Zion Market Research predicts that the global aluminum composite panels market to reach to USD 10.2 billion by 2025 from USD 7.2 billion in 2019 with a CAGR of 7.1% in the years to come. The global market is seeing high development, due to factors such as rise in demand from end-use sectors, elevation in commercial and industrial activities, and elevation in popularity of antibacterial and anti-toxic panels’ paired with advantages related with aluminum composite panels, such as reduced sound transmission and durability. The growth is also credited due to the fact that these panels defend the surface from heavy rain, UV-sunlight, humidity, wind, and harmful microbes & bacteria. Development of the construction sector along with elevated urbanization has resulted to an elevation in requirement for aluminum composite panels, specifically in the up-and-coming nations of South America and Asia Pacific.
Yaret Industrial Group, Arconic, 3A Composites, Mitsubishi Chemical, Alumax Industrial, Alubond U.S.A., Changshu Kaidi Decoration Material, Shanghai Huayuan New Composite Materials, Jyi Shyang Industrial, Guangzhou Xinghe Aluminum Composite Panel, and others are the major players active in the global market.
By Application Sector Building & Construction The Biggest Application Sector Of Aluminum Composite Panels
Building & construction is predicted to be the biggest application sector of the global market. The global market is boosted by the rising standardization in architecture that elevated the requirement of aluminum composite panel installation in new constructions and owing to the advanced quality of fire resistance, durability, weather proof properties, and anti-bacterial that these panels provide. Up-and-coming markets have contributed to an elevation in the application of these panels in building & construction. Huge repairing price if dented or broken is the limiting factors for the global market for aluminum composite panels.
Asia Pacific To Get Utmost Traction In The Years To Come
The Asia Pacific area is predicted to be the quickest-developing market in the years to come, after South America. China (in Asia Pacific) is the biggest user for aluminum composite panels, after Japan. China, with its increasing building & construction sector, is predicted to boost the global market for aluminum composite panels. Japan, with its increasing preference toward safe and convenient building materials, is predicted to power the growth of aluminum composite panels market in Asia Pacific.
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This review is based on a report by Zion Market Research, titled “Aluminum Composite Panels Market by Type (Antibacterial, Fire-resistant), Base Coating Type (PVDF, PE), Composition (Metal skin, Core material), Application (Advertising, Building & Construction, and Transportation), and Region – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2025”