Aluminum composite panel market size is projected to grow at a considerable rate over the forthcoming years driven by a surge in commercial and industrial activities, rising popularity of antibacterial and anti-toxic panels, and mounting demand from end-user industries.
Aluminum composite panels (ACPs) are known to offer significant benefits including high durability, protection from UV rays, wind, humidity, harmful microbes and bacteria, heavy rain, and reduced sound transmission. Besides, features like high rigidity, easy installation, and superior chemical and corrosion resistance enable ACPs to be used majorly for decorative purposes.
The market growth for aluminum composite panels is expected to be hampered by the availability of cheaper substitutes in the global markets. However, large-scale investments in establishment of new hotels and residential spaces in various economies of the world would open up new growth avenues for the ACP market over 2021-2027.
Based on the type, anti-static aluminum coating panels are gaining ground worldwide. These panels are light in weight, possess anti-wind pressure, rigid, safe and non-toxic, easy to install and process, fire resistant, and offer durable coating performance. These products also provide environmental protection and are considered to be safe and reliable. Anti-static ACPs can be used in partition panels and ceilings in precision instrument factories, chemical warehouses, film printing plants, computer rooms, goods warehouses, hospitals, and other places as well.
In terms of the coating base, polyester coated ACP market is poised to garner lucrative gains through 2027. These panels consist of one polyethylene inner core which is sandwiched between the layers of aluminum. ACPs are considered to be an ideal material for outdoor and indoor decoration. Polyester coated ACPs boast intrinsic benefits such as excellent printable surface, high strength and easy fabrication and maintenance, light weight, and gloss retention. These panels are being used for renovation of old building decoration, billboards, signs, and display platforms, and interior decoration.
Considering the end-user vertical, the construction sector is estimated to emerge as a remunerative sector for the overall aluminum composite panel market. Eco-friendly attributes offered by ACPs are anticipated to increase the product demand in green buildings. Besides, advantages like acoustic insulation and corrosion resistance delivered by the product would further fuel their demand in the modern construction industry. The thriving construction business space worldwide would further propel the demand for aluminum composite panels.
Regionally, North America aluminum composite panel market would grow at a prodigious pace over the forecast period subject to the growing building and construction sector in the region. Increasing government initiatives and schemes to encourage better infrastructure and green buildings in the American countries would boost the market demand further. In 2020, President Joe Biden enunciated a campaign and called for drastic action to tackle climate change with a clean energy revolution that results in net zero emissions for the United States by 2050 using green building strategies.
Some of the prominent companies operating in the global aluminum composite panel industry include Jyi Shyang Industrial, 3A composites (Schweiter Technologies), American Building Technologies, Inc., Arconic Inc., Shanghai Huayuan New Composite Materials Co., Yaret Industrial Group, and Guangzhou Xinghe ACP Co., Ltd, amongst others.
These industry players have been relentlessly taking up strategic measures including acquisitions and mergers, partnerships, and product developments to secure a significant position in the overall market.
The novel coronavirus pandemic outbreak has had a severe impact on the overall ACP market during 2020. The market witnessed sluggish growth owing to downfall in the construction sector due to lockdown restriction and shutdown of operations in various production units. However, the industry has been growing significantly from product usage in advertising billboards subject to portrayal of information on the sign boards during the pandemic realm.