Frequently referred to as a material of the future, wood-plastic composites are a subset of a broader category called natural fiber plastic composites (NFPS). Wood plastic composite exhibits physical qualities and the appearance of the rarest of wood species, and offers a non-destructive and eco-friendly alternative to actual woods. With rapid expansion of the construction and automobile industries in conjunction with a favorable regulatory environment, wood plastic composites have been an instant success in the market.
A report on the global wood plastics market published by Transparency Market Research, a leading U.S.-based market intelligence firm, projects remarkable growth for the market between 2013 and 2019, at a 10.8% CAGR. According to the study, the market for wood plastics composites stood at US$2.64billion in 2012, however, by 2019 the market is expected to reach an estimated value of US$5.39 billion.
Factors Attributing to the Sustainable Market Growth
The demand for wood-plastic composites has been sustainably growing across industries engaged in the production of construction and building materials. In addition, wood plastic composites are also required in the manufacture of numerous components integrated in automobiles.
Fuelled by such factors, the global wood-plastic composites market is anticipated to expand exponentially. The usage of these materials reduces the weight of the vehicle and enhances its fuel efficiency.
In addition, governments of several nations have imposed restrictions on the use of 100% wood due to the risks of deforestation, which is expected to bolster the demand for wood-plastic composites further.
Despite exhibiting strong growth prospects, the market for wood-plastic composites will face competition from the availability of alternative natural fiber composites such as fruit fiber, straw leaf fiber, and seed fiber. This has the potential of inhibiting the wood-plastics composites market in the forthcoming years.
Market Segmentation: In terms of Product-type, Application and Geography
Polyvinyl chloride to Emerge as Fastest Growing Product Segment
The different types of wood-plastics available in the market are polyvinyl chloride, polypropylene, polyethylene, and others (including polystyrene, polylactide, and ABS). Of these, polyethylene wood-plastic composites led the market in 2012.
Polyethylene composites are highly demanded by the construction industry. Polyvinyl chloride, however, is projected to emerge as the fastest growing product segment in the global wood-plastic composites market in forthcoming years.
The high demand for polyvinyl chloride wood-plastic composite is a result of its increasing use in decking and window applications.
Construction and Automotive Industries to Register Maximum Demand
Of the numerous segments of the global wood-plastic composites market on the basis of application, building and construction dominated the market, accounting for over 70% of the total market in 2012. In addition, automotive manufacture is expected to emerge as the fastest growing application segment in the market owing to rapid development of close substitutes of conventional materials, mostly made of metal with wood-plastics composites.
North America to Remain Undisputed Market Leader
Geography-wise, the global wood plastic composites market can be segmented into North America, Asia Pacific, Europe, and Rest of the World. Of these, North America dominated the market in 2012, and the region is likely to remain the undisputed market leader in the forthcoming years as well.
However, high demand for wood-plastic composites across industries in Asia Pacific will make the region the fastest growing market for wood-plastic composites. The wood plastic composites market in Asia Pacific is anticipated to register a CAGR of more than 10% between 2013 and 2019.
High demand for wood-plastic composites from China is expected to drive the Asia Pacific market.
The global market for wood-plastic composites is characterized by the presence of several companies engaged in fierce competition. The market exhibits a highly fragmented nature, wherein the leading players are vying to win the lion’s share of the market.
Some major players in the market are Fiberon LLC., Trex Company Inc., Fineko, and CPG International.
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