According to the report titled ‘Global Wood Plastic Composite (WPC) Floorings Market Size study, by Thickness (4mm, 5mm, 5.5mm, 6.5 mm, 8mm) End Use Sector (Commercial Buildings, Residential Buildings, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global wood plastic composite floorings market was assessed at USD 1.72 billion in 2019 and is slated to be valued at USD 3 billion by the year 2027, growing at an annual rate of 7.2% throughout.
 

Increasing demand for tenable building materials, and flourishing construction sector are propelling the growth of global wood plastic composite floorings market. Notably, these floorings showcase properties such as high endurance, strength, pliability, and water-resistance.
 

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Moreover, increase in building activities across commercial as well as residential sectors will boost the market expansion. According to the Nation’s Housing report published by Housing Studies of Harvard University in 2018, California alone requires 180,000 housing units every year to accommodate growing populace, of which 80,000 units come up. Remaining 100,000 units demand can be fulfilled by providing prefabricated buildings, hence creating lucrative growth avenue for the market.
 

Amplifying hospitality sector, rising expenditure on real estate and architecture, and elevating number of repair & renovation activities in residential sector due to improving purchasing power and standard of living will further augment global wood plastic composite floorings industry growth.
 

Additionally, consumers have become more conscious towards the environment and prefer bioplastics and green buildings which will swell the global wood plastic composite floorings market share.
 

Contrastingly, need for proper regulations and product standard, in cohorts with increasing raw material costs, and slow integration are hampering the industry growth to some extent.
 

Speaking of thickness, worldwide wood plastic composite (WPC) floorings market is segmented into 4mm, 5mm, 5.5mm, 6.5mm, and 8mm. Meanwhile, end-user spectrum ranges from residential buildings, to commercial buildings, and others.
 

Regionally speaking, Europe currently holds the majority market share due to high concentration of key players in the region, and rising product demand in domestic construction. Parallelly, Asia Pacific wood plastic composite flooring industry size is touted to grow tremendously through 2027, owing to increasing expenditure on architecture.
 

Key contenders defining the competitive landscape of global wood plastic composite floorings market are Tecnodeck, COREtec, Armstrong Flooring Inc., Parterre Flooring Systems Corporation, PRO-TEK, Mannington Mills Inc., Huizhou Oakio Plastic Wood Building Materials Co. Ltd., EarthWerks, Shaw Contract Flooring Services Inc., and Shanghai Seven Trust Industry Co. Ltd.