An aluminum composite panel is a flat panel which consists of a non-aluminum core coated by two thin aluminum sheets on either side. It is used mainly in architectural cladding, false ceilings, container and construction among others. Owing to its light weight and malleable property, it is a very popular material in construction, particularly in structures such as trade show booths. Aluminum sheets can be coated with polyester paint, polyvinylidene fluoride and fluoropolymer resins. They can be painted with different variety of paints, colors and patterns. Currently, there are more than 200 companies manufacturing aluminum composite panels globally.
Market Size and Forecast
Aluminum is a sturdy, light, flexible and malleable material which is highly suitable for buildings and construction activities. Additionally, it has high impermeability property when used in a sandwich panel that helps build air and water tight buildings. Owing to these factors, the aluminum composite panels market is expected to grow at a significant CAGR during the forecast period 2020-2028. The market is segmented by application into buildings & constructions, transportation, automotive, advertising boards, railways and others. The building & construction segment is anticipated to grow at the highest rate on the back of high consumption of aluminum composite panel in the sector and rising construction activities across the world.
Easy Installation and Corrosion Resistance Property of Panels
Convenient installation process and flatness of the material makes aluminum composite panels suitable for construction purposes and necessary for the construction of air and water tight buildings. This is anticipated to drive the market growth over the coming years. Aluminum is considered to be one of the most corrosion resistant metals to be used in various applications including automotive, railways, building and construction among others. Owing to this property, its usage has increased in multiple other industries. Therefore, it is anticipated to drive the market growth during the forecast period.
Growth in System Reliability and Efficiency
Aluminum composite panel technology has become increasingly reliable and efficient over the years as a result of increased usage of cutting edge technology. This is anticipated to drive the market growth during the next few years. Increasing investment in aluminum composite panel research and development in order to invent improved technology that helps in efficient and durable panel manufacturing is further projected to drive the market growth.
Use of Sophisticated Technology for Business Development
Aluminum composite panel market is anticipated to grow exponentially on the back of rising use of techniques such as business intelligence technology, strategic management and machine learning. Important decisions such as pricing, marketing, finance, and sales would be taken upon usage of analytical tools driven by data and less driven by instincts which is predicted to further drive the market growth in future. Easy maintenance, favorable malleability and strength of the metal are other factors that are anticipated to drive the market growth during the forecast period. With low and middle income countries going through a phase of urbanization, rapid residential and commercial building activities are taking place. This is estimated to drive the market growth during the forecast period.
High Cost of Technology
When the technology involved in developing the aluminum composite panels becomes increasingly developed, the cost of innovation may increase significantly. The cost of the skilled labor involved in developing such technologies may also increase in the coming years, which is predicted to negatively impact the market growth during the forecast period. Due to rise in the key players dominating the market, the intense competition may squeeze the profit margins forcing the mid-scale companies to adopt different strategies. CLICK TO DOWNLOAD SAMPLE REPORT
High Cost of Raw Materials
Raw materials involved in manufacturing aluminum composite panel have a volatile cost due to variations in supply and demand. Moreover, initial investment involving purchase of production, refining, smelting and metal recovery facilities is very high. This is estimated to negatively affect the market growth during the forecast period.
Our in-depth analysis of the aluminum composite panels market includes the following segments:
On the basis of regional analysis, the aluminum composite panels market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region out of which, the market in North America is anticipated to hold the largest market share on the back of high investments in the green building technology in the region. In addition to this, the market in Asia Pacific is anticipated to record the highest CAGR on the back of rapidly growing construction industry in the region.
The global aluminum composite panels market is further classified on the basis of regions as follows:
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