Aluminum Composite Panels Market Revenue, Future Growth, Business Prospects and Forecast to 2026
The global aluminum composite panels market is likely to gain momentum from the rising popularity of out-of-home (OOH) or outdoor advertising worldwide. Such type of advertising is mainly used by the industry giants operating in several sectors, namely, e-commerce, hospitality, BFSI, and FMCG as it is cost-effective in nature. This information is published by Fortune Business Insights™ in a recent report, The report further mentions that the aluminum composite panels market size was USD 5,334.30 million in 2018 and is projected to reach USD 8,710.53 million by 2026, exhibiting a CAGR of 6.1% during the forecast period.
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This Report Answers the Following Questions:
- How will the market be affected in the coming years?
- What are the aluminum composite panels market trends, growth drivers, and obstacles?
- Which challenges and opportunities would the market come across?
- Which company is likely to gain the maximum share in the near future?
- Which region would procure the largest revenue and lead the market?
Drivers & Restraints-
Possession of Various Benefits of ACP Sheets to Aid Growth
One of the world’s largest consumers of raw materials is the construction industry. It is anticipated to grow at a rate of 4.2% annually based on market value. This growth is attributable to the expansion of infrastructure, non-commercial, and commercial projects. In Asia Pacific, India is the major contributor to growth owing to the rising number of buildings. In the U.S., the industry would grow exponentially on account of the positive market conditions and robust economy. These are, in turn, upsurging the commercial real estate, as well as state and federal grants for institutional and public infrastructure developments.
Furthermore, ACP sheets are commonly used to construct various types of buildings. ACP possesses various benefits, such as high durability and cost-effectiveness. The inexpensive nature of ACP makes it favorable in many developing countries. Its composite content is also capable of withstanding high wind load. The need for repairing is also eliminated because ACP sheets can be cleaned and washed at any point of time. However, lack of proper cleaning can damage these sheets. It may hinder market growth.
Automotive Segment to Grow Considerably Owing to High Demand for Personal Cars
In terms of application, the market is divided into railways, advertising boards, automotive, building and construction, and others. Amongst these, the automotive segment held 13.1% aluminum composite panels market share in 2018. This growth is attributable to the rising demand for private vehicles across the globe. Nowadays, people are inclining more towards personal cars rather than public transportation, despite high disposable income and rapid urbanization. The building and construction segment would also grow significantly owing to the rising installation of ACP in buildings as it is water-proof in nature.
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Increasing Demand for Affordable Housing to Favor Growth in Asia Pacific
The market is geographically segregated into the Middle East and Africa, Central and South America, Asia Pacific, Europe, and North America. Out of these, Asia Pacific generated USD 2,091.60 million in terms of ACP market revenue in 2018. The region is set to grow at a rapid rate owing to the expansion of the construction industry in countries, such as Vietnam, Indonesia, India, and China. Also, the rising government schemes to support the basic services would contribute to the growth of the market. Besides, high demand for affordable housing and ongoing development are expected to bolster growth.
Key Players Aim to Extend Product Portfolio through Mergers & Acquisitions
The market consists of many companies that are currently focusing on the strategy of acquisitions and mergers for expanding their range of products and boosting sales in the market. Below is a key industry development:
- July 2017: Fairview Architectural acquired the Stryum business. The latter’s product portfolio consists of a wide range of premium quality plate aluminium façade panels that would complement the former’s pre-existing portfolio of cladding solutions including high density terracotta tile, natural stone, and fibre cement. One of the major products of the company is Vitracore G2, its best-selling non-combustible ACP.
Fortune Business Insights™ lists out all the companies operating in the ACP market. They are as follows:
- 3A Composites GmbH
- Mitsubishi Chemical Corporation
- Hyundai Alcomax Co., Ltd.
- Fairfield Metal LLC
- Jyi Shyang Industrial Co., Ltd.
- Alumax Industrial Co., Ltd.
- Yatai Industrial Group Co., Ltd.
- Shanghai Huayuan New Composite Materials Co., Ltd.
- Guangzhou Xinghe Aluminum Composite Panel Co., Ltd.
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