Pune India, Jan. 14, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the aluminium composite panels market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the aluminium composite panels market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, vehicle type, application and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global aluminium composite panels market are Jyi Shyang Industrial, Alstrong, Mitsubishi Chemical Corporation, Arconic, Yaret Industrial Group, Alubond U.S.A., 3A Composites, Alumax Industrial, Changshu Kaidi Decoration Material, Guangzhou Xinghe Aluminium Composite Panel, Shanghai Huayuan New Composite Materials, Jyi Shyang Industrial., EURO PANELS PRODUCTS PVT LTD among others. To achieve a substantial market share in the worldwide aluminium composite panels market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The aluminium composite panel comprises two sheets of aluminium-based alloy bonded with a core material. Composite aluminium panels are becoming increasingly popular among end users since they offer proven performance in all kinds of climates and can be easily cleaned by simply washing them with standard detergents. Because of the environmental benefits of these materials, the rising popularity of green buildings is also expected to fuel demand for these products. The building and structure are governed by several regulations and safety standards, including LEED and British Safety Standards, and ACPs are encouraged to be incorporated into the design. Over the forecast period, aluminium composite panels are predicted to play a significant role in the growth of the global automotive industry. The market is witnessing huge growth due to the rising demand for aluminium composite panels in the construction sector is booting the market growth but there are some factors which are hampering the growth of the market. Factors such as rising prices of the raw material used in the manufacturing of panels and the high cost of the final product are impacting the growth of the market. Furthermore, various key players are continuously focusing on improving the quality of their products by investing in research and development, which is creating new opportunities for the market growth.
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Scope of Aluminium Composite Panel Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Product, Vehicle Type, Application, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Jyi Shyang Industrial, Alstrong, Mitsubishi Chemical Corporation, Arconic, Yaret Industrial Group, Alubond U.S.A., 3A Composites, Alumax Industrial, Changshu Kaidi Decoration Material, Guangzhou Xinghe Aluminium Composite Panel, Shanghai Huayuan New Composite Materials, Jyi Shyang Industrial., EURO PANELS PRODUCTS PVT LTD among others |
Segmentation Analysis
PVDF is expected to be the fastest-growing segment in 2022.
The product segment is polyester, PVDF, laminating coating, oxide films, and others. The PVDF segment is expected to witness the highest growth rate during the forecast period. A wide range of applications, such as lightweight construction, high-speed trains, and advertisement boards, led to PVDF panels accounting for over 34.4% of the market in 2018. Furthermore, the features that make them corrosion- and wear-resistant and durable will benefit the segment growth, which in turn will boost the market growth.
Passenger car is expected to be the fastest-growing segment in 2022.
The vehicle type segment is light commercial vehicles and passenger cars. The passenger car segment is expected to witness the highest growth rate during the forecast period. It provides better thermal insulation and acoustic insulation in premium cars, which boosts its demand in this market. The use of aluminium composite panels in high-performance cars results in a reduction in the weight of the car, which results in improved fuel efficiency.
Construction is expected to be the fastest-growing segment in 2022.
The application segment is automotive, railways, construction, advertisement board, and others. The construction segment is expected to witness the highest growth rate during the forecast period During the forecast period, the global aluminium composite panel market is expected to grow in the construction segment because it will enhance the growth of building construction and architecture, as well as require fire-resistant properties, corrosion resistance, and moisture resistance.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the aluminium composite panels market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. As a result of increasing construction activities and a preference for low-maintenance building products, Asia-Pacific dominated the global market share in the aluminium composite panels market. ACPs are used to decorate interiors in Asian countries for aesthetic appeal, making it a lucrative market for the growth of the market as large-scale investments in hotels provide lucrative opportunities for market growth.
Country Analysis
- Germany
Germany's aluminium composite panels market size was valued at USD 0.53 billion in 2022 and is expected to reach USD 0.66 billion by 2030, at a CAGR of 2.9% from 2023 to 2030.
The region's shifting building and energy requirements are driving the expansion of the use of panels as cladding and aesthetic components of green structures, propelling the market growth.
- China
China’s aluminium composite panels market size was valued at USD 0.92 billion in 2022 and is expected to reach USD 1.25 billion by 2030, at a CAGR of 4.0% from 2023 to 2030.
It has been projected that China's construction industry will grow by 6% in 2022, according to its Five-Year Plan released in January 2022. Prefabricated elements can be used for up to 30% of new buildings in the country, either fully or partially built and assembled on construction sites.
- India
India's aluminium composite panels market size was valued at USD 0.83 billion in 2022 and is expected to reach USD 1.10 billion by 2030, at a CAGR of 3.6% from 2023 to 2030.
India's construction industry is expected to be boosted by government initiatives, increasing investments in the residential and commercial sectors, as well as the rising demand for aluminium composite panels.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increase due to the rising demand for the construction of green buildings, propelling the growth of the market across the countries.
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