Global WPC market projected to grow at a CAGR of 10%
The global Wood-Plastic Composites (WPC) market reached a volume of around 3.3 million tons in 2017. The market is further expected to reach a volume of nearly 6 million tons by 2023, exhibiting a CAGR of around 10% during 20182023.
Wood-Plastic Composites are hybrid materials which are made by blending natural wood products such as bamboo, pulp, bark etc. with thermoplastics or polymers. These products can be easily drilled and planed and are created by using biodegradable, recycled, renewable plastic materials.
Wood-Plastic Composites possess qualities of both wood and plastic. These composites are versatile, durable and rot resistant in nature which makes it possible for the manufacturers to produce them in any shape. The demand for wood plastic composites has been witnessing a robust growth in the construction and automobile industries as they are inexpensive in nature and are easy to be used in different nonstructural areas including balconies, staircases, pillars, etc.
Wood pellet market to reach US$ 15.47 billion by 2025
The global wood pellet market size is projected to reach US$ 15.47 billion by 2025 expanding at 9.2% CAGR, according to a new report by Grand View Research, Inc. The product is obtained by recycling the timber and forest residues into clean, renewable biomass fuel. The industry in Asia Pacific is expected to register high growth owing to rising product demand in power plants applications as a result of increased awareness for electricity generation through renewable sources.