DUBLIN--(BUSINESS WIRE )--The "Wood Plastic Composite Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The wood plastic composite market is projected to witness a CAGR of 5.75% during the forecast period to reach a market size of $7.533 billion by 2026, increasing from $5.092 billion in 2019.
Wood-plastic composite (WPC) is a material made from a unique combination of natural wood and plastic fibers. WPC is made from a paste that can be molded into nearly any form and size, including arched or bending shapes. That inherent versatility applies to the color as well; WPC can be dyed or tinted to fit nearly any design concept.
WPC made of polyethylene (PE) and wood sawdust are commonly used in construction and structural components, on the other hand, WPC made of wood sawdust and polypropylene (PP) is being increasingly utilized in automotive and consumer goods.
The market is being driven by an abundance of unutilized plastic and wood wastes, growth in demand in the construction industry, stringent regulations on the use of chemicals in construction materials, and a growing emphasis on the use of environmentally friendly goods in the automotive sector. However, rising raw material prices, the high initial cost of wood plastic composites, and technical difficulties such as temperature sensitivity, wearability, and so on can limit their potential for a wide range of structural applications. In contrast, growth in the use of biodegradable raw materials is projected to open up new prospects for the market.
Growing demand in the construction Industry
WPC is frequently utilized in building and construction applications such as decking, molding and sliding, and fencing. They outperform traditional furniture-making materials such as wood. They are resistant to rotting, moisture, and infestation and can be molded into a variety of forms as required. In April 2019, CONENOR, a Finnish business specializing in composite extrusion techniques, collaborated with TECNALIA, a prominent R&D center in Spain, to produce a WPC with up to 95 % recycled material by weight, including building and demolition waste. Thus, the market is projected to be driven by the demand in the construction sector.
WPC has a significantly high initial cost. Wood and plastic decking are more economical than composite decking. Furthermore, since composites are a blend of wood fibers and plastics and are not completely natural, material heat expansion and plastic shrinkage should be considered during installation. Many projects cause the thermal expansion of the floor to curve since there is no gap between the boards. The ratio of renewable to non-renewable resources has a direct influence on the environmental impact of WPCs. Petroleum-based polymers, which are widely utilized, have a detrimental environmental effect since they rely on non-renewable raw materials and plastics are non-biodegradable. Moreover, Since certain plastics have a greater chemical heat content and can melt, some WPC compositions have higher fire hazard qualities than wood alone.
Impact of COVID-19 on the Wood Plastic Composite Market
The COVID-19 pandemic had a negative impact on the WPC market. The outbreak has disrupted the supply chain and delayed supplies of wood composites and other raw materials from facilities due to the nationwide lockdown and labor shortages. The decline in demand for wood-plastic composites was directly related to the decline in demand in the automobile and construction industries, thus limiting the market growth.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900