Expanding at a significant CAGR of 7.0%, the worldwide sales of Wood Plastic Composite (WPC) Floorings Market is anticipated to increase from a costing of US$ 2,088.6 Million in 2022 to US$ 3,643.3 Million by the end of 2030.
Since the construction sector is witnessing a significant growth, Future Market Insights forecasts that demand for wood plastic composite floorings would grow at a phenomenal pace of about 7.0% throughout the next assessment period of 2022 and 2030.
Charts and data tables about market and segment sizes for a historic period of five (2022 to 2030) years have been covered in this report. Download the sample report: https://www.futuremarketinsights.com/reports/sample/rep-gb-12551
Over the years, the demand for wood-plastic composites (WPC) has significantly increased on the back of the high need for environment-friendly and low-cost raw materials in the residential sector. Likewise, increased spending on infrastructural developments in both the residential and commercial sectors is expected to give a major boost to the market during the forecast period. There are several benefits associated with WPC floorings, such as low melting temperature and high stiffness as compared to conventional wood alternatives, which give it an edge in the flooring applications over other materials.
Furthermore, WPC floorings are visually appealing and are relatively easier to install and maintain as compared to conventional flooring types. Moreover, their resistance to humidity has also been crucial in cementing it as a fitting substitute for wood floorings or laminates. As WPC floorings are derived from waste materials from the wood industry and recycled plastics, they are considered sustainable and eco-friendly, gaining traction among consumers with high awareness.
On these lines, backed by its low cost, WPC floorings are gradually replacing other floorings such as traditional wood floorings and luxury vinyl tiles (LVT) flooring. Besides, WPC floorings are easily shaped using conventional tools, minimizing the need for novel equipment, and reducing production cost. On the other hand, increasing focus on research & development of products to improve their temperature resistance and strength is also expected to positively influence the growth of the market in the years to come.
Having analysed and scrutinized all the aforementioned facets in its new market study, Future Market Insights (FMI) projects that the global WPC floorings market will grow in value at a healthy CAGR of 7.0% between 2020 and 2030.
Some of the key takeaways from the report include:
• The global WPC floorings market is projected to surge past valuation of US$ 3,643 Mn by the end of 2030
• By thickness, 5.5 mm, 6.5 mm, and 8 mm WPC floorings are poised to cumulatively account for more than a 3/4th of the overall market, with the former being the most sought flooring type
• On the basis of the end-use sector, adoption in the commercial sector is anticipated to drive the majority of revenue, while the retail outlet segment is expected to account for 1/3rd of market value
• Europe is forecasted to remain the largest regional market through the assessment period, accounting for a share little below one-quarter, owing to the development of the construction industry
• East Asia and North America are poised to collectively account for over 2/5th of market value, ascribed to the growing trend of smart cities, and increasing emphasis on developing commercial infrastructure
COVID-19 Impact on WPC Floorings Market
The outbreak of COVID-19, which swiftly metamorphosed into a pandemic of unprecedented proportions has led to the curt termination of construction activities across the world. Akin to numerous applications reliant on infrastructural development, the demand for WPC floorings has beheld a steep decline beginning in the first quarter of 2020. On these lines, lack of workforce, supply chain disruptions, and unavailability of raw materials, among other perils of the pandemic are adversely impacting the growth of the market. On a positive note, a gradual return to normalcy in East Asia beginning from the third quarter of 2020, is likely to mitigate long term consequences to an extent.
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