The global wood plastic composite (WPC) floorings market is to be worth US$ 2.23 billion in 2023. The market is to develop at a 7.0% CAGR from 2023 to 2033, reaching US$ 4.19 billion by 2033. The market growth is being driven by a growing emphasis on the development of sustainable construction materials, as well as greater repair and restoration activities.
When compared to typical wood products, wood plastic composite is more durable, has higher shear and bending strength, and has lower moisture content. Due to the superior qualities of wood plastic composite, it is increasingly being used in windows, external siding, doors, flooring, landscaping, fencing, and interior molding. As a result, the wood plastic composite floorings demand is increasing in comparison to traditional wood.
Market Strategies for Wood Plastic Composites (WPC) Floorings
The wood plastic composite (WPC) floorings demand has grown dramatically over the years, owing to the emerging need for environmentally benign and low-cost raw materials in the residential sector. Similarly, increased investment in infrastructure development in both the residential and commercial sectors is to offer the wood plastic composite (WPC) floorings market a significant boost.
More emphasis on product research and development to improve temperature resistance and strength is predicted to favorably influence wood plastic composite (WPC) technology market growth in the coming years.
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Product Segment Information and Insight
The WPC floorings market is divided into three products: polypropylene, polyvinylchloride, and polyethylene, where polypropylene is expected to flourish considerably. The increasing use of this sector in numerous niche applications such as furniture and water-resistant coatings is fuelling its wood plastic composite floorings demand.
Polyvinylchloride thermoplastics are rapidly being utilized in the automobile industry to make seat cushions, backrests, dashboards, and door panels due to their better insulating capabilities, which is driving wood plastic composite sheet rise.
The polyethylene category is to increase at a considerable rate. The increasing use of polyethylene in businesses, resorts, hospitals, and residences is contributing to its expansion. The vehicle industry’s increasing wood plastic composite board demand because of its low stiffness, cost-effectiveness, and durability is boosting its demand.
Regional Points of View
The United States is to see strong wood plastic composite floorings demand due to its use in the construction of window frames, porches, and docks. The need for bio-based polymers in street construction and landscaping applications is to stimulate the wood plastic composite (WPC) floorings market expansion.
Asia Pacific is to expand at a robust CAGR throughout the projection period, owing to rising industrialization and purchasing power. Changing consumer preferences in China, fragmented distribution, increased competition in the local market, and an increase in dual-income households create an attractive potential for wood plastic composite (WPC) floorings manufacturers.
Key Takeaways
- 5 mm segment in the thickness category to develop at a CAGR of 7.7% during the forecast period.
- The commercial buildings segment in the end-use category is to develop at a CAGR of 7.1% during the forecast period.
- By 2033, the United States wood plastic composite (WPC) floorings market is expected to expand at a CAGR of 3.5% and reach US$ 705.3 million.
- By 2033, the France wood plastic composite (WPC) floorings market is likely to thrive at a CAGR of 2.4% to reach US$ 156 million.
- The German wood plastic composite board market is expected to record a 3.5% CAGR to attain US$ 251.8 million by 2033.
- By 2033, the Chinese wood plastic composite sheet market is likely to accelerate by 4.1% CAGR to surpass US$ 442.8 million.
- The Japan wood plastic composite (WPC) floorings market is expected to progress at 3.1% CAGR by 2033 to achieve US$ 225.1 million.
Insights on the Wood Plastic Composite Industry
Leading wood plastic composite (WPC) technology market participants are prioritizing strategic initiatives to strengthen their positions and achieve a competitive advantage in the market.
For instance, CertainTeed Corporation is a market leader in the production of various types of wood plastic composite products. It is a subsidiary of Saint Gobain, and the corporation is involved in mergers and acquisitions, new product development, and growing production capacity to strengthen its market dominance.
The wood plastic composite (WPC) floorings manufacturers are attempting to increase the quality of their products in order to attract a broader consumer base.
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Recent Advancements in the Wood Plastic Composites (WPC) Floorings Market
- Partnership
The AZEK Company Inc. and ThreadUP, an online resale player for apparel, shoes, and accessories, formed a recycling partnership in December 2022 to transform ThredUP’s Clean Out Kit plastic films into the TimberTech Composite Decking line of products, which represents low-maintenance and highly durable outdoor living products.
- Introduction
MoistureShield, a branch of Oldcastle APG, a CRH Company, introduced MoistureShield Cladding in February 2022, which has a durable and low-maintenance surface and adds visual appeal to the exteriors. The product is made with 95% recycled content, making it eligible for LEED (Leadership in Energy and Environmental Design) green building credit.
Key Players
- Armstrong Flooring (Afi Licensing LLC)
- Mannington Mills
- Pro Tek
- Parterre Flooring
- Shanghai Seventrust Company Co., Ltd.
- Oakio
- Spectra Contract Flooring
- Coretec
- Tecnodeck
- Wpc – Woodplastic A. S.
- Leben India Private Limited
- Novowood
- Taizhou Huali New Materials Co., Ltd.
- Nanjing Xuhua Sundi New Building Materials Co., Ltd.
Key Segments
By Thickness:
- 4 mm
- 5 mm
- 5.5 mm
- 6.5 mm
- 8 mm
By End Use:
- Commercial Buildings
- Residential Buildings
- Retail Outlets
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- The Middle East and Africa
- Oceania
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