August 04, 2022 09:12 ET | Source: Precedence Research Precedence Research
Ottawa, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The global wood plastic composite market size was accounted at USD 6.9 billion in 2022. The wood plastic composite is the mixture of pure wood as wood shaving and saw wood and plastic fibers. The material selection mainly depends on the producer’s preference and is based on the availability and properties of every component. The WPC increases the moisture resistance and durability of indoor and outdoor applications. The wood flooring weighting of 35-40% is mixed with the same amount of coupling agents and plastics. With the help of new process equipment and techniques, the WPC is becoming common so, globally more than 100 companies are involved in the production of this composite.
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What are the drivers of wood plastic composite market?
What are the restraints of wood plastic composite market?
The initial cost of wood plastic composite is high which may hamper its growth. Plastics decking and wood decking are more inexpensive than composite decking. So, the purchase cost of WPC decking is more as compared to plastic and wood.
Plastic decking and wood decking are less expensive as compared to composite decking. Many countries prefer pure wood as more production of pure wood, As the complex plastics and wood fibers are not 100% pure. So, at the time of installation, the shrinkage of plastics and thermal expansion of material are considered.
The growing expenditure on research may hinder the market growth. End-users have more demand for less-cost wood composite. In the construction and automotive businesses, wood composite is important. Their production costs are already more. so, end-users choose low-cost wood composites over high-cost wood composites.
The development of wood plastics composites will generate new growth opportunities. The strength of eco-friendly composites is acquiring more grip. The other composite has more toxins, this toxin has a negative effect on the environment and users so the demand for eco-friendly composite is increasing in many regions. These eco-friendly composites are cost-effective and safe for the environment. The use of plant-based materials and plant fibers are used in their mixtures that making them effective. The development of green composites will generate growth opportunities for the wood-plastic composites market.
The automotive manufacturers have investments in the WPC market. The growing demand from the automotive market for green composites is generating an excellent effect on the growth of the market. There are so many benefits of green wood plastics composites that have more eco-friendly importance. Unbreakable performance, exciting changes, and development in the biodegradable are more. The market development will rise the source of alertness in the market. All these growth factors increase the market growth of wood plastic composite.
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