Understand How The Wood Plastic Composite Floorings Market Is Set To Grow In Through 2023-2032
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Soaring to New Heights: The Wood Plastic Composite Floorings Market
- 2023 Projections: The global wood plastic composite floorings market is on the rise, growing from $2.25 billion in 2022 to $2.40 billion in 2023, with a Compound Annual Growth Rate (CAGR) of 6.64%. But the future is even brighter, with the market expected to reach $3.14 billion by 2027, boasting a CAGR of 6.98%.
Building for the Future: The Construction Industry
The heart of this market’s growth is the burgeoning construction industry. This sector encompasses everything from creating homes and factories to building highways and bridges. Wood-plastic composite flooring is the material of choice, both in commercial and residential construction, owing to its durability and adaptability.
- Construction Boom: The value of new construction work in Great Britain witnessed a substantial 15.3% increase, reaching $119,750 million in 2021, up from $103,815 million in 2020. This staggering growth demonstrates the robust construction industry.
Market Leaders: Pioneers of Innovation
Major players in the wood plastic composite floorings market include Shenzhen GEM HI-TECH Co., Trex Company Inc., and many more. These companies are driving innovation, bringing new and exciting products to the market.
- Innovate to Thrive: Product innovation is a key trend in the market. Companies are rolling out innovative products to stay ahead of the curve. For example, in September 2021, Cali Bamboo LLC launched Legends, a thicker vinyl plank. This flooring line boasts robust WPC core and a half-inch thickness, making it 100% waterproof and easy to install without glue or nails. With a 20-mil pet-friendly wear layer, it’s not only durable but also a breeze to clean.
A World of Choices: Market Dynamics
The market offers a wide variety of choices, with wood plastic composite floorings available in different materials, thicknesses, and applications. You have options ranging from polyethylene, polyvinyl chloride, polypropylene, and more. Thickness options include 4 MM, 5 MM, 5.5 MM, 6.5 MM, and above 8 MM. And these floorings are used in commercial buildings, residential buildings, retail outlets, and other applications.
- Market Segmentation: The market segments include types (polyethylene, polyvinyl chloride, polypropylene, and other types), thickness (4 MM, 5 MM, 5.5 MM, 6.5 MM, and above 8 MM), and application (commercial buildings, residential buildings, retail outlets, and other applications).
Global Influence: Asia-Pacific at the Helm
While North America was the largest region in the wood plastic composite floorings market in 2022, Asia-Pacific is poised to be the fastest-growing region in the coming years. These versatile floorings are not just shaping construction but also setting the stage for a revolution in flooring choices.
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The Wood Plastic Composite Floorings Global Market Report 2023 provides an overview of the wood plastic composite floorings market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The wood plastic composite floorings market forecast analyzes wood plastic composite floorings market size, wood plastic composite floorings market share, leading competitor and their market positions.
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