LONDON--(BUSINESS WIRE)--Technavio’s latest chemicals and materials industry report covers the present scenario and growth prospects of the global aluminum composite panels market 2016-2020.
In this report, Technavio’s metals and minerals research experts announce their key market highlights for the global aluminum composite panels market. Their findings include:
Global aluminum composite panels market expected to post a CAGR of over 6% by 2020
In terms of volume, the global aluminum composite panels market was valued at over 4 million MT in 2015 and is expected to exceed 5 million MT by 2020, growing at a CAGR over 6%. Aluminum is considered to be a sustainable material for building and construction. It helps in reducing the load of the building as it is light in weight but strong enough to support the structure. Aluminum composite panels also help in reducing the maintenance costs as these are corrosion resistant and also are not damaged by harmful weather conditions. Therefore, growth in building and construction is the primary driver for the overall market growth.
Technavio’s lead metals and minerals industry analyst Chandrakumar B J says, “The ease of recycling aluminum composite panels is also promoting the use of aluminum composite panels in various applications. Aluminum composite panels are also known as aluminum composite materials.”
The report study further states that rise in mass transportation is another major factor propelling the growth of the global aluminum composite panels market. Rapid rise in population worldwide has led to an increase in demand for affordable and sustainable public transportation in cities. Mass rapid transit systems, intercity train services, bus services, and monorails, among others, are gaining popularity due to convenience and time. The use of aluminum panels is increasing in these mass transportation systems due to various advantages such as lightweight, efficiency, easy maintenance, and reduced fuel consumption and carbon emissions.
“Aluminum panels are increasingly used in various applications, including aluminum composite panels-based cabin partitions, overhead bag cabins, aircraft gallery trollies, and many other applications across the transportation industry,” says Chandrakumar.
APAC constituted the largest market share with more than 49% of the global aluminum composite panels market in 2015
The aluminum composite panels market in APAC is the largest revenue generator and is predicted to grow at a CAGR of close to 7% during the forecast period. China is the prime demand driver and the largest market for aluminum composite panels, as it is the largest destination for investments in construction.
Demand in South Asia, especially in India, is expected to grow rapidly during the forecast period. Consumer confidence and business is expected to improve after the strong political mandate and increasing investments in various sectors. For instance, the Indian construction market is expected to reach USD 840 billion by 2020, which in turn will increase the demand for aluminum composite panels for building and decorative purposes.
Similarly, the demand for aluminum composite panels in Japan is also growing at a steady rate due to its economic policy Abenomics that is increasing investments in building and construction. Abenomics takes into account different policies to encourage private investments.
From Alcoa to Kaidi Industrial: Key vendors for aluminum composite panels
Aluminum composite panels have various applications such as false ceilings, machine coverings, signage, and internal and external architectural claddings. Its use is widely spread across industries such as commercial transportation, oil and gas, building and construction, aircraft packaging, automobiles, and defense.
Vendors that have better technical and financial resources have the ability to develop innovative products and render competitors' products non-competitive even before they are launched, or before they can recover the R&D and commercialization costs. Therefore, they need to invest in developing new technologies and stay abreast of the emerging technologies that could have a bearing on their product lines.
Top vendors covered in this report are:
- Alcoa
- Alcobond
- Alubond
- Guangzhou Xinghe
- Jyi Shyang Industrial
- Kaidi Industrial
Alcoa and Alcobond are headquartered in the US, Alubond is headquartered in the UAE, Guangzhou Xinghe and Kaidi industrial are headquartered in China, and Jyi Shyang Industrial is headquartered in Taiwan.
Browse Related Reports:
- Global Aluminum FRP Market 2015 - 2019
- Global Aluminum Wire Rods Market 2015-2019
- Global Aluminum Extrusion Market 2015-2019
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