As per the report published by Allied Market Research, titled, North America Wood Plastic Composites Market was exceeded $736 million in 2016, and is projected to cross $1,876 million by 2023, registering a CAGR of 12.4% from 2017 to 2023.
Wood plastic composites are composed of wood or wood flour, plastics, and additives. The source of the materials can be either virgin or recycled material. The demand for materials based on renewable raw materials has been on an rise in the recent years.
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Easy availability of non-utilized plastic and wood wastes and rise in demand from building & construction application boost the growth of the North America wood plastic composites market. Furthermore, increase in interest from governments about climate protection & sustainability result in the expansion of industry size of natural-based materials, such as wood plastic composites (WPC).
Increase in availability of non-utilized plastic and wood wastes, demand from building & construction applications, and stringent regulations on the use of chemicals in building materials majorly boost the demand of the North America wood plastic composites market. However, surge in cost of raw materials and issues with respect to mechanical strength and/or weight hamper the industry growth.
The building & construction segment accounted for more than three-fourths share of the North America market in 2016, in terms of volume, and is predicted to maintain its dominance during the forecast period, owing to its improved performance and appearance characteristics. However, automotive components are set to grow with a high rate due to rise in demand for recyclable and lightweight materials.
Based on country, the industry is analyzed across U.S., Canada, and rest of North America. The U.S. generated the highest revenue in 2016, accounting for $517 million, owing to increased automotive production in the country.
Key Findings of the North America Wood Plastic Composites Market:
• U.S. is expected to continue to lead the market throughout 2016 to 2023, followed by Canada.
• Canada is projected to register the highest growth rate from 2017 to 2023.
• The PE-based composites segment contributed approximately 70% share of the market revenue in 2016.
• The building & construction segment is projected to dominate the North America wood composites market.
• Automotive components segment is projected to register the highest growth rate from 2016 to 2023.
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The top players profiled in this report include Advanced Environmental Recycling Technologies Inc., Axion International Inc., Certainteed Corporation., Polymera Inc., Tamko Building Products Inc., TimberTech Ltd., Trex Company Inc., Green Matters Mexico, Wellington Polymer Technology Inc., and Shantex.
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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