Wood Plastic Composite Market Worth $9.77
Billion By 2024
The global Wood Plastic Composite market is expected to reach USD 9.77 billion by 2024,
according to a new report by Grand View Research, Inc. Increasing demand for wood plastic
composites in construction industry particularly in decking, fencing, and molding & siding
applications is expected to be the key driver for the market growth. Superior mechanical
strength, low maintenance and weight reduction offered by these products are expected to propel
demand in the construction industry over the next eight years.
Rising automakers focus towards making every automotive part biodegradable, and recyclable is
expected to open new avenues for the material over the next eight years. The product is used in
door panels, seat cushions, cabin linings, backrests, and dashboards. The most commonly used
wood species for commercial wood plastic composite products include maple, oak, and pine.
Product cost and regional availability of raw material are expected to be a key factor for wood
plastic composites manufacturers over the projected period.
Rising application scope for wood plastic composites for manufacturing various other products
including musical instruments, shoe soles, toys, and trays is expected to have a positive impact
on the market growth. Growing demand for bio-plastics in niche applications such as household
electronics and edge protection for packaging is expected to propel demand over the projected
period.