The plastic lumber market is expected to reach $15.8 billion globally by 2032, according to a new report published by Allied Market Research.
Moreover, the plastic lumber market was valued at $5.3 billion in 2022 and is expected to grow at a compound annual growth rate of 11.3%.
The global plastic lumber market is experiencing growth due to several factors, including growing government regulations and incentives and properties of plastic lumber, such as durability and low maintenance, highly resistant to rot, decay, and insect infestations.
The report also finds that limited awareness regarding plastic lumber hinders market growth to some extent, and rising demand for eco-friendly products offers lucrative opportunities for the expansion of the market.
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.
Two identified key market players were Trex Co. and Fiberon.
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.
According to 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.
More information can be found at www.alliedmarketresearch.com/request-sample/3161.
