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A mix of natural wood and plastic fiber forms wood-plastic composites. These help in reducing the overall weight of a vehicle, and in turn, it enhances its fuel efficiency. Wood plastic composites are a low-priced and eco-friendly substitute to plastic and steel components in construction applications. Hence, their demand is constantly growing in the market.
Asia Pacific is expected to grow significantly in this industry owing to the rapid development of construction and automotive industry. China is in the forefront in the consumption of wood-plastic composites in the Asia-Pacific region. Its demand is high in building & construction and automotive components applications. Japan and India are followed by China.
The wood-plastic composites are segmented by types: Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC) and others. Polyethylene based wood plastic composites dominate the industry. The building & construction products segment is regarded to be the largest consumer of Polyethylene and Polyvinyl Chloride wood-plastic composites. The automotive components segment comes in next where wood-plastic composites are used in the making of lightweight automotive components.
Based on their application, this market has been segmented into building & construction products, decking, fencing, industrial & consumer goods, automotive components, and others. Among these, the building and construction segment appeared as the largest in the global wood-plastic composites market.
Key players in the industry include Trex Company, Inc., Advanced Environmental Recycling Technologies, Inc. (AERT), Universal Forest Products, Inc., Axion International, Inc., Fiberon, LLC, TimberTech, TAMKO Building Products, Inc., Beologic N.V., CertainTeed, among others.