The global aluminum composite panel market size was valued at USD 4.51 billion in 2020 and is anticipated to grow at a CAGR of 6.3% during the forecast period. Aluminum composite panels are developed with a couple of thinly coated aluminum sheets with a non-aluminum core in between to offer enhanced features.
Aluminum composite panels are used in various interior and exterior applications owing to their properties such as being lightweight, ease of installation and maintenance, durability, high corrosion resistance, flexibility, and cost-efficiency. These panels are used in cladding, curtain wall panels, insulation, partitions, and ceiling decoration.
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They also find applications in display platforms, advertising sign displays, signboards, and wallboards. The automotive sector uses the product for enhancing strength, retaining heat, noise dampening, padding, and aesthetics. Rising industrialization, urbanization, and increasing commercial activities across the globe drive the growth of the market.
The COVID-19 outbreak has restricted the growth of the market. The pandemic has adversely affected industries such as automotive and construction, resulting in reduced market demand for aluminum composite panels from these industries. The market has been impacted by operational challenges, disruption of the supply chain, delayed installations, deferred maintenance, and workforce impairment.
Construction activities have been halted due to various government regulations and social distancing norms across the globe. Consumers are purchasing essential products and postponing other activities indefinitely.
Restrictions on the movement of goods and travel bans have further limited the application of aluminum composite panels. The market is expected to gain traction post-COVID-19 driven by supportive government regulations, favorable environmental policies, industrial recovery, and the growing application of lightweight materials.
Increasing disposable income and improving living standards have resulted in the building & construction sector growth, especially in emerging economies. The introduction of international building codes, growing investment in the construction industry, and public infrastructure development are expected to boost the market growth.
Technological advancements and rising investments in the construction of offices, factories, and manufacturing units have increased the application of aluminum composite panels in the building & construction sector.
The growing need to reduce weight in automobiles for increased performance and greater market demand for modernized vehicles has increased the automotive sector's demand for aluminum composite panels. Additionally, the utilization of aluminum composite panels in advertising boards and display platforms has grown over the years.
The aluminum composite panel offers high strength to weight ratio, weather and UV resistance, greater thermal and sound insulation, and endurance under harsh conditions, which has increased its application in the building and construction sector. It is utilized in a wide range of applications such as wall insulation, interior decoration, façade cladding, and partitions.
The growing need to build energy-efficient buildings, reduce energy costs, and use non-toxic materials has increased the applications of aluminum composite panels. The increasing development of buildings and homes and the growing trend towards art and design have further aided market growth.
The market is primarily segmented on the basis of coating, end-use, and region.
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The base coating segment has been divided into polyethylene, polyester, laminating coating, oxide film, PVDF, and others. The demand for the PVDF segment is expected to be high during the forecast period. These products offer high mechanical quality, sturdiness, and toughness. They are popular owing to their low cost, fire resistance, excellent corrosion, and exterior use. They are capable of resisting acid rain, strong ultraviolet radiation, and extreme weather conditions.
On the basis of end-use, the market is segmented into building and construction, automotive and transportation, industrial, advertising, and others. The building and construction segment dominated the global market in 2020. The aluminum composite panel finds a wide range of applications in the building sector owing to properties such as durability, weather resistance, and fire resistance.
Increasing investments in the construction sector and the development of public infrastructure accelerates market growth. Governments across the globe are investing significantly towards the development of smart cities, increasing the demand for aluminum composite panels.
The Asia Pacific dominated the global aluminum composite panel market in 2020. Increasing urbanization, growing research and development activities, and expansion of international players in this region drive the growth in this region.
The industrial growth in countries such as China, India, and Japan, rising automotive penetration, and increasing construction and development activities have resulted in greater demand for the product. Growing applications in advertising and marketing have further accelerated the requirement for the product in the region.
The leading players in the aluminum composite panel market include Mitsubishi Chemical Corporation, Yaret Industrial Group, Guangzhou Xinghe Acp, Arconic, Shanghai Huayuan New Composite Materials Co. Ltd., 3A Composites, Msenco Metal, JYI Shyang Industrial, Alubond U.S.A., Alstrong Enterprises India (Pvt) Ltd, Alumax Industrial, and Changshu Kaidi Decoration Material.
Market size value in 2020
USD 4.51 billion
Revenue forecast in 2028
USD 6.24 billion
6.3% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD million/billion and CAGR from 2021 to 2028
By Coating, By End-Use, By Region
North America Europe Asia Pacific Latin America; Middle East & Africa
Mitsubishi Chemical Corporation, Yaret Industrial Group, Guangzhou Xinghe Acp, Arconic, Shanghai Huayuan New Composite Materials Co. Ltd., 3A Composites, Msenco Metal, JYI Shyang Industrial, Alubond U.S.A., Alstrong Enterprises India (Pvt) Ltd, Alumax Industrial, and Changshu Kaidi Decoration Material