Aluminum Composite Panels Market Analysis | 2023-2028

"Aluminum Composite Panels Market is expected to grow from USD 6.77 billion in 2022 to USD 9.95 billion by 2028 at a healthy CAGR of 6.62% during the forecast period of 2023-2028".

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Market Dynamics

Introduction

Aluminum composite panels are made of aluminum composite material. They are flat panels comprising two thin-coated aluminum sheets connected to a non-aluminum core. Aluminum composite panels are majorly used for external cladding or facades of buildings, insulation, signage, and making shipping containers.

Aluminum composite panels are coated with different materials such as PE and PVDF. They are used in different applications such as building & construction, advertising, and transportation.

Market Drivers 

The aluminum composite panels (ACPs) market is driven by several factors that contribute to its growth and demand. Below given are a few key drivers:

• Growing demand from the construction industry – The construction industry plays a vital role in driving the demand for aluminum composite panels. With the growing urbanization, the construction industry is growing which requires high-quality building materials. ACPs are widely used for applications like exterior cladding, roofing, interior decoration, and even more.
• Lightweight properties of ACPs – The lightweight nature of ACPs allows for easier handling, transportation, and installation which results in cost and time saving for many construction projects. This is one of the reasons why ACPs are becoming the preferred material.
• Growing sustainability practices – ACPs are known as an environment-friendly choice for construction. They have good thermal insulation properties which aids in reducing energy consumption for heating and cooling purposes. With the growing focus on energy-efficient components, ACPs stand at the top of the list of less-energy-consuming materials.
• Increasing adoption in the automotive and transportation industry - ACPs are also being used for a variety of applications such as exterior body panels of vehicles, interior rims, truck beds, etc. This is mostly due to its lightweight property, corrosion resistance, and other properties. The growing automotive and transportation sector thereby creates a huge demand for ACPs in the market.

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Segment Analysis

By Coating Type

"The PVDF segment held the larger share of the market in 2022"

The market is segmented as PE and PVDF. The PVDF segment held the larger share of the market in 2022 and is expected to remain dominant during the forecast period. It helps to protect the exposed parts of any building or other applications from external weather conditions and retains its gloss and color for a longer time.

By Property Type

 "The fire-resistant segment is expected to remain dominant"

The market is segmented as fire-resistant, antibacterial, and anti-static. The fire-resistant segment is expected to remain dominant during the forecast period owing to people shifting their preferences to build fireproof buildings.

By Application Type

"The building & construction segment leads the market"

The market is segmented as building & construction, advertising, and transportation. The building & construction segment leads the market owing to the increasing population and growing spending power of people, which are giving rise to the construction of new houses in the urban and suburban areas, globally, and the upsurge in the construction of non-residential buildings and institutes is also a major reason for the dominance of this segment.

By Composition Type

 "The core material segment is expected to remain the dominant as well as the fastest-growing segment 

The market is segmented as surface coating, core material, metal skin, and rear skin. The core material segment is expected to remain the dominant as well as the fastest-growing segment during the forecast period. The growth of the segment is driven by its excellent fire-resistant property, for which it is highly preferred in building & construction applications.

By Region

"Asia-Pacific is estimated to be the largest as well as the fastest-growing market"

Asia-Pacific is estimated to be the largest as well as the fastest-growing market during the forecast period, with China, Japan, India, and Australia being the major growth engines driven by their increasing per-capita income, extensive growth of the construction industry in the region, and the presence of a large number of aluminum composite panel manufacturers in these countries. The market is mainly driven by the increase in population and the rise in the construction of residential and non-residential buildings. North America and Europe are also expected to offer sizeable growth opportunities during the forecast period.

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key Players

The following are the key players in the Aluminum Composite Panels Market (arranged alphabetically)

• 3A Composites
• Alubond U.S.A.
• Alumax Industrial
• Arconic
• Shanghai Huayuan New Composite Materials
• Yaret Industrial Group

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most totally. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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