Aluminum Composite Panel Market Size Forecast to Reach $10.23 Billion by 2026
Jul 13, 2021
Increasing Demand for Lightweight Materials in Construction Is Majorly Driving the Growth of Aluminum Composite Panel Market
Hyderabad, India - July 12, 2021 /MarketersMedia/ —
Aluminum Composite Panel Market size is forecast to reach $10.23 billion by 2026, after growing at a CAGR of 7% during 2021-2026. These panels are frequently used in interior & exterior applications like facial panels, column covers, and display units. Aluminum and a low-density polyethylene core material make up an aluminum plastic composite panel.
It's the most popular product use, and it's used on both the inside and outside of buildings. The key components of aluminum composite panels is polyvinylidene fluoride and polyester which have excellent weather resistance and because of this they are used in curtain wall decoration and specific occasions which is increasing demand for aluminum composite panel.
COVID 19 has a major impact on the building industry in developing countries such as India and China. The sector is critical to India's overall growth, and the government has placed a high priority on enacting policies that will ensure the country's construction of world-class infrastructure in a timely manner. Therefore, India requires investment worth Rs 50 trillion (US$ 777.73 billion) in infrastructure by 2022 to have sustainable development in the country.
Aluminum Composite Panel Market Segment Analysis – By Product
Polyvinylidene fluoride (fluorocarbon) segment held the largest share in the aluminum composite panels market in 2020 followed by polyester to protect the aluminum panel from fire, chemical, UV rays antibacterial. PVDF (polyvinylidene fluoride) aluminum composite panels have a high mechanical quality that allows for a variety of modern uses, as well as sturdiness and hardness, as well as outrageous unbending natures and a low cost.
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Aluminum Composite Panel Market Segment Analysis – By Composition
Core material segment dominated the aluminum composite panel market in 2020 due to high production efficiency and low raw material cost. Core material and cover sheets of aluminum composite panel can be recycled and reused. Polyethylene core materials in discarded aluminum-plastic panels can be recycled 100% with low environmental load. In addition, wooden aluminum composite panels and outdoor decorative aluminum plastic panels are made of fluorocarbon coatings.
Aluminum Composite Panel Market Segment Analysis – by End Use Industry
Building & construction sector has been the primary market for aluminum composite panel in 2020 and is expected to grow at a CAGR of 7.2% during this forecast period, owing to increasing demand for both exterior and interior buildings structures such as offices, supermarket, airports, hotels, school, hospitals, residential and industrial buildings. Aluminum composite panels offer excellent durability, fire resistance, and weather proof in residential and non-residential sectors.
Aluminum Composite Panel Market Segment Analysis – By Geography
Asia pacific dominated the aluminum composite panel market with followed by North America in 2020 with 32% due to increasing investment in this region. According to National Development and Reform Commission (NDRC), China has resumed construction and railway projects. China resumed operation with 97% of major highway and waterway projects and 87% of airport projects also.
Aluminum Composite Panel Market Drivers
Increasing Demand for lightweight Materials in Construction
Industrial Expansions in Emerging Economies
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Aluminum Composite Panel Market Challenges
High Price of Raw Materials
Material availability and prices of core materials such as polyethylene, aluminum metal and other coating materials are volatile thus affects the overall price of aluminum composite panel’s. Compared to other construction materials, the raw materials of aluminum composite panels are also expensive and manufacturing costs are also high. Fluctuating crude oil prices and fluctuations in foreign currencies have led to increased cost of raw materials. The initial capital investment required is high to develop facilities for production smelting, refining and metal recovery. Thus, this factor is restraining market growth.
Aluminum Composite Panel Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the aluminum composite panel market. Major players in the aluminum composite panel market top 10 companies are Yaret Industrial Group, Mitsubishi Chemical, Alubond U.S.A., Alumax Industrial, Shanghai Huayuan New Composite Materials, ChangshuKaidi Decoration Material, Guangzhou Xinghe Aluminum Composite Panel, and JyiShyang Industrial, and among others.
Acquisitions/Technology Launches
In January 2021, Alucopanel a UAE home-grown Aluminum Composite Panel (ACP) brand, today announces the launch of the region’s first government approved A1 non-combustible grade ACP, particularly recommended for building projects where very high level of fire protection is prescribed, especially high-rise buildings or schools, hospitals, shopping malls etc. In case of fire incidents in any buildings Alucopanel A1 will never contribute to fire at all.
Key Takeaways
The demand of aluminum composite panel in Asia-Pacific region is increasing with its rising inclination to convenient and safe and protective building materials.
Increasing adoption of sustainable and environment friendly products, and as the core materials (polyethylene) can be easily recycled without any loss of value or quality, aluminum composite panel demand is increasing.
Increasing demand for lightweight material and focus on green building developments in Asian countries will create demand for the aluminum composite panel market.
Related Reports :
A. Aluminium Metaphosphate Market
https://www.industryarc.com/Report/17692/aluminium-metaphosphate-market.html
B. Composite Materials Market
https://www.industryarc.com/Report/246/composite-materials-market-analysis-report.html
For more Chemicals and Materials related reports, please click here
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