Wood-plastic composite (WPC) flooring market is worth
DUBAI, United Arab Emirates, March 15, 2022 (GLOBE NEWSWIRE) — Expansion at a significant CAGR of 7.0%Global Wood-Plastic Composite (WPC) Flooring Market Sales Expected to Grow from Cost of US$2,088.6 million in 2022 at US$3,643.3 million by the end of 2030.
As the construction industry is witnessing significant growth, Future Market Insights predicts that the demand for wood-plastic composite flooring will increase at a phenomenal rate of around 7.0% during the next assessment period. of 2022 and 2030.
|WPC Flooring Market Value (2021A)||US$1,961.9 million|
|WPC Flooring Market Estimate (2022E)||US$2,088.6 million|
|WPC Flooring Market Projection (2030F)||US$3,643.3 million|
|CAGR Value (2022-2030)||7.0%|
|Share of collective value: top 3 countries (2022E)||50.4%|
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Over the years, the demand for wood-plastic composites (WPC) has increased significantly due to the high need for environmentally friendly and low-cost raw materials in the residential sector. Likewise, increasing spending on infrastructure development in the residential and commercial sectors is expected to give a major boost to the market during the forecast period. WPC flooring has several advantages, such as low melting temperature and high stiffness over conventional wood alternatives, giving it an advantage in flooring applications over other materials.
Additionally, WPC flooring is visually appealing and relatively easier to install and maintain compared to conventional flooring types. Additionally, their moisture resistance has also been crucial in cementing it as a suitable substitute for wood flooring or laminates. As WPC flooring is derived from wood industry waste and recycled plastics, it is considered sustainable and environmentally friendly, gaining traction among highly conscious consumers.
On these lines, backed by its low cost, WPC flooring is gradually replacing other flooring such as traditional wood flooring and luxury vinyl tile (LVT) flooring. Additionally, WPC flooring is easily shaped using conventional tools, minimizing the need for new equipment and reducing production costs. On the other hand, the emphasis on researching and developing products to improve their temperature resistance and strength is also expected to positively influence the growth of the market in the coming years.
After analyzing and reviewing all the above-mentioned facets in its new market research, Future Market Insights (IMF) forecasts that the global WPC flooring market will grow in value at a healthy CAGR of 7.0% between 2020 and 2030. report includes:
- The global WPC flooring market is expected to surpass the value of US$3,643 million by the end of 2030
- By thickness, 5.5mm, 6.5mm and 8mm WPC flooring are poised to cumulatively account for more than 3/4 of the overall market, with the former being the most sought-after type of flooring.
- Based on the end-use sector, adoption in the commercial sector is expected to drive the majority of revenue, while the retail POS segment is expected to account for 1/3 of the market value
- Europe is expected to remain the largest regional market throughout the assessment period, accounting for a share of slightly less than a quarter, due to the development of the construction industry
- East Asia and North America are poised to collectively account for more than 2/5ths of the market value, attributed to the growing trend of smart cities and growing emphasis on infrastructure development commercial
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|Historical data available for||2015-2021|
|Market analysis||Million USD for value and square. Meters. for volume|
|Key regions covered||North America, Latin America, Europe, East Asia, South Asia, MEA and Oceania.|
|Main countries covered||United States, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, Poland, China, Japan, India, ANZ, South Korea, ASEAN, Brazil, Mexico, GCC Countries, Egypt, South Africa|
|Key Segments Covered||Thickness, end-use sector and region|
|Profiled Key Companies|| • Armstrong Flooring (Afi Licensing LLC)
• Mannington Mills
• Parterre flooring
• Shanghai SevenTrust Company Co., Ltd.
• Spectra contract floors
• Wpc – Woodplastic AS
• Leben India Private Limited
• Taizhou Huali New Material Co., Ltd.
• Nanjing Xuhua Sundi New Building Material Co., Ltd…
|Report cover||Market forecasts, company share analysis, competitive intelligence, DROT analysis, market dynamics and challenges, and strategic growth initiatives|
|Customization and pricing||Available on demand|
Impact of COVID-19 on the WPC Flooring Market
The COVID-19 outbreak, which quickly morphed into a pandemic of unprecedented proportions, has brought construction activities to a screeching halt around the world. Similar to many applications dependent on infrastructure development, the demand for WPC flooring saw a sharp decline from the first quarter of 2020. Along these lines, lack of manpower, supply chain disruptions supply and unavailability of raw materials, among other perils of the pandemic are negatively impacting the growth of the market. On a positive note, a gradual return to normal in East Asia from the third quarter of 2020 should mitigate the long-term consequences to some extent.
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Market players are focusing on increasing production and expanding sales facilities to meet growing demand and provide improved customer experience. Moreover, expanding the product portfolio has also been identified as a crucial growth strategy adopted by market players to strengthen their presence. On these lines:
- Pro-Tek, a UK-based manufacturer, offers five different types of WPC flooring with a wide range of properties, and all designs are phthalate-free derived from 100% recyclable materials.
- Oakio, a China-based player, specializes in the manufacture and installation of outdoor flooring and decking.
The FMI report includes profiles of some of the biggest names in the market, including Armstrong Flooring (AFI Licensing LLC), Mannington Mills, Pro Tek, Parterre Flooring, Shanghai SevenTrust Company Co., Ltd., Oakio, SPECTRA CONTRACT FLOORING, Coretec, Tecnodeck, WPC – WOODPLASTIC as, Leben India Private Limited, Novowood, Taizhou Huali New Materials Co., Ltd. and Nanjing Xuhua Sundi New Building Materials Co., Ltd, among others.
Learn about FMI’s extensive ongoing coverage in chemicals and materials
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About Future Market Insights (IMF)
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