Market Size of Wood Plastic Composites (WPC) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Wood Plastic Composites (WPC) Market Analysis
The wood plastic composites (WPC) market is projected to register a CAGR of over 5% during the forecast period.
The sporadic outbreak of the COVID-19 pandemic in 2020 and the first half of 2021 drastically curtailed the major application sector, i.e., the global construction sector, due to imposed government bans and restrictions, thereby limiting the growth of the green building materials market.
Residential real estate was the worst hit as strict lockdown measures across major cities resulted in the suspension of home registrations and slow home loan disbursements. On the other hand, commercial construction projects were also hit due to a lack of labor and constrained financials. However, the sector has been recovering well since restrictions were lifted. An increase in house sales, new project launches, and increasing demand for new offices and commercial spaces have been leading the market recovery over the last two years.
- Over the medium term, the robust growth in the building and construction sector and the growing demand for recyclable and lightweight materials in the automotive industry are the major driving factors augmenting the growth of the market studied.
- On the flip side, technical issues such as temperature sensitivity, wearability, etc. are anticipated to restrain the growth of the target industry over the forecast period.
- Nevertheless, the rising use of recyclable plastics in various application sectors to design more sustainable end-products is likely to create lucrative growth opportunities for the global market soon.
- North America emerged as the largest market for wood plastic composites, while Asia-Pacific is expected to witness the highest CAGR during the forecast period. The dominant position enjoyed by North America is attributed to the growing demand for wood-plastic composites in decking applications in the building and construction industry as well as for building lightweight components of vehicle bodies in the automotive industry.
