Plastic Injection Molding Market Size to Surpass US$ 266.1

Ottawa, Aug. 04, 2022 (GLOBE NEWSWIRE) — The global wood plastic composite market size was accounted at USD 6.9 billion in 2022. The wood plastic composite is the mixture of pure wood as wood shaving and saw wood and plastic fibers. The material selection mainly depends on the producer’s preference and is based on the availability and properties of every component. The WPC increases the moisture resistance and durability of indoor and outdoor applications. The wood flooring weighting of 35-40% is mixed with the same amount of coupling agents and plastics. With the help of new process equipment and techniques, the WPC is becoming common so, globally more than 100 companies are involved in the production of this composite.

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Key Takeaways:

  • By product, the U.S. wood plastic composite market was reached at USD 2.8 bn in 2021.
  • In 2021, Asia Pacific region accounted highest revenue share of 30.60%.
  • In 2021, building and construction application segment accounted 72% market share.
  • In 2021, the polypropylene segment contributed 12% market share.
  • The polyvinylchloride product segment is anticipated to reach at a CAGR of 11.2% in the upcoming years.

Why North America region is dominant?

  • The North American region grasps the largest wood-plastic composites market share. Industrial development and increasing expenditure are critical drivers in the market. The essential for wood plastics composites in the building and construction industry is huge. The automotive segment grasps profitable development opportunities in the market of wood plastic composite in the forecast period.
  • It is the area that constrains more investment from countries like Canada and US. The demands increase due to the occurrence of key companies in the market. The awareness of the wood plastics composite is huge in the market. All these features will generate high profits for the market of North America. 

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Report Highlights

  • With the growing demand for wood-plastic composites market in automobile and building sectors, due to its low cost and ease to use in non-structural parts, like balconies, pillars, and stairs. 
  • The development of the wood plastic composite market is driven by the increase in the building and construction segment, particularly in the North America and Europe regions.
  • Wood-plastic composite has importance in the building & construction materials, automotive machinery, and industrial purchaser goods industry is increasing the market growth of the wood plastic composite.

Scope of the Report

Report Attributes Details
Market Size in 2021 USD 6.14 Billion
Revenue Forecast by 2030 USD 17.56 Billion
CAGR 12.38% from 2022 to 2030
Largest Market Asia Pacific
Fastest Growing Region North America
Base Year 2021
Forecast Year 2022 to 2030
Key Players Advanced Environmental Recycling Technologies, Inc. (AERT) (U.S.), AIMPLAS (Valencia), Axion Structural Innovations LLC (U.S.), Beologic N.V. (Belgium), CertainTeed Corporation (U.S.), Croda International Plc (UK), Dow (Michigan), Fiberon, LLC (U.S.), Fkur Kunststoff GmbH (Germany), Fortune Brands Inc. (U.S), Others.

Market Dynamics

What are the drivers of wood plastic composite market?

  • The increasing demand in the construction industry for wood plastics composite drives the market. The wood plastic material is similar to the wood and has similar characteristics to plastics. Due to these characteristics, it is more used in the building and construction sector. The impressive nature of wood plastic composite increases the number of manufacturers day by day. Increasing availability and its unique properties made it popular with the customer.
  • The complexity of wood and plastics gives a unique, practical quality, aesthetic and physical nature while creating structure beautiful, comfortable and durable. The wealth resistance of composite, flexibility, and longevity are used to make different building structures like underwater structures, paths, terraces, bridges, temporary installations, and garden products. The cracks or wrap or fade are not created by the use of this structure and as dirt does not stick to it, still can wash with water and is safe. Therefore, the increase in demand is expected to increase the market growth.
  • WPC has high latent and is supportable green material to attain strength without more use of the toxic chemical. As compared to other materials, plant-based fibers are suitable for reinforcing plastics due to their high strength and high stiffness, annually renewable properties, low density, low cost, low CO2 emission, and biodegradability. WPC increases the mechanical strength, increases passenger safety, decreases fuel consumption and production cost, reduces material weight, and acoustic performance, and increases biodegradability. So, due to the implementation of this wood plastic composite in the automotive market expected to grow the market.

What are the restraints of wood plastic composite market?

The initial cost of wood plastic composite is high which may hamper its growth. Plastics decking and wood decking are more inexpensive than composite decking. So, the purchase cost of WPC decking is more as compared to plastic and wood.

Plastic decking and wood decking are less expensive as compared to composite decking. Many countries prefer pure wood as more production of pure wood, As the complex plastics and wood fibers are not 100% pure. So, at the time of installation, the shrinkage of plastics and thermal expansion of material are considered.

The growing expenditure on research may hinder the market growth. End-users have more demand for less-cost wood composite. In the construction and automotive businesses, wood composite is important. Their production costs are already more. so, end-users choose low-cost wood composites over high-cost wood composites.

Opportunities

The development of wood plastics composites will generate new growth opportunities. The strength of eco-friendly composites is acquiring more grip. The other composite has more toxins, this toxin has a negative effect on the environment and users so the demand for eco-friendly composite is increasing in many regions. These eco-friendly composites are cost-effective and safe for the environment. The use of plant-based materials and plant fibers are used in their mixtures that making them effective. The development of green composites will generate growth opportunities for the wood-plastic composites market.

The automotive manufacturers have investments in the WPC market. The growing demand from the automotive market for green composites is generating an excellent effect on the growth of the market. There are so many benefits of green wood plastics composites that have more eco-friendly importance. Unbreakable performance, exciting changes, and development in the biodegradable are more. The market development will rise the source of alertness in the market. All these growth factors increase the market growth of wood plastic composite. 

Challenges:

  • Wood plastics composites have severe guidelines for production. The manufacture of the wood plastic composite is limited as it uses plastics. The usage of plastics is fewer than the other composites. The misuse of plastics may produce a decreasing effect on the market.
  • The lack of alertness is a critical challenge in the market. The awareness and demand for destructive composites are more in many regions. This may hinder the demand for wood plastics composites in different areas. 

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Recent Developments

  • In February 2021, A plastic combining industry Teknor apex co. introduce a new weatherable complex compound of wood plastic composite decking. Wood-plastic composite decking is a mixture of polyolefin plastics and wood flour which is acquired in receiving traditional preserved wood. The new complex compound offers an important benefit to wood-plastic composite as associated with wood by giving a more lifespan, less maintenance, and larger appearance.
  • In March 2021, The Boise factory is strategic for capacity development according to the US$180 MN program. The Timber tech brand lumbar is produced with better wood and PE by AZEK. A compound board creator AZEK declared the creation of a new plant in Idaho, U.S. for growing its manufacturer with recycled PE to form complex timber. In the year ending, the construction and retrofitting of the capacity will recruit through the Chicago producer, and the plant is prepared to be operative in the year 2022.
  • In May 2021, The KTH Royal Institute of Technology researcher-developed 100% renewable clear wood composite by altering lignin in the wood with the help of limonene acrylate, which is formed from the recycled citrus peel waste produced in the orange juice industry. The wood plastic composite established a plan to be used owing to its prominent physio-chemical belongings for mechanical purposes.

Market Segmentation

By Application

  • Building and Construction
    • Decking
    • Molding & siding
    • Fencing
  • Automotive Components
  • Industrial and Consumer Goods
  • Others

By Type

  • Polyethylene
  • Polyvinylchloride
  • Polypropylene
  • Other

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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