The growth trajectory exhibited by the wood plastic composites market over the last few years has been steady. Additionally, their rising use in building and construction products will further provide lucrative opportunities for enterprises operating in the global wood plastic composites market. A recent report by Transparency Market Research, titled “Wood-Plastic Composites Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” enumerates the various factors influencing the growth trajectory of the global wood plastics market. The 87-page report presents a comprehensive outlook of the growth drivers and key restraints that the market has been witnessing and opportunities that it may come face to face with in the near future.
Wood plastic composites are hybrid materials made of natural wood and plastic fiber. These materials are manufactured using wood fiber/flour and other thermoplastics such as polyethylene, polypropylene, and polyvinyl. In order to produce wood-plastic composites, finely ground wood particles are mixed with heated thermoplastic resins. The most commonly used technique enabling the molding of the wood-plastic composite mixture into desired shapes and sizes is extrusion.
The report states that the overall value of the global wood plastic composites market stood at US$2.6 bn in 2012. Rising at a CAGR of 10.8% between 2013 and 2019, the market is anticipated to reach US$5.4 bn by the end of the forecast period.
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The escalating demand for these materials in the manufacture of various interior components of automobiles is anticipated to fuel demand from the market. Wood plastic composites help in reducing the overall weight of a vehicle, thereby improving its fuel efficiency. The market for wood-plastic composites is also gaining from the implementation of stringent government regulations curbing the use of 100% wood or plastic. However, the market at present is facing challenge in the form of the development of natural fiber composites such as fruit fibers, straw fibers, seed fibers, and leaf fibers.
Among the product segments, polyethylene wood-plastic composites held the largest share in the market in 2012. Polyethylene wood-plastic composites are mostly used in the building and construction industry. However, the report expects the polyvinyl chloride segment to report the fastest growth in the market over the forecast period owing to its increased use in window and decking applications.
Based on application, building and construction emerged as the largest segment, accounting for a share of 70% in the global wood-plastic composites market in 2012. Wood-plastic composites are preferred for constructing exterior buildings and construction products because they offer high resistance against fading, scratching, and staining. The automotive industry, however, is expected to emerge as the fastest growing application segment of the wood-plastic composites market over the forecast period.
Regionally, North America dominated the global wood-plastic composites market in 2012 and the hierarchy is anticipated to continue through the forecast period. Enterprises operating in the market also find lucrative prospects in Asia Pacific. This regional market will exhibit a CAGR of 10.0% between 2013 and 2019.
Compiled with exhaustive information, the report presents valuable insights into the global wood-plastic composites market’s present dynamics and development status. To provide a comprehensive outlook of the prevailing competition, the report also profiles companies such as Fiberon LLC., Trex Company Inc., Advanced Environmental Recycling Technologies (AERT), CPG International, and Fineko.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.