The global aluminum composite panel market size was estimated at USD 4.19 billion in 2015. The growing automotive production worldwide, most notably in emerging regions such as Asia Pacific, is expected to drive market growth during the forecast period. aluminium composite material find a vast majority of its application scope in the automotive industry to be associated with body paneling. Aluminium composite sheet are being increasingly used for this application to reduce overall weight of the vehicle, thereby increasing fuel efficiency and lowering maintenance costs, which are among the key factors driving the demand for advanced automotive solutions worldwide.
Aluminum composite panels market, 2014 – 2025 (USD million)
The growing infrastructure development activities in emerging economies has resulted in increased demand for commercial and heavy vehicles for public transport, logistics, and industrial applications. The growth of the automotive industry is expected to have significant impacts on the overall aluminum composite panel market growth during the forecast period.
PVDF-based ACP wall panels are expected to dominate the overall industry during the coming years, mainly on account of the rising application scope in the automotive and advertisement board applications. This can be attributed to the superior properties and operational efficiency offered by the product. PVDF panels offer resistance to wear & tear, UV, corrosion, water, and are available at considerably low costs.
Factors lead to the rapid growth of aluminum composite cladding industry
Growing population, urbanization, and need for enhanced infrastructure have led to the rapid growth of the construction industry worldwide, most notably in emerging regions of Asia Pacific and Middle East & Africa. The construction industry has been witnessing high growth in countries such as China, India, UAE, and Qatar over the past few years. The growth of this industry worldwide, along with stringent building regulations imposed by governments regarding fire safety and others, is expected to have significant impacts on the overall acm panels industry during the forecast period.
The growth of the advertising, marketing, and mass media industry worldwide has resulted in increased investments in the advertising boards segment worldwide. Advertising boards are subject to various environmental conditions such as humidity and moisture, temperature fluctuations, and pollution, among others, as a result of which the boards may face challenges such as corrosion, wear & tear, and so on. There is a growing requirement for advanced advertisement board material solutions, which could help mitigate the issues of corrosion, wear, etc., thereby minimizing maintenance costs, among other benefits. This has led to the adoption of composite aluminum for advertisement boards globally, thereby also driving the overall aluminium composite cladding panels industry demand, projected to grow at a CAGR of 6.2% during the forecast period.
The main market of the aluminum composite panel industry in the future
Asia Pacific dominated the overall industry in 2015, having accounted for over 40% of the overall market revenues. The construction industry in this region is anticipated to expand at a rapid rate, especially in emerging economies such as China, India, Indonesia and Vietnam among other South-East Asian countries. The exponential rise in population in such countries, coupled with the high demand for affordable housing, and government schemes promoting basic amenities such as food & shelter, are major factors driving this expansion.
North America Market
North America accounted for the second-largest share in the overall market. Construction spending is anticipated to rise at a moderate rate; however, the increasing governmental schemes and initiatives to promote infrastructure in the region is conducive to the industry growth. These panels are increasingly being utilized for decorative & cladding applications to meet transitioning energy & building standards, since they foster better insulation in buildings. The aluminium composite board industry in the U.S. is projected to grow at a CAGR of nearly 7.5%, in terms of revenue, over the forecast period
Global aluminum composite panel market, by region, 2015 (%) (USD Million)
The global aluminum composite panel market is a highly competitive industry, mainly owing to the large number of sellers in the industry. Production capacity expansion, new product developments, and product customization are expected to be the key strategic initiatives adopted by major players, with the objective of remaining competitive in this industry.