Market Size of Europe Wood-plastic Composite (WPC) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 7.50 % |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
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Europe Wood Plastic Composite (WPC) Market Analysis
The Europe wood-plastic composite (WPC) market is expected to register a CAGR of over 7.5%, during the forecast period.
The market was negatively impacted by COVID-19 in 2020. During the pandemic, construction activities were stopped temporarily due to lockdowns. According to Eurostat, construction decreased by 28.4% in the Euro areas (EU-19 member countries) and 24% in the European Union (EU-27 member countries) in April 2020 compared to April 2019. However, the sector has been recovering well since restrictions were lifted. Construction activities in Europe have increased as the local government and European Union have increased the fund size due to rising demand for residential and commercial spaces. The demand for automobiles, which consume wood-plastic composite (WPC), has also increased, thus stimulating the market demand.
- The rising demand for wood-plastic composites in domestic construction, owing to their sustainable characteristics and increasing refurbishment activities in the region, is expected to drive the market's growth.
- However, the high cost of wood-plastic composites and performance-related issues in certain conditions can hinder the growth of the market.
- Innovations in the biological durability of WPCs against algae, mold, fungi, and termites are likely to create opportunities for the market in the coming years.
- Germany accounts for the major share of the market, and it is expected to dominate the market during the forecast period.
