Covid-19 Impact on Wood-Plastic Composites Market Set for Rebound from 2022 till 2028

The market research report on the Wood-Plastic Composites Market aims to help users discover detailed information regarding trends in the market. The report also throws light on the overview of the thorough analysis of the correlated key players active in the market, covering their competitive landscape, supply chain analysis, and latest developments like investments, expansion, technological growth, etc.

Market Insights:

The wood-plastic composites market was estimated at USD 5.8 billion in 2021 and is likely to grow at a CAGR of 11.28% during 2022-2028 to reach USD 12.33 billion in 2028.

Increasing use of wood-plastic composites in interior applications in the growing automotive industry, recovery in building and construction activities, and a high focus on the use of green materials are some of the major drivers of the wood-plastic composites market.

COVID-19 IMPACT

There was a partial or entire shutdown of manufacturing of non-essential products during the global pandemic in the year 2020. Restrictions on trades and lockdowns across the globe have negatively impacted the market and led to a decline in demand and sales of the wood-plastic composites market.

Here are the key players mentioned in the report –

• TAMKO Building Product,
• Trex Company, Inc.,
• Advanced Environmental Recycling Technologies, Inc.,
• Universal Forest Products, Inc.,
• Fiberon, LLC,
• TimberTech,
• Beologic N.V.,
• CertainTeed.

Segment Analysis:

As per the report, the market is segmented by:

Building & Construction segment is expected to remain the growth engine of the market during the forecast period. Recovering North American housing starts, high residential activities in the Asia-Pacific and Middle East regions, and a focus on the use of green materials are likely to drive the market segment during the forecast period. Decking, siding, and fencing are the major applications of wood-plastic composites in the building & construction industry, together accounting for more than 90% of the wood-plastic composites market in the building & construction industry in 2021.

The automotive segment is expected to experience the highest growth over the next five years. The automakers’ push to build lightweight vehicles for achieving the government’s stringent regulations, such as CAFÉ standards and EU Carbon emissions, and demand for recycled materials are likely to drive the demand for WPC in the automotive industry. WPCs are mainly used in interior applications, such as rear shelves and trims for trunks and spare wheels, and interior trims for vehicle doors. The wood-plastic composite stakeholders are continuously working on the development of new wood-plastic composite applications in the automotive industry.

Polyethylene is expected to remain the largest resin type during the forecast period because of its overall higher performance than other resin-based wood-plastic composites.  Polyethylene is widely preferred for manufacturing decking, fencing, furniture, wall cladding, hollow boards, and profiles.

The extrusion process is expected to remain the most dominant process type in the market during the forecast period. Building & Construction, the largest end-user industry of the market is heavily relied on the extrusion process to manufacture key applications, such as decking, siding, and fencing. The injection molding process is likely to exhibit the fastest growth for the same period driven by the automotive and consumer goods segments. Wood-plastic composites are increasingly used to produce furniture, consumer goods, and household electronics using the injection molding process. WPC granulates for injection molding are now produced by global players and are becoming more attractive for clients that manufacture consumer goods, automotive, and other parts.

North America is expected to remain the largest market in terms of region, over the next five years. More than 60% of the WPC manufacturers are located in the North American region, serving primarily construction and consumer goods industries. Asia-Pacific is likely to witness the fastest growth rate during the same period driven by growing economies, mainly China and India. Europe is the largest market for the automotive industry.

Sneak peek into the Report:

This report focuses on the various types, segments, and growth in the Wood-Plastic Composites Market. It offers valuable insights into business dynamics and allows current and potential market participants to make strategic decisions.

The report also benchmarks the major parameters like -

• Industry Outlook
  • Market Segmentation & Value Chain Analysis
  • Industry Dynamics
  • Drivers
  • Restraints
  • Growth Opportunities
  • Regional Outlook
  • Country-level Analysis
  • Competitive Landscape
  • Company Market Share Analysis
  • Key Company Profiles/ Market Players

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