The wood-plastic composites market is projected to grow USD 7.5 billion in 2023 and is projected to reach USD 11.9 billion by 2028, at a CAGR of 9.8% from 2023 to 2028. During the forecasted years, long life cycle, along with low maintenance cost of wood-plastic composites, growing economies of emerging countries across the globe, rapid urbanization is some of the factors driving the growth of wood-plastic composites market. Some of the market opportunities include emissions regulations in various regions are forcing OEM’s attention towards the use of composites and shift towards the environmentally friendly products.
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Based on type, the wood-plastic composites market is segmented on the basis of type as polyethylene, polyvinylchloride, polypropylene and others. In terms of value, polyethylene type segment accounted for the largest market share in the global market. Polyethylene-based wood-plastic composites are getting widely used to make rough application and high-performance exterior products. Polyethylene-based wood-plastic composites can be used in making decking, including flooring, lumber, molding strips, furniture materials, and many more.
Based on application, the market for wood-plastic composites market has been segmented into building & construction products, automotive components, industrial & consumer goods, and others. The building & construction products application of wood-plastic components accounted for the largest market share in terms of both, volume and value. Use of wood-plastic composites are getting widely used for decking, fencing, molding & siding, and others. A deck made of wood-plastic composites is durable and capable of bearing enough weight. Wood-plastic composite decking is also eco-friendly and maintenance-free. Due to its inherent characteristics, rainwater is drained out through the gaps between flooring planks, thus keeping the surface dry even during rains.
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Based on Region, Asia Pacific region is expected to witness highest CAGR, in terms of both value and volume, during 2023 to 2028. The high growth of wood-plastic composites market can be attributed to rapid modernization and urbanization in various countries. The growth of the wood-plastic composites market for automotive components in the region is driven by growing pressure on OEMs for fuel-efficient and lightweight vehicles.
Major players operating in the wood-plastic composites market include Trex Company, Inc., (US), MoistureShield (US), UFP Industries, Inc. (US), Fiberon (US), TimberTech (US), TAMKO Building Products LLC (US), Beologic (Belgium), FKuR Kunstsoff GmbH (Germany), JELU-WERK J. Ehrler GmbH & Co. KG (Germany), and Green Dot Bioplastics, Inc. (US). Many companies have reliable manufacturing facilities as well as wide and strong distribution networks across the globe, such as North America, Europe and Asia Pacific. The manufacturers have well-established portfolio of wide range of products and services, a robust global market presence, and strong business and growth strategies.
Recent Developments in Wood Plastic Composites Market Industry
- In September 2023, UFP Global Holdings Ltd has acquired 80 percent of the equity in a newly formed company, UFP Palets y Embalajes SL, for approximately USD 52 million USD. UFP Palets is comprised of the former pallet manufacturing operations of Palets Suller SL, Serrería y Palets Chiva SL and Drevex Castellón SL, collectively known as Palets Suller Group.
- In August 2023, MoistureShield partners with Great Southern Wood Preserving, Inc. to expand distribution of composite decking portfolio and newly added railing product line in Pennsylvania and Kentucky.
- In June 2023, Trex Company, Inc. launched Trail Select T-Rail. Trex Select T-Rail is an affordable and easy-to-install railing option offered by Trex. It features a classic T design on top with a choice of two infill options, providing a clean yet stunning design for decks. This railing system is designed for simplified, pre-designed rail applications.
- In October 2022, Green Dot Bioplastics, Inc. and Mayco International have partnered to reclaim trim and scrap fibers for Natural Fiber Reinforced Plastic. Together, the two companies developed an NFRP composite material using the trim and scrap fibers, removing them from the waste stream and expanding the lifespan of the original materials.
- In June 2022, UFP Industries announced that its affiliate, PalletOne, Inc., has acquired a 50 percent equity stake in Dempsey Wood Products, LLC. The purchase agreement includes options for PalletOne to purchase the remaining 50 percent of Dempsey after three years.
