Wood Plastic Composite (WPC) Floorings Market is Growing

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.

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, the global WPC floorings market will grow in value at a healthy CAGR of 7.0% between 2020 and 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