Wood-plastic composites market to reach US$11.9 billion by 2028

The wood-plastic composites market is estimated at USD $7.5 billion in 2023 and is projected to reach USD $11.9 billion by 2028, at a CAGR of 9.8% from 2023 to 2028, according to a report by MarketsandMarkets.

The report also showed that building & construction products are to remain the largest end-use application in terms of value during the forecast period. Meanwhile, North America accounted for the largest share in 2022, in terms of value. In North America, the high usage of wood-plastic composites is driven by its high usage in decking, fencing, railings and others. Many recent technological developments in the use of wood-plastic composites in the automotive component's application is further driving the demand of wood-plastic composites in the region. Alongside this, the market is driven by various growth strategies adopted by market players such as joint ventures, capacity expansions and partnerships in the product supply chain aiming to meet the growing demand of wood-plastic composites from the rapidly developing end-use applications.