(I-BusinessNews.Com, June 20, 2019 ) According to the latest market research report by IMARC Group, titled ÂGlobal Wood-Plastic Composites Market Research Report and Forecast 2019-2024Â, the global wood-plastic composites market size was estimated to be around 3.6 Million Tons in 2018. Wood-plastic composites refer to sustainable green materials which are made using thermoplastics and natural wood products, such as pulp, bark and bamboo. These materials are produced using recycled, renewable and biodegradable plastic materials as opposed to the traditional furniture-making substances. Wood-plastic composites offer advantages such as durability, longevity, versatility and sustainability, and can be employed in high-temperature areas. As a result, they are widely used in the production of automobiles, home furniture and kitchen accessories.
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As wood is susceptible to degradation caused by weather and biological factors, wood-plastic composites are now being preferred in industries like automotive and construction. They are used in the manufacturing of automotive components such as backrests, seat cushions, headliners, dashboards, parcel shelves, and front and rear door liners, on account of low-maintenance cost and superior performance advantages. Apart from this, wood-plastic composites are also used as an alternative to solid wood in the construction industry for building pillars, fences, balconies, roofs, staircases and window frames. Further, to improve the quality and durability of wood-plastic composites, manufacturers are investing in several R&D activities pertaining to the use of advanced polymers. Additionally, rising environmental concerns are anticipated to impel the demand for wood-plastic composites in the upcoming years. By 2024, the market volume is expected to reach 6.6 Million Tons, expanding at a CAGR of 10.6% during the forecast period (2019-2024).
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Insights on Market Segmentation:
Market Breakup by Type :
Based on types, the market has been classified into polyethylene, polyvinylchloride, polypropylene and others. Currently, polyethylene represents the most popular type, accounting for the majority of the total market share.
Market Breakup by Application:
1. Building and Construction
3. Industrial and Consumer Goods
On the basis of applications, wood-plastic composites are mostly utilized in the building and construction sector. Other segments include automotive, and industrial and consumer goods.
Market Breakup by Region:
1. North America
2. Asia Pacific
4. Middle East and Africa
5. Latin America
Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, North America is the biggest market, holding the dominant market share.
The competitive landscape has also been examined in the market report with some of the key players being Trex Company, Inc., Axion Structural Innovations, LLC, Beologic N.V., Oldcastle Architectural Inc., CertainTeed Corporation, Fiberon LLC, Fkur Kunststoff GmbH, Guangzhou Kindwood Co. Ltd., Jelu-Werk Josef Ehrler GmbH & Co. KG, Woodmass, PolyPlank AB, Renolit, TAMKO Building Products, Inc., TimberTech and Universal Forest Product.
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Global Advanced Composites Market Research Report and Forecast: https://www.imarcgroup.com/advanced-composites-market
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