Portland, OR -- (SBWIRE) -- 06/19/2018 -- The North America Wood Plastic Composites Market was valued at $736 million in 2016, and is projected to reach $1,876 million by 2023, registering a CAGR of 12.4% from 2017 to 2023. Wood plastic composites (WPCs) are made up of recycled plastic and wood wastes with beneficial features such as low melting temperature that results in lower energy costs for producers. This also reduces the impact of the product on the environment. These composites are growing at the highest rate among the plastic additives. These hybrid materials provide sustainability, longevity, and cost savings in a wide range of applications such as car speakers, interiors, home furniture, and kitchen accessories.

Ease of handling non-utilized plastic is the major driving factor of the North American wood plastic composites market. Moreover, upsurge in demand from building & construction sector boosts the market in the North American region. Moreover, stringent government regulations on the usage of chemicals in construction materials drive the North America wood plastic composites market. However, the high prices of raw materials coupled with issues regarding mechanical strength and/or weight are the major restraints for the market growth. Nevertheless, the increase in usage of biodegradable raw materials is expected to create growth opportunities for the market.

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The North America wood plastic composites market is segmented into type, application, and country. Based on type, it is categorized into PE-based composites, PVC-based composites, PP-based composites, and others. Based on application, it is divided into building & construction, automotive components, industrial & consumer products, and others. By country, it is analyzed across the U.S., Canada, and rest of North America.

North America Wood Plastic Composites Market Segmentation

The PE-based Composites was the highest revenue contributor, accounting for approximately 70% share in 2016, PE is the most widely used WPCs in the U.S. for WPC decking applications. PE-based wood plastic composites consist of wood sawdust, and hence, are suitable for building and structural components applications. PE-based wood composites are extensively used as they improve the wood dispersion and compatibility between PE and wood fiber. However, poor compatibility between a hydrophilic wood and hydrophobic PE persists. This restricts the application scope of PE/wood composite.

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The U.S. market for wood plastic composites was the largest market in the region owing to the increased automobile production and reemergence of chemical synthesis industry after the recession in North America. Environmental concerns regarding emissions have induced improved manufacturing methods and development of sustainable materials.

Key Benefits

- The report provides an in-depth analysis of the current trends, drivers, and dynamics of the North America wood plastic composites market to elucidate the prevailing opportunities and tap the investment pockets.
- It offers qualitative trends and quantitative analyses of the industry from 2016 to 2023 to assist stakeholders to understand the market scenario.
- In-depth analysis of the key segments demonstrates the market potential of the North America wood plastic composites industry.
- Competitive intelligence of the industry highlights the business practices followed by key players across the region and prevailing market opportunities.
- Key market players and their strategies & developments are profiled to understand the competitive outlook of the market.