The global plastic lumber market is experiencing growth due to several factors such as growing government regulations and incentives and properties of plastic lumber such as durability and low maintenance, highly resistant to rot, decay, and insect infestations.
WILMINGTON, Del., Oct. 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Plastic Lumber Market by Product (Virgin Plastic, Recycled Plastic, and Composite) by Resin Type (Polyethylene, Polyvinyl Chloride, Polystyrene, and Others) by Application (Decking, Molding Trim, Fencing, Landscaping Outdoor Products, Windows Doors, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global plastic lumber market was valued at $5.3 billion in 2022 and is projected to reach $15.8 billion by 2032, growing at a CAGR of 11.3% from 2023 to 2032.
Plastic lumber is all set to become the leader in the lumber industry plastic lumber is durable and affordable at the same time. This versatile building material is produced from recycled plastics, typically high-density polyethylene (HDPE) or a combination of various plastic types.
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Prime determinants of growth
The global plastic lumber market is experiencing growth due to several factors such as growing government regulations and incentives and properties of plastic lumber such as durability and low maintenance, highly resistant to rot, decay, and insect infestations. However, the limited awareness regarding plastic lumber hinders market growth to some extent. Moreover, rising demand for eco-friendly products offers remunerative opportunities for the expansion of the Plastic Lumber market.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $5.3 billion |
Market Size in 2032 | $15.8 billion |
CAGR | 11.3 % |
No. of Pages in Report | 309 |
Segments Covered | Product, Resin Type, Application and Region. |
Drivers | Government regulations and incentive Durability and low maintenance |
Opportunity | Rising demand for eco-friendly products |
Restraint | Limited awareness regarding plastic lumber |
The composite segment is expected to grow faster throughout the forecast period
Based on the product, the virgin plastic segment held the highest market share in 2022, accounting for more than two-fifths of the global plastic lumber market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that virgin plastic can be used to create plastic lumber, which is a durable and versatile building material. Plastic lumber is commonly used in outdoor construction projects such as decking, fencing, and landscaping due to its resistance to rot, insects, and decay. It offers several advantages, including low maintenance, longevity, and the ability to withstand harsh weather conditions. However, the composite segment is projected to manifest the highest CAGR of 13.1% from 2023 to 2032. This can be attributed to the fact that composite lumber offers several advantages, including durability, resistance to rot, insects, and decay, low maintenance requirements, and an eco-friendly aspect of repurposing plastic waste. Its uses span from decking and fencing to outdoor furniture and landscaping, providing an enduring and aesthetically pleasing option that conserves natural resources and reduces the environmental impact associated with conventional wood products.
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The polyethylene segment is expected to lead the trial by 2032
Based on the resin type, the polyethylene segment held the highest market share in 2022, accounting for more than two-fifths of the global plastic lumber market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that polyethylene, a versatile thermoplastic polymer, is commonly used in the production of plastic lumber. Plastic lumber is a sustainable alternative to traditional wood lumber, made from recycled or virgin polyethylene resin. Its defining characteristic is its durability, and resistance to rot, decay, and insect damage, making it ideal for outdoor applications such as decking, fencing, and outdoor furniture. It also reduces the need for deforestation and minimizes environmental impact. However, the other segments which consist of polypropylene, composite resins, high-density polyethylene (HDPE), and low-density polyethylene (LDPE) are projected to manifest the highest CAGR of 12.6% from 2023 to 2032. This can be attributed to the fact that polypropylene is a versatile thermoplastic polymer widely utilized in the production of plastic lumber. It is defined as a type of synthetic resin composed of propylene monomers. Polypropylene plastic lumber finds extensive use in outdoor and construction applications due to its exceptional durability, resistance to moisture, and low maintenance requirements. Its unique properties make it an ideal choice for decking, fencing, and other structural components, as it withstands harsh weather conditions, termites, and rot.
The molding trim segment is expected to grow faster throughout the forecast period
Based on the application, the decking segment held the highest market share in 2022, accounting for more than one-third of the global plastic lumber market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that plastic lumber is a sustainable and eco-friendly alternative to traditional wood and finds extensive application in decking projects. Its durability and resistance to rot, termites, and decay make it an ideal choice for outdoor spaces. Plastic lumber decking is low maintenance, requiring no staining or sealing, and it can withstand harsh weather conditions, ensuring a longer lifespan. Moreover, it contributes to environmental conservation by reducing the demand for natural wood resources and diverting plastic waste from landfills. However, the molding trim segment is projected to manifest the highest CAGR of 12.2% from 2023 to 2032. This can be attributed to the fact that plastic lumber's low maintenance requirements eliminate the need for painting or staining, reducing long-term costs. Moreover, it can be easily customized and cut to fit various design preferences, offering versatility in architectural aesthetics. By choosing plastic lumber for molding trim, builders and homeowners not only enhance the visual appeal of their structures but also contribute to sustainable, eco-friendly construction practices by recycling plastic waste.
Europe to maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global plastic lumber market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The plastic lumber market in Europe has experienced substantial growth in recent years. This eco-friendly alternative to traditional wood is gaining popularity due to its durability, low maintenance requirements, and sustainability. With increasing awareness of environmental issues and a push for more sustainable construction materials, the demand for plastic lumber in Europe has surged. Governments and organizations are also promoting its use through regulations and incentives. The market is witnessing innovation in terms of product variety and applications, ranging from outdoor decking and furniture to landscaping and marine structures.
Key Market Players: -
- AMERICAN RECYCLED PLASTIC
- GENOVA PRODUCTS INC.
- TANGENT TECHNOLOGIES, LLC.
- TREX COMPANY, INC.
- KWK PLASTIC LUMBER CO., LTD.
- REPEAT PLASTICS AUSTRALIA PTY LTD.
- ECOVILLE
- CMI
- PLASTEAK
- FIBERON
The report provides a detailed analysis of these key players in the global plastic lumber market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/plastic-lumber-market/purchase-options
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