Global Wood Plastic Composite Market is expected to reach USD 9.77 billion by 2024, according to a new report by Grand View Research, Inc. Increasing demand for wood plastic composites in construction industry particularly in decking, fencing, and molding & siding applications is expected to be the key driver for the market growth. Superior mechanical strength, low maintenance and weight reduction offered by these products are expected to propel demand in the construction industry over the next eight years.
Rising automakers focus towards making every automotive part biodegradable, and recyclable is expected to open new avenues for the material over the next eight years. The product is used in door panels, seat cushions, cabin linings, backrests, and dashboards. The most commonly used wood species for commercial wood plastic composite products include maple, oak, and pine. Product cost and regional availability of raw material are expected to be a key factor for wood plastic composites manufacturers over the projected period.
Rising application scope for wood plastic composites for manufacturing various other products including musical instruments, shoe soles, toys, and trays is expected to have a positive impact on the market growth. Growing demand for bio-plastics in niche applications such as household electronics and edge protection for packaging is expected to propel demand over the projected period.
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Further key findings from the report suggest:
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Grand View Research has segmented the wood plastic composite market on the basis of product, application and region:
Wood Plastic Composite Market Product Outlook (Volume, KiloTons; Revenue, USD Million, 2013 – 2024)
Wood Plastic Composite Market Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
Wood Plastic Composite Market Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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