Plastic Lumber Market is forecast to reach $8.24 Billion by 2025, after growing at a CAGR of 6.90% during 2020-2025. One of the main factors driving the global market plastic lumber market over the forecast period is that plastic lumber is perceived as an eco-friendly substitute to hardwoods from forests and nontoxic alternative to pressure treated wood, which contains chemicals such as copper. According to a study from the U.S. Army Corps of Engineers, plastic lumber products are stable, durable, resilient, and resistant to weather, rot, mildew, and termites (without chemical pressure-treatment) and hence the market for plastic lumber is estimated to grow. The report covers Plastic Lumber Market size by type and applications, Plastic Lumber Market share by top 5 companies and also the market share by start-ups during the forecast period.
By Product Type – Segment Analysis
Recycled Plastic segment held the largest share in the plastic lumber market in 2019. Recycled plastic lumber is mostly polyethylene reinforced with stiffer plastics or recycled composites like car bumpers and hence do not require any need of protection from insects or other animals. Most of the plastic lumber products use recycled plastics as they are of potential benefit to the environment. The manufacture of recycled plastic lumber from post-consumer and post-industrial resins is promising as it consumes large quantities of waste plastics that would otherwise be destined to landfills, and converts the waste into useful, durable products.
By Resin Type – Segment Analysis
Polyethylene held the largest share in the plastic lumber market in 2019. Most plastic lumber products on the market are made from high- and low-density polyethylenes (HDPE and LDPE). Nevertheless, plastics vary depending on their production processes and the additional materials used in the formulation of different products. While no plastic is environmentally friendly, polyethylenes have lesser chemical hazards and associated environmental health impacts, making them environmentally preferable to those that have greater hazards and impacts such as polystyrene and polyvinyl chloride. To improve performance qualities such as some plastic lumber producers reinforce the primary plastic resin with other materials like fiberglass which is often used to increase the load-bearing capacity of plastic lumber.
By Application – Segment Analysis
Decking held the largest share in the plastic lumber market in 2019. Plastic lumber is used to protect forests by preventing new trees from being felled to make decking, fencing, furniture and piers. Most plastic lumber in decks is used as flooring, where the flexural modulus is less critical. Not only will homeowners continue to install decks to create outdoor entertainment and recreation areas, but they will increasingly add such features as outdoor kitchens, firepits, and hot tubs to their decks. Decks will be larger in size and will require more railings and other components to create the tables, benches, privacy lattices, and other related features.
Geography – Segment Analysis
North America dominated the plastic lumber market with a share of more than 45% during the forecast period. U.S. is projected to be the fastest-growing market for plastic lumber in North America, followed by Mexico and Canada due to numerous number of manufacturers. Due to massive demand from construction industries and actively growing manufacturing base in North America, it will propel the plastic lumber market during the forecast period.
Drivers – Plastic Lumber Market
Increased usage of plastic lumber in new construction activities, increased penetration in decking applications, and increased expenditure on residential renovation are key factors driving growth in the plastic lumber market. One key factor driving the growth of plastic lumber use is the increasing number of ASTM International standards. The Plastic Lumber Trade Association (PLTA) has developed most of the current standards and focuses on single-polymer products. The organization aims to increase public awareness and promote the acceptance and use of plastic lumber products for consumer, commercial and government use as well as act and function as a clearing house of information for the industry by collecting information and statistics that will aid the growth of the plastic lumber and other associated industries.
Challenges – Plastic Lumber Market
Viscoelasticity of plastic lumber is expected to hinder the market growth. The material’s mechanical properties are time–temperature-dependent and subject to permanent deformation (i.e. creep) under sustained loads. The rate of this creep depends on the duration and magnitude of the stress and the temperature at which it is applied. In addition, due to change in temperature, plastic lumber can experience significant dimensional changes. Another critical issue inherent to the material has been its relatively flexural strength and low stiffness.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the insulated wall panels market. In 2019, the market of plastic lumber has been consolidated by the top five players accounting for xx% of the share. Major players in the plastic lumber market are Advanced Environmental Recycling Technologies Inc., Aeolian Enterprises Inc., American Recycled Plastic Inc., Bedford Technology LLC, Century-Board USA, LLC, Engineered Plastic Systems LLC, Genova Products Inc., KWK Plastic Lumber Co., Ltd., Tangent Technologies, LLC, and Trex Company, Inc. among others.
Ø In September 2018, Bedford Technology launched new product SmarterFence™ which is a new fencing system manufactured using Bedford Technology’s structural recycled HDPE (High Density Polyethylene) and is strong, durable and easy to install.
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