According to the latest Marketsand Markets report, the global aluminium composite panels market is estimated to be valued at US$1.77 billion by 2021 growing from US$1.22 billion in 2015, at a composite annual growth rate of 6.58 per cent.
Rapid urbanization and industrialization will increase the demand for new constructions globally. Piggybacking this boom in building and construction sector, consumption of aluminium composite panels will grow significantly.
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The report identifies a number of key driving factors:
All these factors will increase the demand for high-quality, fire-proof certified aluminium composite panels.
Other end user sectors that will create fresh demand for the building material include advertising (outdoor) and transportation.
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According to the report, Asia Pacific aluminium composite panels market will constitute the largest market share during the review period. China followed by India and Japan will register the highest growth rate in terms of attaining the market size.
The major players who will dominate the market from 2016-2021 include Alcoa Inc. (U.S.), Yaret Industrial Group (China), American Building Technology (U.S.), Alumax Industrial Co., Ltd. (Taiwan), Shanghai Huayuan New Composite Materials Co., Ltd. (China), Changshu Kaidi Decoration Material Co., Ltd. (China), Guangzhou Xinghe ACP Co, Ltd. (China), Jyi Shyang Industrial Co., Ltd. (Taiwan), and Mitsubishi Plastics, Inc. (Japan).
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