The report "Aluminum Composite Panels Market by Base Coating Type (PE, PVDF), Type (Fire-resistant, Antibacterial),
Application (Building & Construction, Advertising, and Transportation), Composition (Core material, Metal skin), and Region - Global Forecast to 2022" published by MarketsandMarkets™, the market size is estimated to grow from USD 6.29 Billion in 2017 to USD 8.79 Billion by 2022, at a CAGR of 6.92%. The market is expected
to witness significant growth in the next few years because of the increase in demand for new constructions across the world resulting from rapid urbanization and industrialization. Large-scale investments in industrial and
infrastructure sectors, rise in construction activities in emerging economies, and development of innovative products in the construction market are some of the key factors driving the growth of the Aluminum Composite Panels
Building & construction segment is projected to grow at the highest CAGR during the forecast period.
The building & construction segment dominated the market in 2016, and is projected to be the fastest-growing application in the next five years, as a result of the rapid urbanization and demand for better quality homes. The demand for aluminum composite panels is expected to be driven by the growing building & construction and advertising industries. In the transportation industry, these panels are used in cars, rails, boats, and aircraft designs.
Core material segment, by composition, is projected to gain maximum traction
The core material segment dominated the market in 2016, and is projected to be the fastest-growing application in the next five years, as a result of its fire-resistance property. The core material is highly preferred in the construction industry.
Asia Pacific dominated the market for aluminum composite panels in 2016
China contributes a major market share in the Asia Pacific Aluminum Composite Panels Market. The recovery of the Chinese residential market in 2010 after the 2007-2009 recession and the increase in demand for low-maintenance building products are some of the factors driving the Aluminum Composite Panels Market in Asia Pacific. The market in this region is also growing rapidly due to the presence of numerous leading players.
The major players in the Aluminum Composite Panels Market in Asia Pacific include Yaret Industrial Group (China), Alumax Industrial (Taiwan), Shanghai Huayuan New Composite Materials (China), Changshu Kaidi Decoration Material (China), Guangzhou Xinghe ACP (China), Jyi Shyang Industrial (Taiwan), Mitsubishi Chemical (Japan), and Msenco Metal (China).