Stratview Research recently released a research report on the RV composite panels market by product type, by application type, by resin type, by core material type, and by region, trend, forecast, competitive analysis, and growth opportunity: 2019 to 2024.
Over a period, the RV industry has experienced a transition in the panel’s technology in terms of material and design, according to the report. RV panels are preferably being made with composites rather than wood or metallic construction. Weight reduction is a key requirement of RV OEMs as this gives an extra room to OEMs with an aim to take the comfort of customers to the next level by adding more luxury items, the report stated. Although the price of composite panels is higher, these panels are marking greater penetration in the industry as OEMs are gradually abolishing wood panels for sidewalls and floors, which are prone to damage or moisture intrusion.
It is estimated that the next five years for the market are going to be more vigorous with attractive growth opportunities in the entire ecosystem of the market and reach an estimated value of $ 554.9 million in 2024. A shift from traditional wood panels to composite panels in RV is aiding additional growth, ultimately driving the segment to grow at an above-industry growth rate in the foreseeable future.
As per the research findings, towable RV is expected to remain the most dominant segment of the market during the forecast period, driven by North America. Towable RVs are more common in North America as compared to Europe, the latter region has the dominance of motorized vehicles. Towable vehicle shipments accounted for more than 85 percent of the total RV shipments in North America in 2018.
Based on the application type, sidewall panel is expected to remain the most dominant application in the market over the next five years, whereas floor panel is likely to be the fastest-growing application in the same period. There are different materials and designs of panels for different applications in RVs.
Polyester composite panel is expected to remain the largest segment during the forecast period.
PS Foam is expected to remain the major core material type during the forecast period.
