Global Wood-Plastic Composites Industry Report 2019-2024 - The Market is Projected to Grow from 3.6 Million Tons in 2018 to 6.6 Million Tons by 2024

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Dublin, April 17, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The global wood-plastic composites market reached a volume of 3.6 Million Tons in 2018. The market is further expected to reach a volume of 6.6 Million Tons by 2024, exhibiting a CAGR of 10.6% during 2019-2024.This report provides a deep insight into the global wood-plastic composites market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc.The use of wood plastic composites prevents the deforestation owing to which they act as an ideal substitute for hard wood. Additionally, the manufacturing process of wood plastic composites does not involve any chemical which can be harmful or toxic to the environment. These environmental concerns and rising awareness regarding them act as a primary factor which has been driving the growth of the market.The demand for wood plastic composites has been witnessing a robust growth in the construction and automobile industries as they are inexpensive in nature and are easy to be used in different non-structural areas including balconies, staircases, pillars, etc.Wood plastic composites offer numerous benefits as compared to its substitutes. They are durable, rust-free in nature, require low-maintenance and sustain high temperatures on account of which they are being increasingly used in interiors, car speakers, and home furniture and kitchen appliances. This has contributed towards an augmented demand for wood plastic composites across the globe.There has been an increase in industrialisation and urbanisation in developing nations which has given a boost to the construction and building sectors. These are some of the growth-inducing forces which have been acting in favour of the global wood composites market.Based on the type of plastic, the market has been segmented as polyethylene, polyvinylchloride, polypropylene and others. Currently, polyethylene dominates the market, holding the largest share.Based on the application, the market has been segmented as building and construction, automotive, industrial and consumer goods, and others. Currently, the building and construction segment dominates the market, holding the largest share.Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, North America is the leading market, accounting for the majority of the global market.

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Globe Newswire: 10:40 GMT Wednesday 17th April 2019

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