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
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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
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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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.