The global Wood Plastic Composite market is likely to gain impetus from their increasing application in kitchen accessories, home furniture, vehicle interiors, and car speakers. They are considered to be the highest growing plastic additives at present. The report further mentions that the Wood Plastic Composite market size was USD 4.77 billion in 2019 and is projected to reach USD 9.03 billion by 2027, exhibiting a CAGR of 8.57% during the forecast period.
Information Source: -
https://www.fortunebusinessinsights.com/wood-plastic-composite-market-102821
Drivers & Restraints-
Increasing Usage of Sustainable Fibers to Boost Growth
Wood Plastic Composite are green materials that have high potential in bringing about sustainability. They don’t contain excessive chemicals that may pose toxic for the environment and are durable in nature. Plant-based fibers are mainly used in reinforced plastics, instead of fibrous materials as they are cost effective, robust, highly stiff, and annually renewable. Such fibers also emit less carbon dioxide, have low density, and possess biodegradability properties. Numerous automakers worldwide are aiming to develop biodegradable or recyclable parts of vehicles by using sustainable Wood Plastic Composite