March 15, 2022 10:15 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.

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DUBAI, United Arab Emirates, March 15, 2022 (GLOBE NEWSWIRE) -- Expanding at a significant CAGR of 7.0%, the worldwide sales of Wood Plastic Composite (WPC) Floorings Market is anticipated to increase from a costing of US$ 2,088.6 Million in 2022 to US$ 3,643.3 Million by the end of 2030.

Since the construction sector is witnessing a significant growth, Future Market Insights forecasts that demand for wood plastic composite floorings would grow at a phenomenal pace of about 7.0% throughout the next assessment period of 2022 and 2030.

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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.

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 analysed 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:

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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.

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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:

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.

Explore FMI’s Extensive ongoing Coverage on Chemicals & Materials Domain 

Asia Pacific Bio Composites Market - Bio composites or green composites are formed by a biopolymer matrix and reinforcement of natural fibres. Some are degradable materials, but this is rare.Increasing concerns for the environment is a major driver of the bio composite market.

Geocomposites Market - Geocomposites are planar sheets made of composite materials containing at least one layer of geosynthetic products involving geotextile, geogrid, geonet, geomembrane, etc.

Aluminium Composite Panels Market - Aluminium Composite Panels (ACP) are flat panels made of two aluminum-based alloy sheets, bonded with a core material to form a composite.

Glass Fiber Reinforced Plastic (GFRP) Composites Market - The glass fiber reinforced plastic market is growing continuously and is predicted to increase at a moderate CAGR of 6.6% during 2022-2032.

Wood Plastic Composites Market - Wood plastic composites are the combination of wood fibers and synthetic resin. Synthetic resins are thermoplastics mainly polypropylene, polyethylene or Polyvinyl Chloride. Wood is in form of sawdust or wood flours.

Graphene Nanocomposites Market - The global graphene nanocomposites market is projected to grow year-on-year by 37.0% in 2022, reaching a valuation of US$ 2,796.7 Mn by 2031.

Metal Matrix Composites Market - Metal matrix composites (MMC) are composite materials consisting of a metal and a secondary ingredient which may be a different metal or non-metallic material such as ceramic or organic compound.

Polyurethane Composites Market - Growing usage of waste products developed from polyurethane composites for recycling purposes and are eventually utilized as flakes, pellets and powders is expected to drive the growth of polyurethane composites market.

Plastic Composites Market - This Plastic Composites Analysis market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape.

Wood Coating Resins Market - Wood coating resins are organic compound used for home décor and industrial purposes, to impart stringent and beautiful coatings to protect furniture from extreme environmental condition, coupled with providing an aesthetic appeal.

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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