The extensive application of aluminum composite panels in mass transportation systems across urban as well as rural cities is expected to fuel market growth, globally. Changing consumer behavior from conventional and heavy vehicle components to lightweight and cost-efficient components is a key factor driving the demand for aluminum composite panels. These panels can be manufactured in a wide range of non-metallic and metallic colors as well as in varied textures and patterns such as marble and wood.
Aluminum composite panels have a broad application scope in the automotive industry, especially in body paneling. These composites are increasingly being used to reduce the overall weight of vehicles, which reduces maintenance costs and enhances fuel efficiency. Rapid urbanization in countries such as the U.S., Russia, India, China, Germany, South Korea, and others has led to an increase in the demand for automobiles, which in turn is accelerating the demand for aluminum composite panels.
Geographically, the aluminum composite panels market has been segmented into Asia Pacific, North America, Europe, and Latin America and the Middle East & Africa.
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Asia Pacific is expected to dominate the global aluminum composite panels market with the presence of prominent automobile manufacturers. Increasing demand or vehicles, especially in countries such as India and China is expected to drive the market in Asia Pacific. Additionally, government initiatives to recover the auto industry are also anticipated to propel the growth of the global aluminum composite panels market in the region. According to the India Brand Equity Foundation, in 2017, India’s auto industry became the 4th largest in the world with sales increasing 9.5% year-on-year to 4.02 million units (excluding two-wheelers).
North America is expected to witness considerable growth, owing to the substantial growth of automotive production in the region. According to The International Trade Administration (ITA), the United States is the second largest market for vehicle production and sales. In 2017, U.S. lightweight vehicle sales reached 17.1 million units. Additionally, increasing export activities are also fostering market growth in the region. According to the International Trade Administration (ITA), in 2017, the U.S. exported 2 million light vehicles and approx. 1,30,000 heavy and medium trucks.
Europe is expected to hold the major share during the forecast period. Europe is home to a number of advanced automobile companies such as Mercedes Benz, Audi, and BMW, which are engaged in the manufacturing of lightweight vehicles and cabin comfort systems, which drives market growth in the region.
The Middle East & Africa region is experiencing a steady growth rate, encumbered by poor automotive infrastructure and economic conditions and low disposable income.
The Latin America aluminum composite panels market is expected to witness sustainable growth in the coming years, owing to the growing automotive sector in the region’s emerging economies.
The global aluminum composite panels market can be segmented by type, coating base, and application.
On the basis of type, the market can be segmented into fire-resistant, anti-static, and anti-bacterial. The fire-resistant segment is expected to register significant growth during the forecast period, with increasing road accidents driving the demand for fire-resistant automotive components in vehicles. According to a report on road safety by the World Health Organization (WHO), the number of road traffic deaths annually was pegged at 1.35 million in 2018. Cyclists, pedestrians, and motorists constitute to approx. half the victims killed in road accidents. This figure highlights the need for road safety, which has been driving the demand for aluminum fire-resistant composite panels in passenger and commercial vehicles.
Based on coating base, the aluminum composite panels market can be segmented into polyvinylidene difluoride (PVDF) and polyethylene (PE). The scope of the PVDF segment is expected to expand in advertisement and automotive industries, owing to the high-performance properties of PVDF, including high resistance to wear & tear, UV protection, all-weather protection, and corrosion protection.
On the basis of application, the aluminum composite panels market can be segmented into automotive, building & construction, advertising boards, and others. The advertising boards segment is expected to grow exponentially, owing to the increasing competitiveness among end-use industries. Increasing innovation and product development are compelling manufacturers to opt for high-end advertising so as to enhance sales and revenue. Thus, the increasing advertising activities are expected to result in the increasing use of advertisement boards, which in turn will fuel the growth of the aluminum composite panels market.
Aluminum Composite Panels Market Segmentation
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