LONDON--(BUSINESS WIRE)--The wood-plastic composites (WPC) market is expected to grow by USD 3218.04 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The global construction industry is growing at a fast pace, with a significant contribution from emerging countries. The global construction industry is expected to reach a value of USD 14.98 trillion by 2025. In Europe's fast-growing economies, such as Sweden and the UK, the housing market is growing, and housing prices are rising consistently. The construction industry in Central and South America is also growing at a considerably high rate despite the slow economic growth of Brazil. This can be attributed to the increased number of public infrastructure projects such as airports, IT parks, and hospitals. Wood plastic composite that consists of polyethylene (PE) and wood sawdust tends to be used primarily in building and structural components. Thus, the increase in infrastructure development activities are expected to impact the growth of the WPCs market during the forecast period.
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As per Technavio, the increasing use of bioplastics and recycled plastics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Wood-plastic Composites Market: Increasing Use of Bioplastics and Recycled Plastics
The consumption of virgin plastics and the recycling of post-consumer plastics have increased significantly over the last decade. Plastics are the largest category of municipal solid waste and are being used as a reliable raw material for value-added WPCs. HDPE and PP are the largest polymer components found in post-consumer applications, followed by polyethylene terephthalate (PET), polystyrene (PS), and LDPE. This creates notable opportunities for material recovery for producing WPCs. Bioplastics are increasingly being used in WPCs as they have a minimal impact on the environment. For instance, Tecnaro, a German manufacturer of WPCs, uses cellulose-derived lignin as plastic. Many other vendors have also started sourcing bio-based polymers for manufacturing WPCs as part of their sustainability initiatives. Thus, the increasing use of bioplastics and recycled plastics will be one of the key trends in the market during the forecast period.
“Other factors such as the emergence of new materials, and the increasing prices of hardwood will have a significant impact on the growth of the wood-plastic composites market value during the forecast period,” says a senior analyst at Technavio.
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Wood-plastic Composites Market: Segmentation Analysis
This market research report segments the wood-plastic composites market by product (polyethylene, polyvinyl chloride, polypropylene, and other), end-user (Building and construction, automotive, industrial and consumer goods, and others), and geography (North America, APAC, Europe, MEA, and South America).
The North American region led the wood-plastic composites market in 2020, followed by APAC, Europe, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the increasing demand from the automotive and construction industries.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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