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The aluminum composite panels market size is estimated to grow at a CAGR of 6.87% between 2022 and 2027 with the market size forecast to increase by USD 2,449.52 million.
This aluminum composite panels market report extensively covers market segmentation by type (fire-resistant, antibacterial, and antistatic), end-user (building and construction, transportation, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The growth of the market depends on factors such as the increasing use of lightweight materials in various end-user industries, stringent regulations for environmental protection, and strong demand for hoardings from the advertising industry.
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ACPs are made up of two thin sheets of aluminum that are glued together to form a core made of plastic. The aluminum and the plastic core form a sandwich together, which is why they are called aluminum composite panels.
The first-resistant segment is estimated to witness significant growth during the forecast period. Fire safety is a major concern globally to avoid any work-related injury. Fire-resistant (FR) ACP Sheets are manufactured using state-of-the-art ACP production lines equipped with the most advanced technology. The demand for fireproof building materials is increasing due to the rising risk of fire hazards.
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The first-resistant segment was the largest segment and was valued at USD 2,207.76 million in 2017. There are strict regulations regarding the use of fire-safe materials in the construction of homes and buildings around the world. FR ACP materials play an increasingly important role in modern construction. As skyscrapers rise into the sky in cities around the world, the use of fireproof materials opens up new opportunities for aluminum composite panels. Hence, it is expected to drive the growth of the fireproof segment in the global aluminum composite panel market during the forecast period.
Based on the end-user, the building and construction segment holds the largest market share. Aluminum composite panels are widely used in construction applications as it is lightweight, have high tensile strength, and are durable and resistant to corrosion and rust. Various parts of buildings, including the roofing, windows and doorframes, staircase railings, air conditioning systems, and heating systems, use aluminum. The rapid growth of the global construction sector is expected to boost the growth of the global aluminum composite panels market during the forecast period.
APAC is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Top construction projects are emerging in APAC countries, such as China, India, Japan, Indonesia, and Thailand. The two most populous countries in the world, China and India, are investing significantly in infrastructure development. Hence, increasing investments in the construction industry are likely to boost the demand for aluminum thereby driving the growth of the regional aluminum composite panel market.
Furthermore, the auto industry in India, Japan, and China is growing faster than in other countries, driven by improved sales and higher disposable income, a growing middle-class population, and a growing middle-class population. increasing and the standard of living is improving. The Chinese government is focusing on reducing pollution levels and forcing automakers to produce light vehicles that emit less carbon dioxide. Aluminum composite panels contribute to the production of light vehicles. Therefore, demand for ACP is expected to increase during the forecast period.
Increasing use of lightweight materials in various end-user industries is the key driver for the growth of the market. Manufacturers are looking for materials that meet their goals of reducing weight without compromising the required durability of cars, airplanes, and building structures. Industries such as aerospace and automotive are adopting lightweight materials to reduce the overall weight of aircraft and vehicles to ensure energy efficiency. One of the main reasons aluminum is so important in the automotive industry is its low density, which helps to reduce the average weight of the vehicle. Aluminum in auto parts reduces weight by up to 24%.
Besides, aluminum is also increasingly used in the aerospace industry as it no longer uses steel and iron. Modern commercial airframes are made of 80% aluminum. Aluminum is also used in spacecraft because it is light and can withstand the pressures of launching and operating in space. The NASA Orion MPCV (Multi-Purpose Crew Vehicle) has a main structure made of an aluminum-lithium alloy. Such USAge will drive the growth of the market during the forecast period.
Increasing development of green buildings is the primary trend in the global aluminum composite panels market. Green buildings use environmentally friendly and resource-efficient materials and processes throughout their life cycle, including design, construction, operation, maintenance, renovation, and demolition. Aluminum is widely used in green buildings because it is a durable and energy-efficient building material.
Furthermore, the Certification of Leadership in Energy and Environmental Design (LEED) is one of the most widely used green building rating systems in the world, which promotes the use of aluminum in building construction to achieve LEED eco-friendly building status. Various properties of aluminum that promote its use in green buildings include strength-to-weight ratio, good sunlight reflectivity, and recyclability. These benefits are expected to drive the use of aluminum in the construction industry, which is expected to fuel the growth of the global aluminum composite panel market during the forecast period.
High volatility in LME prices of aluminum is a challenge that affects the growth of the market. The price of primary aluminum depends on three factors, including the underlying base metal composition, the regional premium, and the product premium. The price of aluminum on the LME depends largely on macroeconomic factors, the supply and demand of this metal, and the trading activities of investors. Any change in these factors can lead to a change in market prices.
In addition, high inventories at the LME or the exchange of a significant volume of aluminum metal in the market can lead to lower aluminum prices. Fluctuations in aluminum prices on LME translate into fluctuations in purchase fees (regional fees and product fees) charged on billet (raw material) and affect sales. As a result, volatility in LME aluminum prices is hindering the growth of the global aluminum composite panel market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Sundow Polymers Co. Ltd.: The company offers aluminum composite panels which include impact modifier in rigid PVC.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Alcoa Corp., Alexia Panels Pvt. Ltd., Alstrong Enterprises India Pvt Ltd., Aludecor Lamination Pvt. Ltd., Alumax Panel Inc., Arconic Corp., Euro Panel Products Ltd., Fairfield Metal, Hyundai Alcomax Co. Ltd. , Jyi Shyang Industrial Co. Ltd., Mitsubishi Chemical Group Corp., MSENCO METAL CO. LTD, Mulkholdings International, ReynoArch India, Schweiter Technologies AG, Shanghai Huayuan New Composite Materials Co. Ltd., Sundow Polymers Co. Ltd., Viva Composite Panel Pvt. Ltd, Wonder Alu Board, and zq steel group Co. Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Aluminum Composite Panels Market Customer Landscape
The outbreak of COVID-19 in 2020 negatively affected the growth of the aluminum composite panels market in the region. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Moreover, in 2021, the automotive industry in the region sees growth, with sales of new energy vehicles (NEVs) in China increasing by more than 2 million units compared to 2020. In India, the government's focus is on spending increases to stimulate growth in the infrastructure sector. These factors have increased the demand for aluminum from the automotive and construction industry in the region and are likely to accelerate the growth rate of the aluminum composite panel market in APAC during the forecast period.
Aluminum Composite Panels Market Scope |
|
Report Coverage |
Details |
Page number |
152 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.87% |
Market growth 2023-2027 |
USD 2,449.52 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.57 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 40% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alcoa Corp., Alexia Panels Pvt. Ltd., Alstrong Enterprises India Pvt Ltd., Aludecor Lamination Pvt. Ltd., Alumax Panel Inc., Arconic Corp., Euro Panel Products Ltd., Fairfield Metal, Hyundai Alcomax Co. Ltd. , Jyi Shyang Industrial Co. Ltd., Mitsubishi Chemical Group Corp., MSENCO METAL CO. LTD, Mulkholdings International, ReynoArch India, Schweiter Technologies AG, Shanghai Huayuan New Composite Materials Co. Ltd., Sundow Polymers Co. Ltd., Viva Composite Panel Pvt. Ltd, Wonder Alu Board, and zq steel group Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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