Overview and Scope
Wood-plastic composite flooring is a vinyl flooring material made from recycled wood pulp and polymer composites. Wood-plastic composite flooring is employed for stability, comfort, waterproofness, smoothness, and even finishing off the floor.
Sizing and Forecast
The wood plastic composite floorings market size has grown strongly in recent years. It will grow from $2.4 billion in 2023 to $2.56 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to growth of construction and furniture industry, increased construction activities in various regions, rising investments in the global construction industry, emphasis on effective pricing strategies by manufacturers, increased disposable income.
The wood plastic composite floorings market size is expected to see strong growth in the next few years. It will grow to $3.4 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rising demand for affordable and durable flooring solutions, growing awareness about the benefits of wood plastic composite floorings, rising residential sector, increasing urbanization, global population. Major trends in the forecast period include eco-friendly and sustainable flooring solutions, technological advancements in wood plastic composite flooring manufacturing, product customization, innovative product launches.
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Segmentation & Regional Insights
The wood plastic composite floorings market covered in this report is segmented –
1) By Type: Polyethylene, Polyvinylchloride, Polypropylene, Other Types
2) By Thickness: 4 MM, 5 MM, 5.5 MM, 6.5 MM, Above 8 MM
3) By Application: Commercial Buildings, Residential Buildings, Retail Outlets, Other Applications
North America was the largest region in the wood plastic composite floorings market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wood plastic composite floorings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing construction industry is expected to propel the growth of the wood-plastic composite flooring market going forward. Construction refers to constructing structures like homes, factories, highways, and bridges. Wood-plastic composite flooring is used in construction projects for both commercial and residential facilities due to its durability and adaptability. For instance, in November 2021, according to the Office for National Statistics, a UK-based Statistics Authority, the value of new construction work in Great Britain increased by 15.3% to reach $119,750 million in 2021 from $103,815 million in 2020. Therefore, the growing construction industry is driving the growth of the wood-plastic composite flooring market.
Key Industry Players
Major companies operating in the wood plastic composite floorings market report are Shenzhen GEM HI-TECH Co., Trex Company Inc., LL Flooring Holdings, Mannington Mills Inc., Armstrong Flooring Inc., Spectra Contract Flooring, Cali Bamboo LLC, Dalton Carpet One, 50 Floor, US Floors LLC, MP Global Products LLC, TimberTech, Spartan Surfaces, C-K Composites Co. LLC, ARCAT Inc., Homecrest Outdoor Living, Republic Floor LLC, Parterre Flooring and Surface Systems LLC, Parterre Flooring Systems, Anhui Sentai WPC Group, Shaw Contract Flooring Services Inc., Floor & Decor Holdings Inc., NewTechWood America Inc., Slaughterbeck Floors Inc., Deckorators Inc.
The wood plastic composite floorings market report table of contents includes:
1. Executive Summary
2. Wood Plastic Composite Floorings Market Characteristics
3. Wood Plastic Composite Floorings Market Trends And Strategies
4. Wood Plastic Composite Floorings Market – Macro Economic Scenario
5. Global Wood Plastic Composite Floorings Market Size and Growth
…
32. Global Wood Plastic Composite Floorings Market Competitive Benchmarking
33. Global Wood Plastic Composite Floorings Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wood Plastic Composite Floorings Market
35. Wood Plastic Composite Floorings Market Future Outlook and Potential Analysis
36. Appendix
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