The rising demand from automotive for vehicle body paneling, building & construction sector for wall cladding, partition, false ceiling, and many more applications drive market growth. An aluminum composite panel serves to conserve natural resources, reduce weight, and economize energy. Weight minimization has been the main focus of automakers in the current scenario. Weight reduction can be achieved primarily by introducing better material, design optimization, manufacturing processes, and aluminum composite panels that fit the criteria well. Rising construction & renovation activities of new & existing infrastructure, increasing inclination for convenient and safe building materials, and weight reduction trends are accelerating market growth. Also, superior properties such as excellent durability, high weight to strength ratio, weather resistance, and the ability to withstand harsh conditions expand its application areas. Also, growing usage in signage, logos, nameplate, fascia, display panels, kiosks, etc., is pushing the market growth. In addition to this, the availability of a wide range of colors, variants, and finishes has generated its demand in interior and exterior building applications, further propelling the market demand.
The latest report by Value Market Research expects the Global Aluminum Composite Panel Market to reach USD 8.2 billion by 2025. It was valued USD 5.1 billion in 2018. The report foresees a 7% CAGR from 2019 to 2025.
Analysis, By Base Coating Type
Based on base coating type, the global aluminum composite panels market is segmented into PVDF, polyester, laminating coating, oxide film, and others. PVDF panels acquired a significant share in the market in 2020, accounting for over one-third due to a wide range of utilities, including lightweight construction, high-speed trains, and advertisement boards. PVDF panel features corrosion, wear resistance, and durability, which are predicted to benefit segment growth. Polyester panels are prominent because of their extreme rigidity, surface flatness, smoothness, thermal and acoustic insulation, and other easy fabrication and processing features.
Analysis, By Application
Based on application, the global aluminum composite panels market is segmented into construction, automotive, advertising boards, railways, and others. In 2020, construction led the application segment by accounting for a major market share. Growing spending on construction and renovation of new and old infrastructure, especially in the residential sector, and a rise in consumer buying power are steering the segment growth. Also, the growing demand for durable, cost-effective, low-maintenance material and energy-efficient further fuelled the demand in the construction sector. Aluminum composite panels offer superior quality of durability, fire resistance, anti-bacterial, and weatherproof properties, and this is what construction sectors look for and prefers.
Analysis, By Panel Type
Based on the panel type, the global aluminum composite panels market is segmented into fire-resistant, antibacterial, and antistatic. The fire-resistant segment is dominant as well as the fastest-growing segment during the forecast period. Fire-resistant panels are a high preference in residential and non-residential sectors. Expanding the residential sector, increasing demand for passive fire protection systems, and stringent building safety norms accelerate segment growth.
Analysis, By Region
Based on region, the global aluminum composite panels market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The Asia Pacific led the market and has grabbed maximum market share in 2020. The booming construction and automotive sector are majorly steering the Asia Pacific market growth. Rapid urbanization, growing new home accommodations, the increasing trend of the nuclear family, resulting in high demand for vehicles and cars, swelling the market growth. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. China and India are estimated to post some best gains.
Key players of the market
The global aluminum composite panels market is highly fragment and competitive. Arconic, Yaret Industrial Group Co., Ltd., Mitsubishi Chemical Corporation, 3A Composites GmbH, Alubond U.S.A., Alumax Industrial Co., Ltd., Shanghai Huayuan New Composite Materials Co., Ltd., Chanshu Kaidi Decoration Material Co., Ltd., and Guangzhou Xinghe Aluminium Composite Panel Co., Ltd. are some of the key players operating in the global aluminum composite panels market.