The global reinforced plastic sheeting market size is expected to grow at an impressive rate owing to the growing applications of this material in the automotive industry, observes Fortune Business Insights™ in its report, Reinforced plastic sheets have a wide range of applications in various industries including aerospace, consumer goods, construction, and protective equipment. Their key properties include fire protection, hazardous chemical resistance, and superior strength, which make them highly popular in the automobile industry. Growing applications of the sheets in the automotive space are propelling the market growth for reinforced plastic sheeting.
Segmentation on the basis of product, type, consumption, distribution channel, and region
Detailed analysis of the companies based on their financial positions, product portfolios, and growth strategies
Study of core competencies of the key players and their market share to anticipate the degree of competition
Employment of the bottom-up procedure to arrive at the overall size of the market by estimating revenues of key market players
Growing Applications in the Automotive Industry to Drive the Market
Utilization of advanced materials is essential for enhancing the fuel efficiency of modern vehicles while maintaining their safety and performance. As it takes lesser energy to accelerate a lighter object, lightweight materials offer better vehicle efficiency. According to the Office of Energy Efficiency and Renewable Energy (EERE) of the United States Development of Energy, a 10% reduction in vehicle weight can result in a 6%-8% better fuel economy. The growing demand for light-weight and fuel efficient-vehicles is rapidly increasing the applications of reinforced plastic sheeting in the automotive industry. This is expected to drive the market for reinforced plastic sheets.
Presence of Key Manufacturers to Drive the Market in North America
North America is projected to dominate the global reinforced plastic sheeting market due to increased production of recreational vehicles and trucks & trailers. Major producers of these high strength sheets have their headquarters and primary manufacturers in the U.S., which is the major reason for this region’s dominance. Asia Pacific is expected to witness a phenomenal growth due to increased incomes and high investments in infrastructure from emerging economies in the region.
The market in the Middle East and Africa is anticipated to grow significantly over the forecast period due to strict government regulations on fuel economy and vehicle safety, driving the product demand, especially for lightweight vehicles. Latin America is estimated to experience sluggish growth owing to the presence of alternatives, hindering the market growth for reinforced plastic sheets.
Manufacturing of Light-weight Vehicles to Help Key Players Gain Larger Market Share
Key players in the reinforced plastic sheeting market are investing intensively on research & development in order to develop advanced materials that will further reduce the overall weight of the vehicle. Reduced weight of the material will help these players gain market share from other alternatives.
On 1stJanuary 2018, LAMILUX acquired Roda. The acquisition is a continuation of the strong and significant organizational growth of LAMILUX Group and will further emphasize the company’s role as a leading premium supplier of daylight systems.
List of Key Players Covered in the Reinforced Plastic Sheeting Market Report:
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