Wood Plastic Composites Market Valuable Growth Prospects and Upcoming Trends to 2027
According to Fortune Business Insights The global wood plastic composites market is likely to gain impetus from their increasing application in kitchen accessories, home furniture, vehicle interiors, and car speakers. They are considered to be the highest growing plastic additives at present. This information is given by Fortune Business Insights™ in a recently published report, the report further mentions that the wood plastic composites industry size was USD 4.77 billion in 2019 and is projected to reach USD 9.03 billion by 2027, exhibiting a CAGR of 8.57% during the forecast period.
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This Report Answers the Following Questions:
• What are the trends, opportunities, challenges, and drivers in the market?
• Which segment is anticipated to lead the market in terms of share?
• Which region would top in terms of revenue in the coming years?
• How will the wood plastic composites manufacturers compete in the market?
Drivers & Restraints-
Increasing Usage of Sustainable Fibers to Boost Growth
Wood plastic composites are green materials that have high potential in bringing about sustainability. They don’t contain excessive chemicals that may pose toxic for the environment and are durable in nature. Plant-based fibers are mainly used in reinforced plastics, instead of fibrous materials as they are cost effective, robust, highly stiff, and annually renewable. Such fibers also emit less carbon dioxide, have low density, and possess biodegradability properties. Numerous automakers worldwide are aiming to develop biodegradable or recyclable parts of vehicles by using sustainable wood plastic composites. They would aid in lowering fuel consumption and production cost, offering shatterproof performance under harsh weather conditions, enhance passenger safety, lower weight of the material, and improve acoustic performance. However, wood plastic composites require higher initial cost spending. It may obstruct growth.
Fortune Business Insights™ lists out all the manufacturers of wood plastic composites present in the market. They are as follows:
• Seven Trust (China)
• Meghmani Group (India)
• Beologic (Belgium)
• Trex Company, Inc. (U.S.)
• UFP Industries, Inc. (U.S.)
• Fiberon LLC (U.S.)
• Axion International, Inc. (U.S.)
• Josef Ehrler GmbH & Co KG (Germany)
• Croda International Plc (UK)
• CertainTeed (U.S.)
• Others
Browse Summary of This Research: