The Asia Pacific Plastic Lumber Market would witness market growth of 11.8% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 805.5 kilo tonnes, showcasing a growth of 9.7% (2019-2022).
The plastic lumber market is expanding into new applications and industries beyond traditional construction and landscaping sectors. It finds uses in marine infrastructure, outdoor furniture, industrial pallets, transportation infrastructure, and recreational products. As advancements in material technology and product innovation continue, the potential applications for plastic lumber are expected to diversify, opening up opportunities in emerging markets and industries.
It offers significant long-term economic benefits. It is highly durable and resistant to rot, decay, insects, and weathering, which reduces the need for frequent maintenance, repairs, and replacement. Over time, the lower maintenance costs associated with plastic lumber can result in substantial savings for homeowners, businesses, and municipalities, making it a cost-effective investment in the long run.
The increasing expenditure on the construction sector in India positively impacts the market by driving demand for sustainable building materials. According to the National Investment Promotion & Facilitation Agency, an estimated 600 Mn people will likely live in urban centers by 2030, creating a demand for 25 Mn additional mid-end and affordable units. The country's construction development sector received $32 billion in foreign direct investment from April 2000 to September 2023, making it one of the leading recipients of FDI. In value terms, the Indian construction industry recorded a growth rate of 15.7%, reaching $738.5 billion in 2022. Hence, the expansion of the region's construction sector is propelling the market's growth.
The China market dominated the Asia Pacific Plastic Lumber Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $827.9 million by 2030. The Japan market is exhibiting a CAGR of 11.1% during (2023 - 2030). Additionally, The India market would experience a CAGR of 12.5% during (2023 - 2030).
Free Valuable Insights: The Global Plastic Lumber Market is Predict to reach $11.8 Billion by 2030, at a CAGR of 11.0%
Based on Resin Type, the market is segmented into Polyethylene, Polyvinyl Chloride, Polystyrene, and Others. Based on Application, the market is segmented into Decking, Molding Trim, Landscaping Outdoor Products, Fencing, Windows Doors and Others. Based on Product, the market is segmented into Virgin Plastic, Recycled Plastic and Composite. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Resin Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Product (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 