Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global plastic lumber market will grow from USD 5.38 Billion in 2022 to USD 15.41 Billion by 2032. In comparison to wood products, there are benefits in utilizing plastic lumber in residential and commercial applications. It is an attractive option for many applications due to its durability, low maintenance costs, environmental friendliness, and aesthetic potential. While there are certain difficulties and worries, they can be resolved by selecting reliable producers and high-quality products. Plastic lumber is projected to become more important in landscaping and building as people become more conscious of environmental issues and sustainable practices. Its capacity to offer strong, low-maintenance solutions and assist in solving environmental issues makes it an advantageous substitute for conventional wood. The market for plastic lumber is growing due to economic factors as well. Plastic lumber may initially cost more than natural wood, but because of its longevity and low cost, it saves money over time. Throughout the product's life, major financial savings may be due to the discounts needed for staining, sealing, or replacing broken components. Its lightweight characteristics also allow for labour and time savings during installation, resulting in cost savings and making it a competitive option for various landscaping and construction projects.
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Key Insight of the Plastic Lumber Market
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia-Pacific is expected to grow at the highest CAGR within the global plastic lumber market. The Asia-Pacific region would significantly expand. The demand for sustainable building materials is expanding within the Asia Pacific region. Plastic lumber offers an eco-friendly and sustainable alternative within the construction industry vertical. The continuous trend of urbanization has resulted in residential and commercial infrastructure construction, which has raised the need for long-lasting and environmentally friendly building materials like plastic lumber. Initiatives and laws have been implemented in a few of the region's nations to encourage green building techniques and sustainable materials like plastic. There is now more competition in the regional market as plastic lumber gains popularity. It is more crucial than ever to assure product quality, consistency, and uniformity as more manufacturing companies enter the market.
The composite segment is expected to grow at the highest CAGR during the forecast period.
The product type segment is divided into virgin plastic, recycled plastic and composite. The composite segment is expected to grow at the highest CAGR during the forecast period. In the plastic lumber industry, composite materials are mixtures of various materials, usually made of a mix of natural fibres like bamboo, rice husks, or wood, and recycled plastics. Because composites may combine the benefits of natural fibres with recycled and virgin plastics, they are becoming more common. Composite materials are known for having increased strength. Composites can retain some of the sustainability features of recycled plastic while achieving the strength and resistance to environmental conditions of virgin plastic by adding natural fibres. A compromise between the robustness of plastic and the look of real wood is provided by composite materials. They are especially suitable for outdoor applications because they frequently have colors and textures that resemble wood.
The polyvinyl chloride segment is expected to hold the second largest market share.
The resin type segment is divided into polyethylene, polyvinyl chloride and polystyrene. The polyvinyl chloride segment is expected to hold the second largest market share. Another material that has a significant impact on the global plastic lumber industry is polyvinyl chloride or PVC. Synthetic plastic polymer PVC is known for its resilience to different environmental conditions and strength. PVC plastic timbre has a strong reputation for strength and longevity. It is resistant to drying and dehydrating even when subjected to sеvеrе weather, heavy use, and moisturizing exposure. PVC is a great material for applications requiring exposure to sunlight because of its exceptional resistance to UV radiation. Insect infestations and water don't damage the product either.
The window doors segment is expected to grow at the highest CAGR during the forecast period.
The transaction type segment is divided into decking, molding trim, fencing, window door and others. The window doors segment is expected to augment the market during the forecast period. Plastic window and door products are becoming increasingly popular because they are low-maintenance, energy-efficient, and water-resistant. Products for windows and doors account for a sizable portion of the plastic lumber market. Because of their strength and energy-saving qualities, they are utilized in both commercial and residential buildings. Products made of plastic lumbеr are resistant to temperature changes, moisture, and UV rays. This attribute guarantees that the products will remain durable and useful. When used in window and door frames, plastic lumbеr has superior insulating qualities to aluminium, which can increase energy efficiency.
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Impact of Covid-19 Pandemic
The pandemic caused changes in consumer tastes and industry demands, which in turn caused changes in the market demand patterns for products made of plastic. Lockdowns and traffic restrictions caused delays or cancellations in commercial construction projects. The market for plastic lumber products used in commercial applications, like decking and railing, was directly impacted by this. Price swings for raw materials were caused by economic uncertainty, which affected the total cost of producing plastic lumber. Managing production and operational costs was challenging for manufacturers. Construction projects experience delays due to labour interruptions and economic uncertainties. The slowdown in the building sector has an impact on the market for plastic timber products.
Market Dynamics
Driver: Growing Adoption of Plastic Lumber in Construction Industry
The demand for plastic timers is rising due to infrastructure development initiatives and the expansion of the worldwide construction industry. The developing and emerging nations are significantly investing in smart building construction projects, highlighting the need for long-lasting, low-maintenance building materials. Because of its durability and adaptability, plastic lumber is witnessing its utilization/adoption rate within various construction projects. The project's use of it supports its market expansion. Plastic lumber is being used in both home and commercial construction. Because of its strength and attractiveness, plastic lumber is becoming popular among homeowners for outdoor projects like decks, fences, and furniture. Companies and real estate developers use Plastic timbеr in the commercial sector for various projects, from public buildings and recreational facilities to hospitality businesses and educational institutions. Because of its adaptability, it may be used in various contexts, boosting market expansion.
Restraint: Lack of Standardization
Despite being composed of recycled materials, plastic lumber still poses issues involving end-of-life concerns. Even if it is more environmentally friendly than conventional wood, recycling it at the end of its useful life might not always be as simple. Creating infrastructure and recycling programs is one way to address this issue and ensure that plastic lumber can be disposed of and reused in an environmentally responsible manner. Lack of knowledge and instruction on the advantages and applications of plastic laminates might be a serious problem. The benefits of the material might not be known to certain prospective buyers, and others might misunderstand its effectiveness and environmental impact. Promoting awareness of the advances and innovations in plastic lumber among decision-makers, builders, architects, and the general public is essential for expanding the industry. These factors may limit the market growth.
Opportunity: Adoption of Green Branding & Marketing Techniques
In the plastic lumbеr industry, green marketing and branding are popular trends. In their marketing campaigns, many manufacturers aggressively highlight plastic lumber's advantages for the environment. These branding initiatives are essential to inform customers and business professionals about plastic bottles' sustainability and environmental friendliness. The material's environmental benefits are a major selling point, and this helps to fuel market expansion. Initiatives for recycled content traceability and certification are two new developments in the plastic lumber industry. Through these initiatives, companies and customers can trace the origin of the recycled plastics used to make plastic lumber products. For consumers worried about the legitimacy and environmental impact of the technologies they use, transparency and certification provide peace of mind. This factor is anticipated to provide lucrative market growth opportunities in upcoming years.
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Some of the major players operating in the plastic lumber market are:
• Trex Company, Inc.
• Kwk Plastic Lumber Co, Ltd.
• Tangent Technologies, Llc
• Genova Product Inc.
• Century-Board Usa, Llc
• Engineered Plastic System Llc
• Bedford Technology Llc
• American Recycled Plastic Inc.
• Advanced Environmental Recycling Technology Inc.
• Aeolian Enterprise Inc.
Key Segments Cover in the Market:
By Product Type:
• Virgin Plastic
• Recycled Plastic
• Composite
By Resin Type:
• Polyethylene
• Polyvinyl Chloride
• Polystyrene
By Application:
• Decking
• Molding Trim
• Fencing
• Window Door
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
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