The global aluminum composite panels market was valued at USD 6.10 billion in 2018 and is expected to reach USD 10.45 billion by 2026 with an anticipated CAGR of 6.96% during the forecast period, 2019–2026.
Aluminum composite panels are pre-finished aluminum cover sheets, heated to a core made of polyethylene plastic. They are rigid, durable, lightweight, and ideal for industries such as automotive, building and construction, and advertising (boards).
The market for aluminum composite panels is expected to witness significant growth during the forecast period, owing to the rapid growth of building and construction sectors, backed by supportive government initiatives. Aluminum composite panels are environment-friendly materials extensively used in the construction sector for cladding and insulation purposes in commercial and residential buildings, including airports and food and beverage shops. They are also extensively used for creating false ceilings partitions, construction of containers, and different architectural purposes.
Additionally, aluminum composite panels’ flexibility, durability, and superior resistance to fire and frost make them the ideal material for contractors and developers. Furthermore, aluminum composite panels are lightweight and thus, involve low logistic costs; they also offer various advantages over traditional materials. Increasing spending on construction and the financial benefits offered by aluminum composite panels are expected to fuel market growth, globally. Moreover, urbanization, population growth, and infrastructure development in the Middle East & Africa and Asia Pacific are expected to drive market growth during the forecast period.
The global market for aluminum composite panels can be segmented by type, coating base, and application.
The market can be segmented into fire resistant, anti-static, and anti-bacterial. The fire resistant segment is registering strong demand and is expected to witness healthy growth during the forecast period. The demand for fire-resistant composite panels is increasing in tandem with safety consciousness among consumers, including protection from fire in buildings and other enclosed spaces.
The market can be segmented into polyvinylidene difluoride (PVDF) and polyethylene (PE). The polyvinylidene difluoride (PVDF) segment is expected to observe significant growth during the forecast period, to the increasing demand for PVDF-based ACPs from automotive and advertisement hoardings. The remarkable properties and characteristics of PVDF, such as superior weather, corrosion, and pollutant resistance, lightweight and easy maintenance are expected to drive the growth of the segment in coming years.
The market can be segmented into automotive, building & construction, advertising boards, and others. The building & construction segment is expected to hold the largest market share, owing to increasing building & construction activities and large-scale investments in infrastructure and industrial sectors. The advertising boards segment is expected to witness an exponential growth rate during the forecast period, owing to rapidly expanding advertising, marketing, and mass media industry, globally.
Geographically, the aluminum composite panels market trend has been segmented into the Asia Pacific, North America, Europe, and Latin America and the Middle East & Africa.
The Asia Pacific, followed by North America and Europe, is expected to witness significant growth in the aluminum composite panels market during the forecast period. Increasing vehicle production and demand from developing countries such as China, India, and Japan drive market growth in the Asia Pacific. Additionally, increasing population and domestic production in India and China are also imparting to the region’s growth momentum. Lightweight vehicles are trending in Asia Pacific’s automotive industry, which in turn is surging the demand for aluminum composite panels. According to the China Association of Automobile Manufacturers, China increased to in 2018 to 1 million vehicles.
North America is expected to witness substantial growth in the global aluminum composite panels market during the forecasted period, backed by rapid economic recovery and technological advancements. Increase in the number of buyers for luxury vehicles in North America is also expected to contribute to the region’s growth momentum.
Europe is expected to account for a prominent market share during the forecast period with rapid growth of the region’s automotive sector. Moreover, the trend towards lightweight material solutions in the transportation sector will further strengthen and make a positive contribution to market success.
Latin America is expected to exhibit significant growth during the forecasted period, owing to the increasing production and sales of vehicles and government initiatives promoting the rapid development of the automotive industry, especially in Brazil. According to the Brazilian Association of Automobile Manufacturers (ANFAVEA), the automotive industry’s production increased to 6.2% in 2017.
The Middle East and Africa region is slated to register a steady growth rate, owing to the region’s low disposable income and poor technological development.
Some of the noteworthy players identified in the aluminum composite panels market are
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