The global aluminum
composite panels market is forecast to reach USD 11.06 Billion by
2026, according to a new report by Reports and Data. Aluminum composite panels
are weather, durable, and stain-resistant as they are mixed with plastic and
metal. They offer end-users to witness a reduction in sound from the outside
environment. Panels retain their shape and size, despite drastic weather
changes, making them ideal for regions with harsh seasons. Additionally, they
are resistant to corrosion, ensuring consumers can enjoy the benefits in the
coming years. These materials are one of the most economical materials available
on the market. Aluminum composite panels offer cost-savings from the onset,
owing to the low initial cost and long-lasting durability. They’ve also proven
to offer high-quality thermal comfort, providing additional savings in energy
and gas expenses.
The increasing residential
construction activities across the globe, coupled with the rising population,
are propelling the growth of the market. Rapid urbanization and
industrialization will also drive the demand for aluminum composite panels
during the forecast period. The construction industry is a booming industry and
is expected to remain so with the continuation of the development processes,
especially in the developing countries. Moreover, the rising investments in
smart cities in the emerging economies will also boost the demand for aluminum
composite panels worldwide.
Further key findings from
the report suggest
- The fire-resistant products account for the largest
market share of ~42% in the year 2018 and are anticipated to witness the
highest growth rate of 7.2% during the forecast period. Fire-resistant
panels are used as an exterior & interior cladding or roof covering on
new buildings as well as retrofit applications. When exposed to a higher
temperature, the product melts. Moreover, it does not emit the fumes and
gases which proves to be harmful to the environment.
- The core material components account for the largest
market share of ~32% in the year 2018. ACPs consists of two high-strength
aluminum sheets which includes a low density, insulating core material in
between. The core material comprises a non-combustible mineral and a small
fraction of thermoplastic which ensures high-performance against fire
hazards.
- The Asia Pacific region held the largest market share
of ~31% in the year 2018 and is anticipated to witness the highest CAGR of
6.7% during the forecast period. High construction & infrastructure
spending in emerging economies, including China and India, are majorly
escalating the demand for aluminum composite panels.
- Moreover, the growing transportation and automotive
industries in the region have led to an increased demand for warehouses,
hotels, restaurants, and others, which positively impacts the market
growth. The market in the automotive sector is driven by the need for
minimized vehicle weight to increase fuel efficiency and reduce
maintenance costs.
To identify the key trends in
the industry, click on the link below:
- Key participants include Hyundai Alcomax Co., Ltd., Mitsubishi Plastics, Inc., Alcoa, Yaret, Interplast, Euramax, Aludecor, Fairfield Metal LLC, Alubond U.S.A., Alcotex Inc., Dong' E Blue Sky & Seven Color Building Materials CoLtd., Jyi Shyang Industrial, Guangzhou Goodsense Decorative Building Materials Co., Ltd., Shanghai Huayuan New Composite Materials CoLtd., Shandong Jixiang Decoration & Building Material CoLtd., and Taizhou Kingertai Decoration Material Co., Ltd., among others.
- The companies have adopted various strategies,
including mergers, acquisitions, and partnerships to hold ongoing trails
and come up with new developments in the market.
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