Plastic Lumber Market to Touch $15.8 Billion by 2032 | Business Opportunities, Challenges & Research Report 2023-2032
Plastic Lumber Market Size
the global plastic lumber market was valued at $5.3 billion in 2022 & is projected to reach $15.8 billion by 2032, growing at a CAGR of 11.3% from 2023 to 2032.
WILMINGTON , DE, UNITED STATES, September 8, 2024 /EINPresswire.com/ -- 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.
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.
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.
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Report Coverage & Details:
Base Year: 2022
Market Size in 2022: $5.3 billion
Forecast Size by 2032: $15.8 billion
CAGR: 11.3% (2023–2032)
Total Pages: 309
Segments Covered:
Product Type: Virgin Plastic, Recycled Plastic, Composite
Resin Type: Polyethylene, Polyvinyl Chloride, Polystyrene, Others
Application: Decking, Molding Trim, Fencing, Landscaping, Windows & Doors, Others
Region: Global
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Key Market Drivers:
Government regulations and incentives: Pushing for eco-friendly alternatives in construction.
Durability and low maintenance: Plastic lumber's resistance to rot, decay, and insects.
Opportunities:
Rising demand for eco-friendly products: As sustainability becomes more critical.
Challenges:
Limited awareness: A lack of understanding about the benefits of plastic lumber may limit market growth.
Segment Highlights:
Virgin Plastic Segment (2022): Accounted for the largest market share due to its versatile use in outdoor projects like decking and fencing.
Composite Segment: Projected to have the highest growth rate (CAGR of 13.1%) due to its eco-friendly properties and resistance to decay.
Polyethylene Segment: Led the resin market with more than two-fifths of the revenue due to its durability in outdoor applications.
Molding Trim Segment: Expected to grow the fastest (CAGR of 12.2%) due to its customizability and ease of maintenance.
Regional Insights:
Europe: Dominated the global plastic lumber market in 2022, driven by the demand for sustainable construction materials and government initiatives promoting the use of eco-friendly alternatives.
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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
David Correa
Allied Market Research
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Distribution channels: Building & Construction Industry, Manufacturing
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