LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global wood-plastic composites market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global wood-plastic composites market will grow at a CAGR of almost 12% during the forecast period. The compliance pressure is a major factor driving the market’s growth.
The high cost of WPCs is a lesser worry than their environmental footprint. The pressure to comply with carbon dioxide emission and fuel economy targets are driving the researchers around the world to develop effective and efficient WPCs from recycled raw materials. In the cradle-to-cradle scenario of WPCs, the materials after each life cycle are cascaded and reused. Life cycle assessment (LCA) is a method, which is used to estimate the environmental impact of the product and the processes involved. The LCA method considers the raw materials used and the output for a specified period. The final phase of the life cycle of WPCs, which is the disposal phase involves energy recovery from combustion.
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In this report, Technavio highlights the increasing prices of hardwood as one of the key emerging trends in the global wood-plastic composites market:
Increasing prices of hardwood
The quality and supply of hardwood are the major global challenges that are being faced by the manufacturers and stakeholders. In this view, composites, particularly WPCs, are accepted extensively for their reduced maintenance, environment-friendliness, and greater return on investment. The prevailing demand-supply imbalance has resulted in consistent price hikes of all types of wood. The currency exchange rate is expected to have a high influence on the hardwood prices as the domestic market in the US is promising. The exports from the European hardwood market are expected to increase due to the devaluation of currencies against the dollar from most exporting countries.
“In North America, the supply side of the market has observed improvement despite the low yield from emerald ash borer quarantined areas. But, there have been instances of restrictions while trying to source packs of wide or longboards. The hardwood prices in Europe witnessed price hikes because of the tight European oak supply. The higher costs are expected to be translated into high prices of sawn timber. These factors are expected to impact the growth of the WPCs market during the forecast period,” says a senior analyst at Technavio for research on textile, fiber, and composites.
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Global wood-plastic composites market segmentation
This market research report segments the global wood-plastic composites market into the following products (polyethylene, polyvinyl chloride, and polypropylene), end-users (buildings and construction, automotive, and industrial and consumer goods), and key regions (North America, APAC, Europe, and ROW).
The buildings and construction segment held the largest market share in 2017, accounting for nearly 75% of the market. This segment is anticipated to witness steady growth during the forecast period.
North America was the leading region for the global wood-plastic composites market in 2017, accounting for a market share of more than 48%. The market share of this region is expected to decrease to some extent by 2022. However, North America will dominate the global market throughout the forecast period.
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