Global wood-plastic composites market to reach US$5.39 bln in 2019, expanding at CAGR of 10.8%

The global wood-plastic composites market was valued at US$2.64 bln in 2012 and is anticipated to reach US$5.39 bln in 2019, expanding at a CAGR of 10.8% between 2013 and 2019, as per Transparency Market Research. According to the report, the global wood-plastic composites market is rising owing to the increasing demand from the industry of building and construction. In addition, development of the global automobile industry, along with strict environmental regulations, has also fuelled the market. Additionally, products such as decking boards made out of wood-plastic composites are superior in quality in comparison to products manufactured from plastic or wood in isolation, thus increasing their demand. Furthermore, wood-plastic composites are substituting plastics and steel in a number of interior vehicle components such as the internal trim of door panels, dashboards, backrests, seat cushions, and other interior liners. On the other hand, emergence of a number of other natural fibers including straw fiber, seed fiber, and leaf fiber is predicted to impede the development of the market in the coming years. On the basis of product, the market is segmented into polyethylene wood-plastic composites, polyvinyl chloride wood-plastic composites, polypropylene wood-plastic composites, and others including polystyrene, ABS, and polylactide. Amongst these, polyethylene wood-plastic composites led the market in 2012 with a volume share of more than 60% and this trend is predicted to continue in the forecast horizon. The segment of polypropylene wood-plastic composites is predicted to exhibit an above-average growth in the forecast horizon. On the other hand, the segment of polyvinyl chloride wood-plastic composites is predicted to be the most swiftly developing segment in the forecast horizon due to rising demand for it in decking and window applications. On the basis of application, the market is segmented into automotive, building and construction, electrical, and others including trays, toys, shoe soles, musical instruments, etc. Amongst these, on the basis of revenue and volume, the application segment of building and construction led the market in 2012. This is owing to the increasing usage of wood-plastic composites in window lineals, decking boards, door components, sliding and fencing products, and rails and balusters. On the other hand, the application segment of the automotive industry is predicted to be the most swiftly developing segment and is anticipated to expand at a 9% CAGR from 2013 to 2019 on the basis of volume. This is due to the increasing inclination of consumers towards biobased products. On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, in 2012, North America held the biggest share in the market and constituted a share of more than 65% on the basis of volume. Europe is anticipated to exhibit moderate growth in the market by 2019. On the other hand, Asia Pacific is predicted to be the most swiftly developing market for wood-plastic composites in the coming six years. As per the report, the prime players dominant in the market include Fiberon LLC., Trex Company Inc., CPG International, Fineko, and Advanced Environmental Recycling Technologies (AERT).