In a recent report by Transparency Market Research (TMR), the global wood-plastics composite market is expected to expand owing to consumers in developing countries. The vendor landscape in the global wood-plastic composite market is fragmented due to the existence of several players. Key players are focusing on collaborating with other companies in order to gain popularity strategically with mergers and acquisitions and other partnership decisions. All of this is expected to boost the global wood-plastics composite market in the years to come.
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Wood plastics are basically the parts of NFPC or natural fiber plastic composites that are manufactured by using thermoplastics like polyvinyl chloride, polyethylene, and polypropylene, and wood flour or fiber. These composites are usually produced by mixing heated thermoplastic resins with finely grounded wood particles. These composites offers outstanding resistance to heat, water and other extreme weather conditions, and are in high demand as they can be used for a variety of applications like electrical, automotive, furniture, and construction industry as well.
Some of the leading players in the global wood-plastics composite market are Advanced Environmental Recycling Technologies (AERT), CPG International, Fineko , Trex Company Inc., and CPG International.
As per the TMR reports, the global wood-plastic composites market is anticipated to display a 3.5% CAGR by 2019. Major players of the market are focusing on new strategies to expand their reach to other regions of the world especially the developing nations because of more growth opportunities.
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Asia Pacific to Witness Profitable Growth Opportunities with Superior Product Quality
Wood-plastic composites have a wide variety of application like the building and construction sectors, electrical and automotive sectors and other such industries. Besides, they are also used extensively in making toys, musical instruments, shoe soles and trays as well. Owing to the augmenting usage of these composites in various products like balusters and rails, door components, window lineal, and decking boards, the most lucrative sector contributing maximum growth in this market is the building and construction sector. This is because wood-plastic composites can easily replace conventional wooden products in the construction and building industry. Moreover, products made of wood-plastic composites offers better and superior quality as compared to those products made of one component solely.
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The increasing demand for wood-plastics composites in the automotive sector is expected to bring more revenue as compared to conventional materials like metals. Due to this factor, the market is anticipated to boost up in the next coming years. It is presumed that wood-plastic composites will soon replace pure steel and pure plastic materials in the days to come in interior components like backrests, seat cushions, internal trim of door panels, dashboards and other interior liners.
In terms of geography, North America is foreseen to be leading the global wood-plastic composites market in terms of revenue share. Previous reports state that North America has contributed to more than half of the total revenue generated earlier and may continue to do so in the years to come. Although Asia Pacific is anticipated to be the fastest growing wood-plastic composite market owing to the revenue collected by developing nations. Europe, on the other hand is presumed to show a reasonable growth rate.