Wood Composites Market: Highlights
- Wood composites include a range of different derivative wood products, all of which are created by binding the strands, fibers, or boards of wood together. Wood composites are also known as manmade wood, manufactured board or engineered wood, as well as wood-plastic composites (WPC).
- Wood composite is usually made from the same hardwood and softwood that is used for lumber, except using saw-mill’s scraps and wood waste. It is created by mixing ground wood particles with heated thermoplastic resin. Some combine and process the materials into pellets, which are re-melted and formed into the final shape, while others create the final product through a one-step mixing and extrusion process.
- Wood composites are used in various applications including building & construction, automotive components, and industrial & consumer products.
Key Drivers of Wood Composites Market
- Rise in usage of wood composites in various construction activities is expected to drive the market during the forecast period. Wood composites are used in home and industrial construction. They are often used to replace steel for joists and beams in building projects. However, wood composites are primarily used in outdoor deck flooring. They are also widely employed in railings, fencing, benches, window and door frames, and cladding and landscaping work.
- Wood composites can be used in most applications that traditionally use solid wood. It is also a popular material for making flat-pack furniture due to its low manufacturing costs and light weight properties.
Wood Composites Market: Application Segment
- Based on application, the global wood composites market can be segmented into building & construction, automotive components, industrial & consumer products, and others
- The building & construction segment is projected to hold major share of the global wood composites market during the forecast period. The segment is estimated to expand at a healthy pace during the forecast period. It is expected to account for significant share of the market by 2027.
- Expanding at a healthy pace, the automotive components segment is anticipated to create significant incremental opportunity during the forecast period
- Industrial & consumer products segment also held vital share of the market in 2018. This trend is expected to continue in the near future.
- Demand for wood composites in the others segment is estimated to remain moderate during the forecast period
Asia Pacific to be Key Region of Global Wood Composites Market
- In terms of region, the global wood composites market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- The market in Asia Pacific is expected to expand significantly in the near future. It is anticipated to be followed by North America. Growth in automotive and construction sectors in India and China and rapid technological advancements are boosting the market in Asia Pacific and North America, respectively. Rise in concerns about energy savings and significant interest among consumers regarding the adoption of new technologies, particularly in automotive and construction industries, are driving the demand for wood composites.
- Increase in concern about environmental health, rise in penetration of global manufacturers of wood composites, and growth in manufacture of innovative and high standard products are also boosting the wood composites market in Asia Pacific
- North America and Europe are also expected to exhibit significant growth rate in the global wood composites market during the forecast period
- The market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period.
Key Manufacturers in Wood Composites Market
The global wood composites market was highly fragmented in 2018. Key manufacturers operating in the global market include:
- Silvadec Group
- Mar-Bal, Inc.
- Forest Products Laboratory
Global Wood Composites Market: Research Scope
Global Reactive Sealants Market, by Application
- Building & Construction
- Automotive Components
- Industrial & Consumer Products
Global Wood Composites Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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