The Wood Plastic Composite Market: Here’s What You Need to Know

May 13, 2021May 13, 2021 EIRI Team

Wood plastics combine synthetic resins and wood fibres and are usually manufactured through vigorous mixing of molten thermoplastic resins with wood flour.

Polyvinyl chloride, polyethene and polypropylene are some of the used thermoplastic materials in the industry — primarily preferred in today’s world due to their high tensile strength and durability.

Significant Sectors of Growth in the Wood Plastic Composite Market

Wood-plastic composite is employed in a comprehensive manner in the;

– Construction of business equipment: Previously dominated by wood products, the market is slowly migrating to wood plastic composite in today’s market. The flexibility, longevity and weather resistance quality of wood plastics drives their use in this particular business.

– These are further used for temporary setups like the making of roofs, bridges & garden utility items. Besides, physical & aesthetic qualities and their weightlessness are primary reasons for their use in these industries.

– Technological advancement sectors are where wood has replaced wood plastic. In this sector, their tensile strength and durability play a significant role in why they are being preferred over other materials.

– For making decks, wood plastics are highly preferred. They have a smooth finish and can be carved to the required shape, and thus deck making has become easy with their use.

– For tooling, too, wood plastics’ tensile strength is of great benefit, and therefore, businesses are inclined towards its use.

– Wood-plastic composites are further employed for car speakers, home and kitchen accessories, and in-home and vehicle interiors.

Polyvinylchloride (PVC) can be quickly melted and recycled. It is due to this that its demand in the market has gone up. China is the number one consumer of wood plastic for construction and automotive component production. Almost every country, including the US, the UK, India etc., makes immense use of wood plastic.

Benefits that Drove Replacement of Wood by Wood Plastic in India

Several benefits that led to the rise of the wood-plastic composite market in our country and also the world includes,

– Exhibition of greater mechanical & tensile strength by the material

– Compared to wood, wood plastics have far lesser weight and have made much modern-day heavy equipment lighter.

– Wood plastics are highly fuel-efficient.

– Additionally, recycling wood plastics is extremely easy.

– They are known for their unique aesthetic sense.

– Compared to wooden products, dirt cannot stick on the wood plastics, benefitting many sectors immensely when it comes to maintaining and preventing wear and tear.

– Increased environment friendliness is also what drives the growth of these products.

It has mostly replaced the wood in the world market. Wood plastics and composites have slowly grown over time into a billion-dollar industry. By the end of 2021, current estimates show the wood plastic market would reach a whopping 5.84 billion. Projections further reveal a CAGR of 10.85% between 2019- 2024.

Restraining factors for the wood-plastic composites market

The wood plastic composite market’s limiting factor is the high initial cost of purchasing wood plastic composite. Plastic is comparatively cheaper in the market, and so is wood when compared to wood plastic composite.

Here’s is What You Need to Understand About the Wood Plastic Composite Market

The market might be in a dipped state in the 2020-2021 period due to COVID-19. Low labour availability and an acute shortage of raw material have triggered a fall in this industry’s demand and supply curve.

However, what businesses have to take home from this article is mostly about the upcoming market changes and how they would benefit from its market analysis.

In the forthcoming period, India and China’s rapid industrialisation would drive a surge in demand for wood plastic composite.
The market in Europe will grow due to the swift environmental measures being taken by the businesses.
Latin America, Middle East, and Africa would show a spike in the next ten years to keep pace with the world market’s growing changes.

Massive mergers are being observed in the small and medium-scale industries in this dimension to support this growth. Herein the more prominent groups are currently expanding into multiple segments of the wood plastic composite market.

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