SWOT Analysis
Strengths: Wood plastic composites provide enhanced durability and require low maintenance as compared to wood. They are also not prone to warping, cracking or splitting.
Weaknesses: High initial costs and lack of aesthetic appeal of wood plastic composites limit their adoption. Production of wood plastic composites also requires use of plastics that are not eco-friendly.
Opportunities: Growing construction industry worldwide due to rapid urbanization is driving the demand. Increasing spending on Infrastructure development especially in emerging economies provide growth opportunities.
Threats: Availability of substitutes like aluminum, plastic and cement poses threat. Stringent environmental regulations around plastic content may also hamper the market growth.
Key Takeaways
Global Wood Plastic Composite Market Demand is expected to witness high growth at a CAGR of 12% over the forecast period due to rapid growth of the construction industry worldwide. Rapid urbanization in emerging economies is driving more infrastructure development and construction activities.
The Asia Pacific dominated the global market in 2023, accounting for around 35% of the total share. China, India, and other Southeast Asian countries are witnessing highest growth supported by booming construction activities and real estate sector in the region.
Key players operating in the wood plastic composite market include Tamco Building Products, Trex company Inc, Meghani group, Beologic, Seven Trust, UFP Industries Inc, Fiberson LLC, Axion International, Polyplank AB, TimberTech, Universal forests Products, and Josef Ehrler GmbH & Co KG among others. Major players are investing in expanding their production capacities and developing new product varieties to strengthen their market position.
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