Aluminum Composite Panels Market to Exhibit 6.1% CAGR till 2026; Increasing Demand from Construction Industry to Drive Growth

The global aluminum composite panels market size is projected to reach USD 8.71 billion by 2026. It is likely to gain impetus from the rising demand for raw materials from the construction industry worldwide. It is mainly occurring because of the increasing number of non-commercial and commercial infrastructure projects in various regions. Fortune Business Insights™ provided this information in a recent report, titled, “Aluminum Composite Panels Market Size, Share & Industry Analysis, By Product (Polyvinylidene Difluoride, Polyester, Laminating Coating, Oxide Film, and Others), By Application (Building & Construction, Advertising Boards, Automotive, By Vehicle {Cars, By Parts [Doors, Hoods, Wings, Side Panels, and Others], Commercial Vehicles, and Trailers}, Railways, and Others), and Regional Forecast, 2019-2026.” The report further mentions that the market stood at USD 5.33 billion in 2018. However, it would exhibit a CAGR of 6.1% during the forecast period between 2019 to 2026.

Mitshubishi’s Latest Alpolic ACM Passed Euroclass A1

In January 2020, Mitsubishi Chemical Corporation, a developer, producer, and seller of performance products, chemicals, and healthcare products, based in Tokyo, declared that Alpolic, its new aluminum composite material (ACM) successfully passed ‘Euroclass A1’ European Fire Standard. It is one of the strictest fire protection standards in the field of building materials worldwide.

The company launched its sale in Australia by naming the product ‘Alpolictm NC’. It will soon begin promotional activities in Europe and the other markets under the name ‘Alpolictm A1’. Alpolic ACM possesses robust finishes, excellent handling and processability, as well as flatness. It has been previously used more than 100 countries for various industrial and construction applications including advertising signboards, civil engineering, and buildings.

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https://www.fortunebusinessinsights.com/aluminum-composite-panels-market-102304

High Demand from Automotive Sector to Augment Growth

ACPs are mainly utilized in vehicles for aesthetic purposes owing to their function and style. These panels are therefore, used to add style and elegance, as well as noise dampers and padding in vehicles. They can be also used in buses and vans as they are also excellent heat retainers. Besides, they provide high acoustic insulation, reduce time and installation costs, easy installation, eliminate harmful gases, combustibility, provide fire protection, and high rigidity. They are also compression-resistant and lightweight. They are experiencing surging demand from the automotive sector. However, the high cost associated with repairing them may obstruct the aluminum composite panels market growth during the forthcoming years.

Rising Focus of Players on Acquisition & Product Launches to Bolster Competition

Numerous companies are striving persistently to develop new products as per the latest ACP market trends to fulfil the unmet needs of the masses. As the rate of urbanization and industrialization is upsurging, the demand for aluminum composite panels is also rising. Increasing demand from the automotive and construction industries is opening up new growth opportunities for the companies. They are mainly adopting the strategy of acquisition to gain competitive edge.

Fortune Business Insights™ presents a list of all the companies operating in this market. They are as follows:

• 3A Composites GmbH
• Arconic
• 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.

A Significant Industry Development-

• July 2017: The Stryum business was acquired by Fairview Architectural from Vitekk Industries. This acquisition would aid Fairview in broadening its product range. As per the company officials, this new deal would help it in meeting its value proposition of being both aesthetically pleasing and safe. It would soon begin utilizing Stryum’s robust knowledge of the general industry.

Further Report Findings-

• Asia Pacific procured USD 2,091.60 million in 2018 in terms of ACP market revenue backed by the expansion of the construction industry in countries, such as India, Vietnam, Indonesia, and China.
• North America held a revenue worth USD 1,434.0 million in 2018 owing to the rising number of schemes and policies for promoting the construction of better infrastructure.
• In terms of application, the automotive segment generated 13.1% aluminum composite panels market share in 2018 fueled by the high demand for private vehicles worldwide.

The ACP market can be segmented in the following way: