a very promising and sustainable green material to achieve durability without using toxic chemicals. The term WPCs refers to any composites that contain plant fiber and thermosets or thermoplastics. Automakers are aiming to make every part either recyclable or biodegradable, there still seems to be some scope for green-composites based on biodegradable polymers and plant fibers. From a technical point of view, these bio-based composites will enhance mechanical strength and acoustic performance, reduce material weight and fuel consumption, lower production cost, improve passenger safety and shatterproof performance under extreme temperature changes, and improve biodegradability for the auto interior parts.
Key Market Takeaways:
The global wood plastic composite market is expected to exhibit a CAGR of 12.10% over the forecast period (2021-2028). Wood fibers and polymers are the key components in the manufacturing of the wood plastic composite material, generally wood fibers are hydrophilic in nature. Modifications in the raw materials have to be done for improving the chemical and physical properties of the raw materials. Typically polyethylene and poly vinyl chloride are the two predominantly used polymers for the manufacturing of the wood plastic composite. The most abundant profiles made from wood–plastic composites are boards or lumber used in outdoor decking applications.
Wood plastic composite material has several benefits in the roofing sector because of its water resistance and longer lifespan. Wood plastic composite have the properties such as low maintainance and slip resistance. The material is highly durable and is not affected by rainfall, wind or hot summer conditions make wood plastic composite best option for roofing. Comparing with the competitors such as metal and wooden roofing , wood plastic composite is better option.
Major players operating in the global wood plastic composite market includeTamco Building Products, Trex company Inc, Meghani group, Beologic, Seven Trust, UFP Industries Inc, Fiberson LLC, Axion International, Polyplank AB, TimberTech, Universal forests Products, and Josef Ehrler GmbH & Co KG.
Mergers and acquisitions, strategic collaborations, new product launch, and business expansions are the key strategies adopted by key players to retain their market share. For instance, on October 14, 2020, Seven trust, a wood plastic composite manufacturers & suppliers had developed a new micro-foaming technology for the manufacturing of wood plastic composite material. In recent years, plastic wood composite micro-foaming technology has also been greatly developed. In order to meet the requirements of product performance, it is necessary to develop new processing techniques, introduce foaming technology, reduce material costs, and expand the scope of use of WPC. High density is a major disadvantage of wood plastic composites, but due to micro-foaming technology, they now have a much wider range of applications in the automobile, sports, and packaging industries.
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.