Popularity of Eco-friendly Materials Transmutes into Lucrative Growth Opportunity for WPC Floorings Market: FMI
Over the years, the demand for wood-plastic composites (WPC) has significantly increased on the back of the high need for environment-friendly and low-cost raw materials in the residential sector. Likewise, increased spending on infrastructural developments in both the residential and commercial sectors is expected to give a major boost to the market during the forecast period. There are several benefits associated with WPC floorings, such as low melting temperature and high stiffness as compared to conventional wood alternatives, which give it an edge in the flooring applications over other materials.
Wood Plastic Composite Floorings Market
A recent market study published by FMI on the Wood Plastic Composite (WPC) Floorings marke...
Furthermore, WPC floorings are visually appealing and are relatively easier to install and maintain as compared to conventional flooring types. Moreover, their resistance to humidity has also been crucial in cementing it as a fitting substitute for wood floorings or laminates. As WPC floorings are derived from waste materials from the wood industry and recycled plastics, they are considered sustainable and eco-friendly, gaining traction among consumers with high awareness.
On these lines, backed by its low cost, WPC floorings are gradually replacing other floorings such as traditional wood floorings and luxury vinyl tiles (LVT) flooring. Besides, WPC floorings are easily shaped using conventional tools, minimizing the need for novel equipment, and reducing production cost. On the other hand, increasing focus on research & development of products to improve their temperature resistance and strength is also expected to positively influence the growth of the market in the years to come.
Having analyzed and scrutinized all the aforementioned facets in its new market study, Future Market Insights (FMI) projects that the global WPC floorings market will grow in value at a healthy CAGR of 7.0% between 2020 and 2030. Some of the key takeaways from the report include:
- The global WPC floorings market is projected to surge past valuation of US$ 3,643 Mn by the end of 2030
- By thickness, 5.5 mm, 6.5 mm, and 8 mm WPC floorings are poised to cumulatively account for more than a 3/4th of the overall market, with the former being the most sought flooring type
- On the basis of the end-use sector, adoption in the commercial sector is anticipated to drive the majority of revenue, while the retail outlet segment is expected to account for 1/3rd of market value
- Europe is forecasted to remain the largest regional market through the assessment period, accounting for a share little below one-quarter, owing to the development of the construction industry
- East Asia and North America are poised to collectively account for over 2/5th of market value, ascribed to the growing trend of smart cities, and increasing emphasis on developing commercial infrastructure
“Market players are focusing on offering customizable products that suit consumer requirements such as color, stiffness, and thickness, among other parameters, to form a loyal consumer base, and are also directing their efforts to offer features such as biodegradability, weather compatibility, etc.” remarks FMI report.
COVID-19 Impact on WPC Floorings Market
The outbreak of COVID-19, which swiftly metamorphosed into a pandemic of unprecedented proportions has led to the curt termination of construction activities across the world. Akin to numerous applications reliant on infrastructural development, the demand for WPC floorings has beheld a steep decline beginning in the first quarter of 2020. On these lines, lack of workforce, supply chain disruptions, and unavailability of raw materials, among other perils of the pandemic are adversely impacting the growth of the market. On a positive note, a gradual return to normalcy in East Asia beginning from the third quarter of 2020, is likely to mitigate long term consequences to an extent.
Who is Winning?
Market players are focusing on upscaling production and expanding sales facilities to cater to the growing demand and offer enhanced consumer experience. Moreover, widening the product portfolio has also been identified as a crucial growth strategy adopted by market players to strengthen their foothold. On these lines:
- Pro-Tek, a UK-based manufacturer, offers five different types of WPC floorings with a wide range of properties, and all the designs are phthalate-free derived from 100% recyclable materials.
- Oakia, a China-based player, specializes in manufacturing and installing outdoor flooring and decking.
FMI’s report includes profiles of some of the most prominent 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 a. s., Leben India Private Limited, Novowood, Taizhou Huali New Materials Co., Ltd., and Nanjing Xuhua Sundi New Building Materials Co., Ltd, among others.
To Know More About WPC Floorings Market
A new market research report published by Future Market Insights (FMI) on the global WPC floorings market offers an executive-level blueprint of the market. It offers insights into demand trends and provides analysis of opportunities over the forecast period, 2020-2030. The report examines the market through four different segments – thickness, end-use, and region. The report also provides an extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the supply and product adoption across several end-use industries.
About Chemicals & Materials division of FMI
The Chemicals & Materials division at FMI offers distinct and pin-point analysis about the chemicals & materials industry. Coverage of the chemicals and materials market extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites, and nanotechnology. The team also puts special emphasis on ‘green alternatives’, recycling and renewable technology developments, and supply-demand trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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