In 2023, the global wood plastic composite (WPC) floorings market is estimated to fetch USD 2.23 billion. From 2023 to 2033, the wood plastic composite (WPC) floorings market is to register a 7.0% CAGR, reaching USD 4.19 billion by 2033. Strong emphasis on the creation of environmentally friendly construction materials, as well as escalating repair and restoration efforts, are leading wood plastic composite (WPC) floorings market expansion.
The wood plastic composite board market expansion of the construction industry brings up new opportunities for associated industries such as construction chemicals, building materials, and others, including flooring products. Given the tremendous increase in the construction sector, Future Market Insights predicts that wood plastic composite floorings sales to expand at a spectacular 7.0% between 2023 and 2033.
Determinants of Economic expansion
| Attributes | Details |
|---|---|
| Wood Plastic Composite (WPC) Floorings Market CHAGR (2018 to 2022) | 4.1% |
| Wood Plastic Composite (WPC) Floorings Market CAGR (2023 to 2033) | 7% |
| Wood Plastic Composite (WPC) Floorings Market Size (2023) | USD 2.23 billion |
| Wood Plastic Composite (WPC) Floorings Market Size (2033) | USD 4.19 billion |
| Global Market Absolute Dollar Growth (USD million/billion) | USD 1,960.3 million |
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Global wood plastic composite floorings sales developing at a CAGR of 4.1% between 2018 and 2022. Globally, the construction sector has experienced enormous growth in recent years.
The wood plastic composite floorings demand used in the construction sector is being driven by increasing infrastructure development investments as well as a rapid expansion of commercial and residential building construction. Due to the aforementioned reasons, wood plastic composite floorings demand has grown significantly over time.
Disposable income per capita has risen globally in recent years, particularly in Asia Pacific countries. The rapid industrialization and economic expansion of developing nations are likely to be a leading contributor toward wood plastic composite sheet growth. Its rise is aiding many businesses all around the globe, such as automobile, construction, and electronics, among others.
The construction sector is likely to continue to increase in the future years. With the regional government's increased investment in various infrastructure projects, wood plastic composite boards are probably going to increase significantly in the future years.
Urbanization is accelerating worldwide due to a significant rise in population. The global population was estimated to be around 6.1 billion in 2000, reaching a total of 7.8 billion in 2020, growing at a rate of 1.2% between 2000 and 2020, according to a World Bank study.
The wood plastic composite board demand is to increase as the development of both residential and commercial buildings grows rapidly. Yet, due to increased disposable income, a steady movement in consumer preferences toward expensive and effective products may be seen on a global scale.
Growing demand for living space and rising living standards are pushing north the consumption rate of wood plastic composite floorings or WPC decking in emerging economies.
Government restrictions on emissions related to health and environmental effects from the production of wood plastic composite sheets and other products are affecting wood plastic composite floorings sales. Moreover, flooring made of wood plastic composite is more vulnerable to abrasion damage and distortion brought on by strong loads or impacts. Inadequate installation methods, prolonged exposure to heat, UV rays, wetness, and other factors can harm wood plastic composite flooring or WPC decking.
These factors all call into doubt the durability and effectiveness of wood plastic composite flooring. The low strength and efficiency of WPC decking make it difficult to meet the needs of a consumer base that is transitioning in favor of high-performance and affordable goods, which is predicted to impact wood plastic composite floorings sales.
The high susceptibility of wood plastic composite flooring does not meet the requirements set forth by the customers. A key motivator of the move to other categories of materials is to be the consumer base shifting towards high-performance products.
WPC decking is losing ground to other high-performance alternatives as a result of this shift, which is to become a leading obstacle to the wood plastic composite floorings market growth in the ensuing years.
| Attributes | Details |
|---|---|
| Top Thickness | 5.5 mm |
| CAGR % 2018 to 2022 | 6.6% |
| CAGR % 2023 to End of Forecast(2033) | 7.7% |
WPC decking products are commonly available in five essential sizes that are in high demand: 4mm, 5mm, 5.5mm, 6.5mm, and 8mm. Due to their cost effectiveness to the end user while retaining product quality, the 5.5mm types have been in high wood plastic composite floorings demand.
Wood plastic composite flooring materials with a thickness of 5.5mm are commonly utilized in residential and retail outlet design, as well as commercial construction projects. The moderate thickness of these materials allows for a better transition between different flooring surfaces while simultaneously offering enough protection through wear layers, driving wood plastic composite flooring demand in the long run.
| Attributes | Details |
|---|---|
| Top End Use | Commercial Buildings |
| CAGR % 2017 to 2022 | 6.7% |
| CAGR % 2023 to End of Forecast(2033) | 7.1% |
WPC flooring is used in a range of settings, including retail establishments, home construction, and commercial buildings. Commercial building construction projects are the primary end users of wood plastic composite flooring. Urbanization patterns and the advancement of smart city initiatives are significant wood plastic composite (WPC) technology, market drivers.
During the projected period, the wood plastic composite (WPC) technology industry is likely to gain from developed regional government investments.
| Country | United States |
|---|---|
| HCAGR (2018 to 2022) | 3.3% |
| CAGR (2023 to 2033) | 3.5% |
| Country | Germany |
|---|---|
| HCAGR (2018 to 2022) | 3.3% |
| CAGR (2023 to 2033) | 3.5% |
| Country | France |
|---|---|
| HCAGR (2018 to 2022) | 2.2% |
| CAGR (2023 to 2033) | 2.4% |
| Country | China |
|---|---|
| HCAGR (2018 to 2022) | 4.0% |
| CAGR (2023 to 2033) | 4.1% |
| Country | Japan |
|---|---|
| HCAGR (2018 to 2022) | 2.9% |
| CAGR (2023 to 2033) | 3.1% |
| Attributes | Details |
|---|---|
| United States Market Size (USD million/billion) by End of Forecast Period(2033) | USD 705.3 million |
| United States Market Absolute Dollar Growth (USD million/billion) | USD 350.1 million |
According to FMI, the United States is to account for a huge part of the wood plastic composite sheet market. Over the forecast period, the United States is likely to dominate the North American wood plastic composite sheet market, accounting for a significant portion of total consumption. Substantial progress in the construction of airports in the country has also aided market expansion.
The country's robust development in the construction industry, including a faster rate of construction of residential and commercial structures, is predicted to push wood plastic composite board demand between 2023 and 2033.
Between 2023 and 2033, the wood plastic composite sheet demand is predicted to generate an additional USD 249.9 million in revenue for the nation.
| Attributes | Details |
|---|---|
| China Market Size (USD million/billion) by End of Forecast Period(2033) | USD 442.8 million |
| China Market Absolute Dollar Growth (USD million/billion) | USD 243.3 million |
By the end of 2033, China is to achieve an estimated value of USD 361.3 million. China is ranked among the top consumers of wood plastic composite boards due to the country's rapid expansion in the building sector. Over the forecast period, the country's robust building industry is to boost wood plastic composite sheet sales.
Increasing urbanization rates, considerable rates of residential and commercial building construction, as well as significant rates of automobile manufacture, are to continue to be key drivers of the country's wood plastic composite (WPC) technology demand.
| Attributes | Details |
|---|---|
| Germany Market Size (USD million/billion) by End of Forecast Period(2033) | USD 251.8 million |
| Germany Market Absolute Dollar Growth (USD million/billion) | USD 140.4 million |
Due to the expanding demand for residential and commercial space, local governments and the European Union have expanded the fund amount, which has resulted in a rise in construction activity across Europe. The market demand for cars, which use wood plastic composite (WPC), has been stimulated by an increase in wood plastic composite sheet demand.
The market is expanding due to the increased wood plastic composites demand in household construction and the rise in renovation projects taking place in the country.
The market's expansion may be hampered by the high price of wood plastic composites and performance-related problems under specific circumstances. In the upcoming years, the industry may have potential due to advancements in WPCs' biological durability.
| Attributes | Details |
|---|---|
| France Market Size (USD million/billion) by End of Forecast Period(2033) | USD 156 million |
| France Market Absolute Dollar Growth (USD million/billion) | USD 72.1 million |
In a highly competitive industrial environment, wood plastic composite flooring manufacturers have been seen to place a strong emphasis on investments in product and material upgrades. It has become crucial to form strategic alliances and make acquisitions in order to expand product lines and manufacturing capabilities.
Recent Development
| Date | December 2022 |
|---|---|
| Company | The AZEK Company Inc. |
| Details | The AZEK Company Inc. and ThreadUP, an online retailer of clothing, shoes, and accessories, entered into a recycling agreement to convert the Clean Out Kit plastic films from ThredUP into the TimberTech Composite Decking line of products, which stands for extremely long-lasting and low-maintenance outdoor living products. |
| Date | February 2021 |
|---|---|
| Company | Teknor Apex Co. |
| Details | New, highly weatherable compounds for the outer layers of dark-colored wood plastic composite WPC decking were introduced by the plastics compounding manufacturer Teknor Apex Co. As an alternative to conventionally treated wood, WPC decking is becoming more and more well-liked. It is constructed of a mixture of wood flour and polyolefin polymers. By delivering superior beauty, fewer care requirements, and a longer lifespan than wood, the new compounds can give WPC a significant edge over wood. |
| Date | May 2021 |
|---|---|
| Company | KTH Royal Institute of Technology |
| Details | By replacing the lignin in wood with limonene acrylate, a substance generated from renewable citrus peel waste recycled from the orange juice industry, researchers at the KTH Royal Institute of Technology created a transparent wood composite with 100% renewability. The researchers claim that the innovative composite offers optical transmittance over 90% at 1.2 mm thickness and negligible haze at 30%. The produced wood composite is intended to be used for construction purposes owing to its compelling physical and chemical features. |
The wood plastic composite (WPC) floorings market is valued at USD 2.23 billion in 2023.
The wood plastic composite (WPC) floorings market is projected to attain a value of USD 4.19 billion by 2033.
Sales of wood plastic composite (WPC) floorings are anticipated to surge at a robust 7% CAGR through 2033.
The United States emerges as a significant contender in the wood plastic composite (WPC) floorings market, projecting a revenue potential of USD 705.3 million by 2033.
The 5.5 mm thickness segment takes the lead in the wood plastic composite (WPC) floorings market, showing a 7.7% CAGR through 2033.
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Wood Plastic Composite (WPC) Floorings Market
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