Soaring Demand for Environment-friendly Material Alternatives to Boost Wood Plastic Composites Market Growth
Growing inclination towards use of eco friendly material across industrial applications has prevailed owing to rising concerns regarding environment health. In this background, stringent norms laid by authorities apropos to use of sustainable green material has triggered the use of wood plastic composites. Using wood plastic composites, high durability can be achieved without use of toxic material. Moreover, plant based material are highly biodegradable, have high strength and stiffness quotients, low density, have low carbon emissions, are renewable and cost efficient. This has fuelled their use in plastic reinforcement. This aspect continues to influence demand for wood plastic composites on the global front.
Moreover, owing to its sustainable green functional features apart from durability and strength, wood plastic composites are being eyed upon by several automotive OEMs. In wale of reducing emissions from vehicles alongside enhancing vehicle performance, manufacturers are focusing on innovating and adopting green and sustainable composites for automotive components. Wood plastic composites (WPC) can impart high mechanical strength, reduce material weight, enhance acoustic performance, reduce cost of production, lower fuel consumption and improve overall vehicle performance. That said, demand for wood plastic composites in applications on the back of their environment friendly characteristics is expected to complement the growth of wood plastic composites market.
Polyethylene Based Wood Plastic Composites Likely to Account for a Major Revenue Share
Wood plastic composites made from polyethylene are likely to witness high demand in the coming years. Polyethylene, being a subject of interest from both technological, and academic standpoints has gained significant traction owing to its processability, versatility and mechanical properties. Given its special molecular arrangement and molecular structure, polyethylene based wood plastic composites can be moulded as per need and can provide fine polishing, and rich look. This feature has fuelled their adoption in applications such as flooring, moulding strips, hollow boards, furniture material, and wall cladding. This aspect has driven sales of polyethylene-based composites, in turn significantly contributing towards value growth of the wood plastic composites market.
North America Likely to Hold a Significant Share in the Wood Plastic Composites Market; Asia Pacific to Showcase High Lucrativeness
Developed nations in North America such as United States and Canada are expected to reflect significant growth with respect to adoption of wood plastic composites. This is mainly owing to growing use of wood plastic composites in the manufacturing of porches, window frames and docks and other decking applications. Moreover, increasing demand for bioplastics in applications such as street construction, and landscaping is expected to further bolster growth of the wood plastic composites market in the region. In addition, presence of major players involved in the manufacturing and distribution of wood plastic composites is likely to create an impact on the market in North America. Factors such as stable economic growth, favourable government incentives and inclination towards use of environment friendly solutions and products continue to influence demand, consequently complementing value growth of the use of clean renewable sources market in North America.
Alternatively, emerging economies such as China, and India are expected to showcase high market lucrativeness. Momentous growth in the construction sector on the back of increasing urbanisation has remained instrumental in driving use of clean renewable sources market growth in Asia Pacific. From a functional standpoint, wood plastic composites are highly heat, rot, and moisture resistant. These functional features have propelled their use in areas such as construction of buildings owing to their long lasting aesthetics as compared to conventional wood. Moreover, use of wood plastic composites in the automotive sector to manufacture components is expected to further accelerate market growth. Wood plastic composites when integrated with automotive components, can significantly reduce vehicle weight, in turn enhancing vehicle performance and fuel efficiency. This factor coupled with growing automotive sector is likely to pave new avenues for wood plastic composites market in Asia Pacific.
Wood Plastic Composites Market: Competitive Landscape
Major players in the wood plastic composites market are involved in new product development, innovations, and capacity expansions in order to maintain their market position. For instance, in 2021, Teknor Apex Co launched highly weatherable compound for outer layers of WPC (wood plastic composites) decking. This compound offers superior performance, appearance, long service life and low maintenance. Same year, in May, researchers from KTH Royal Institute of Technology developed transparent wood plastic composites featuring 100% renewability by using limonene acrylate. This composite provides enhanced optical transmittance and can be used in structural applications owing to its physiochemical properties.
A few of the major players in global wood plastic composites market include TIMBERTECH Ltd., Universal Forest Products Inc., Trex Company, Renolit SE, BEOLOGIC N.V, DOW, UFP Industries Inc., Seven Trust, Axion International Inc., and Croda International Plc.
The global wood plastic composites market is segmented as below:
Key Elements Included In The Study: Global Wood Plastic Composites Market
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