- Aluminum Composite Panels Market worth $12.17 billion by 2027.
- Building & construction segment is projected to grow at the highest CAGR during the forecast period.
- Asia Pacific to dominate the market for aluminum composite panels.
The aluminum composite panels market size is estimated to grow from $6.67 billion in 2018 to $12.17 billion by 2027, at a CAGR of 6.92%. Rise in building & construction activities, large-scale investments in infrastructure & industrial sectors, and rapid urbanization in developing economies is boosting the growth of the globl market. The building & construction segment is projected to have the largest market share and dominate the market from 2017 to 2022. Growth of the advertisement industry plays a key role in changing the market.
The major players in the aluminum composite panels market in Asia Pacific include Yaret Industrial Group (China), Alumax Industrial (Taiwan), Shanghai Huayuan New Composite Materials (China), Changshu Kaidi Decoration Material (China), Guangzhou Xinghe ACP (China), Jyi Shyang Industrial (Taiwan), Mitsubishi Chemical (Japan), and Msenco Metal (China).
Growth in demand from end-use industries
Aluminum composite panels have various applications in transportation, building & construction, and advertising boards. Owing to the various properties including lightness, resistance to compression, fire resistance, non-combustibility, non-toxic fumes, easy assembly, time- and cost-effectiveness, and acoustic insulation, these panels are widely used in transportation.
Rise in demand for high-performance aluminum composite panels and standardization in the building & construction industry led to the development of the installation of aluminum composite panels. Optimal fire, weather, and chemical resistance and lightweight features of aluminum composite panels coupled with the emerging international building codes that have challenged the construction market to be design-oriented with sustainability and energy efficiency are the key factors influencing the growth.
The major characteristics of aluminum composite panels are also influencing the growth of the market persistently, such as coating in aluminum composite panels, which helps to enhance the appearance of the internal & external walls and provide easy maintenance with high durability. Its application in the exposed area of buildings helps to protect against external climatic conditions and retain its color and gloss for a long period. Polyvinylidene difluoride (PVDF) and polyethylene (PE) are the most preferred coating materials in the aluminum composite panels market.
Building & construction segment is projected to grow at the highest CAGR during the forecast period.
The building & construction segment dominated the market in 2018, and is projected to be the fastest-growing application in the next five years, as a result of the rapid urbanization and demand for better quality homes. The demand for aluminum composite panels is expected to be driven by the growing building & construction and advertising industries. In the transportation industry, these panels are used in cars, rails, boats, and aircraft designs.
Core material segment, by composition, is projected to gain maximum traction
The core material segment dominated the market in 2018, and is projected to be the fastest-growing application in the next five years, as a result of its fire-resistance property. The core material is highly preferred in the construction industry.
Asia Pacific dominated the market for aluminum composite panels in 2018
China contributes a major market share in the Asia Pacific aluminum composite panels market. The recovery of the Chinese residential market in 2010 after the 2007–2009 recession and the increase in demand for low-maintenance building products are some of the factors driving the aluminum composite panels market in Asia Pacific. The market in this region is also growing rapidly due to the presence of numerous leading players.