09 January 2020
Visiongain’s new report Aluminum Composite Panels Market Report 2020-2030: Forecasts by Product (PVDF, Polyester, Oxide Films, Others), Application (Automotive, Advertisement Boards, Construction, Railways, Others), Vehicle Type (Light Commercial Vehicles, Passenger Cars), by region and analysis of leading companies operating in this industry.
The global aluminum composite panels market is anticipated to surpass USD 10 billion by 2030 while growing at a lucrative CAGR of 6.9% during the forecast period from 2020 to 2030.
The growing urbanization level and usage of the aluminum composite panel in the construction industry for insulation are driving the growth of global aluminum composite panels. The key factors influencing growth are the weather, & chemical resistance coupled with lightweight features of aluminum composite panels. The main characteristics of aluminum composite panels such as aluminum composite panel coating, which helps to improve the appearance of internal and external walls and provides high durability for easy maintenance. Their use in the exposed building area helps to protect against external climatic conditions and to preserve long-term color and gloss. The most preferred coating materials on the market for aluminum composite panels are polyvinylidene difluoride (PVDF) and polyethylene (PE).
Industrial growth has culminated in new construction, both commercial and non-commercial, despite the economic slowdown. The international construction industry is expected to reach USD 8 trillion by 2030, according to a report by International Construction Perspectives and Oxford Economics. There has been an increase in the construction of warehouses, factories, stadiums, and offices. This would have a direct impact on the need for sustainable decorative design solutions in these buildings, as a result of which the market for composite panels of aluminum is growing.
Aluminum composite panels offer excellent air & water barriers, high load reliability, & longevity that are anticipated to fuel market growth over the forecast period. The U.S. government has developed legislation whereby light-duty vehicles are expected to meet the Corporate Average Fuel Efficiency (CAFE) requirements of 54.5 mpg by 2025. It is therefore anticipated that the federal plan to strengthen CAFE requirements would serve as a significant catalyst for integrating lightweight materials such as aluminum composites into vehicles, thereby driving the market.
Over the forecast period, the construction application is anticipated to record the highest CAGR of xx%. Also, it is anticipated that the eco-friendly characteristics, thermal insulation & corrosion resistance offered by the ACPs will boost the market growth in the construction industry.
The expansion of advertisement, marketing & mass media industry around the globe has led to huge expenditure on advertising boards. For these boards, aluminum composite panels are commonly preferred due to its ability to withstand extreme environmental conditions such as humidity & temperature.
The Asia Pacific is currently the largest user of aluminum composite panels, with the major markets being China, Japan, Australia, and India. During the forecast period, the Asia Pacific aluminum composite panels market is projected to record the highest CAGR. Building & construction industry growth and improvements in the region's financial conditions have resulted in increased demand for aluminum composite panels.
North American aluminum composite panels market is anticipated to grow at a significant growth rate owing to rising government initiatives to promote better infrastructure. Also, the increased use of panels for decorations is anticipated to further boost the market growth. Also, growing electric & hybrid vehicle production in North America will offer new revenue generation avenues for market players.
Some of the key aluminum composite panels market players include 3A Composites, Alstone, Alstrong Enterprises India, Alubond U.S.A., Aludecor, Alumax Industrial, Arconic, Changshu Kaidi Decoration Material, Constellium, Goldstar Group, Guangdong Bolliya Metal Building Materials, Guangzhou Jixinxiang Decorative Building Materials, Guangzhou Xinghe Acp, JYI Shyang Industrial, Laminators, Maxbond, Mitsubishi Chemical (Mitsubishi Chemical Corporation), Msenco Metal, Shanghai Huayuan New Composite Materials, Yaret Industrial Group among other prominent players.
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