Wood Plastic Composite Floorings offers properties such as high durability, water resistance, Shear Strength and flexibility. The rising demand for sustainable construction materials drives the market for WPC floorings. Further rising construction activities in the Residential and commercial sectors augment the market growth. As per the State of Nation’s Housing 2018 report by Housing Studies of Harvard University, in California alone, 180,000 housing units are required annually to keep pace with population needs and only 80,000 housing units come online. The area falls another 100,000 housing units per year providing a wide scope for prefabricated buildings in the region. Moreover, the hospitality sector demonstrated an increase of 16.8% in total modules manufactured in 2018. Also, increasing renovation works and repair activities in the residential sector owing to the changing living standards and rising disposable income support the market growth. Moreover, growth in modular construction which uses new construction materials fosters market growth. As per the Federal Association of German Prefabricated Construction (BDF) for the first time in Germany, the Prefabricated method of construction exceeds the mark of 20% in 2019. As the prefabricated construction rate was 19.5 in 2018 which increased to 20.8% in 2019. This increase is the result of increasing residential construction in the country as more Germans decided to build one or two-family houses in 2019 which is evident from the house approvals in the country. A total of 101,569 new single and two-family houses were approved in the year 2019 and of those houses, 21,171 were Prefabricated houses. Further, multi-family houses also significantly influenced the market growth with 17,689 apartment buildings being approved in 2019 of which 743 were Prefabricated. Also, swelling investments in the infrastructure and the real estate sector increase the demand for WPC Floorings. Increasing consumer awareness regarding the environment and consumer preference towards green buildings and demand for bioplastics across the globe boosts the market growth. However, the rising cost of raw materials lack of regulations and common standards and slow integration impedes the growth of the market over the forecast period of 2020-2027.
Global Wood Plastic Composite (WPC) Floorings Market is valued at approximately USD 1.72 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.20 % over the forecast period 2020-2027 and is estimated to reach 3 Billion in 2027.
The regional analysis of global Wood Plastic Composite (WPC) Floorings market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the string demand in domestic construction projects and presence of major market players. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as growing investments in infrastructure would create lucrative growth prospects for the Wood Plastic Composite (WPC) Floorings market across Asia-Pacific region.
Major market players included in this report are Coretec, Mannington Mills, Earthwerks, Armstrong Flooring, Pro-Tek, Parterre Flooring, Shanghai SevenTrust Company Co. Ltd., Oakio, Spectra Contract Flooring, Tecnodeck
The detailed segments and sub-segment of the market are explained below:
By Thickness: 4mm, 5mm, 5.5mm, 6.5 mm, 8mm
By End Use Sector: Commercial Buildings, Residential Buildings, Others
By Region: North America, Europe, Asia Pacific, Latin America, Rest of the World
Furthermore, the years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Wood Plastic Composite (WPC) Floorings Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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