Analysts at Zion Market Research claim that the global wood plastic composites market was capitalized at USD 4.37 Billion in 2016 and is likely to cross USD 8.76 Billion in 2022, developing at a CAGR of 12.3% from 2017 to 2022. Global wood plastic composites market stood at almost 4,262.3 kilotons in terms of volume in 2016.
Due to its molecular structure and special arrangement of the molecules, polyethylene (PE) is widely used type in wood-plastic composites for producing decking including flooring, lumber, molding.
The global Wood Plastic Composite market has been divided into seven key geographical regions which includes, North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa.
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The wood-plastic composites market is projected to reach USD 5.84 Billion by 2021, at a CAGR of 12.4% from 2016 to 2021. The key factor for the wood-plastic composites market growth is the increasing demand from the building & construction application.
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The growth of Asia-Pacific wood-plastic composites market is driven by the increasing demand of wood-plastic composites from China and other countries in the region.
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The global wood-plastic composites market has been expanding significantly due to high demand from the building & construction industry. Wood-plastic composite products are increasingly replacing conventional wood products in the building & construction sector owing to the presence of numerous stringent environmental regulations against deforestation.
Wood wastes produced during manufacturing of wood-based products such as paper, cardboard, crates, pallets, furniture and by-products of textile industry could also serve as reinforcement in a matrix of plastic composites, depending on the availability and suitability of these recycled materials.
Industry Insights. The global wood plastic composite (WPC) market was estimated at USD 4.06 billion in 2015. The market is expected to witness a significant growth on account of rising demand for WPCs in fencing, molding, decking and siding applications in the construction industry.