Adoption Across End User Industries Hotspot For Market
Aluminium composite panels, also called as sandwich panels, comprise of two aluminium sheets that are attached to a non-aluminium core. ACP (Aluminium Composite Panel) is strong and rigid in nature. It is extensively used as an external cladding material in buildings. It provides increased durability, rigidity, UV and weather resistance. It is also easy in processing and forming. It is extensively used in various end-user industries such as construction, automotive, railways and also in advertisement boards. ACPs are produced in a wide range of metallic and non-metallic colours such as marble or wool as aluminium can be painted in any kind of colour. Thus, the global aluminium composite panels market is expected to grow with a CAGR of around 7.1% during forecast period 2019-2026. Growing demand from end-use industries, abundant availability of aluminium coupled with increase in industrial and commercial construction activities are some of the driving factors for the market growth.
Industrial and commercial construction: Growth booster
The growth of construction industry globally is anticipated to drive the aluminium composite panels market as it is majorly used in construction industry. Aluminium composite panels are applied to the buildings walls to aid as siding. It is often utilised for external cladding of buildings and building facades, for signage and insulation. ACPs are also used for internal and external architectural partition or cladding, signage, false ceilings, container construction, machine covering etc. Moreover, it is allowing civil structures to withstand ongoing exposure of extreme temperature, weathering, etc. As per the Global Construction Perspective and Oxford Economics, the global construction market is estimated to grow at $8 trillion by 2030. Rising growth of urbanisation in India is anticipated to require investments of around $20 trillion by the end of 2040 to create better and improved infrastructure. As per the Lightning Controls Association of U.S., the non-residential construction sector is projected to have a significant growth in 2015, and an increase is also expected in 2016. There is a rise of 12.8% in residential construction spending in 2015, whereas non-residential construction spending raised by an estimated 9%. Private non-residential raise by 12% and the public non-residential raise by 5.2% that leads to its growth of construction sector in the United States. In construction, industrial development or construction activities grew by over 22% in 2015, reaching $84.1 million and delivering 178.4 million square feet, as per the Commercial Real Estate Development Association.
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Asia Pacific dominates the aluminium composite panels market globally
Asia pacific region is anticipated to majorly drive the aluminium composite panels market across the world. The growing construction sector and automotive industry is contributing to the growth of the Asia Pacific aluminium composite panels market. For instance, as per the India Brand Equity foundation, the market value of construction sector in India is projected to expand up to $184.3 billion by 2017. Moreover, the huge growth in the automotive sector across South Asian nations such as India, China, etc. creates a huge demand of aluminium composite panels. ACPs are majorly used in applications such as to minimize vehicle weight for rising fuel efficiency and reducing maintenance costs. According to Transport Bureau of Statistics India, China, Japan, South Korea cumulatively have over 50% market share in terms of production of vehicles. According to the Indian Brand Equity Foundation the production of automobiles has been increased to a CAGR of 9.4% during the time-period 2006-2016. The passenger vehicle had recorded a fastest growth with a CAGR of 10.09% (2006-2016). Similarly, as per the International Trade Administration, China is considered as the largest vehicle market across the world. There was sale of around 28 million units in 2016, and raised by 9% from 2015 in China. The Chinese Central Government anticipated that automobile output in China’s is estimated to reach 30 million units by 2020 and 35 million by the year 2025. This rise in automotive industry is expected to increase the demand of aluminium composite panels as it is used as padding noise dampers. Aluminium composite panels are also used inside the buses and vans that both serve style and function and also acts as a heat retainer.