Wood Plastic Composites market is projected to reach US$5.84 bln by 2021, at a CAGR of 12.4% for the forecast period of 2016 to 2021, as per MarketsandMarkets. Building & construction application segment is expected to dominate the wood plastic composite market by 2021. Building & construction is the largest application of wood-plastic composites and constituted major share of the total wood-plastic composite market, by application in 2015. The growing demand for wood-plastics composites from the building & construction segment is anticipated to drive the demand in coming years due to the superior performance benefits, durability, and low maintenance cost of these composites as compared to that of conventional materials.
Polyethylene is largest wood-plastic composite type, capturing more than half of the total global wood-plastic composite market share in 2015 among type segments. It is anticipated to grow with a healthy CAGR for the forecast period. The superior molecular structure and stability makes polyethylene type wood-plastic composites a robust, high performing material for applications, thus creating a healthy market demand for the same.
North America accounted for the largest share of the Wood Plastic Composite Market in 2015, followed by Asia-Pacific and Europe. North America is one of the major producers of wood-plastic composites in the world. Increasing investment towards infrastructure projects, followed by replacement of old housing infrastructure with advanced materials, drives the wood-plastic composite market in North America.