Global Aluminum Composite Panels Market Report and Forecast 2024-2032

Global Aluminum Composite Panels Market Outlook

The global aluminum composite panels market stood at USD 6.60 billion in 2023 and is expected to grow at a CAGR of 5.30% during the period 2024-2032.

Sectors Such as Building and Construction, Automotive and Transportation, and Advertising Expected to Drive the Market

The global aluminum composite panels (ACPs) market is likely to be driven by sectors such as building and construction, automotive and transportation, and advertising. ACPs have several distinct features and characteristics that have contributed towards its widespread use. Some of these properties include being weather-proof, lightweight, UV and chemical resistant, easy to clean, a good insulator, stain-resistant, durable, flexible, termite and fungus resistant, easy to use and install, scratch resistant, and environmentally friendly.

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These attributes make ACP the preferred choice for signage (commercial and public display signs; screen and digital printing), creation of point of sale (POS) display stands, trade stands, panels for interior walls and ceilings, cladding, and other industrial, engineering and architectural applications.  Aluminum composite panels have been used for a long time in refrigerated rooms, and food processing and pharmaceutical plants.  However, a major concern with ACPs in the building and construction has been its association with fire incidences. Fires involving ACPs have been reported in key buildings in Dubai, Australia, France, South Korea, China and the UK.

Fire-resistant ACP Segment Likely to See Greater Growth

Essentially, ACPs comprise two thin aluminum sheets with an insulating material in between. This is why ACPs are also knows as sandwich panels. The insulating material, in turn, is made from several other materials, many of which are combustible, such as Polyethylene (PE), Polyisocyanurate (PIR), Polyurethane (PUR), Expanded Polystyrene (EPS), Extruded Polystyrene (XPS), and Modified Phenolic Foam. Materials such as Glass Wool / Stone Wool are non-combustible.

In recent years, different varieties of non-combustible and limited-combustibility ACPs (with varying specifications) have been launched. Several reputed companies are offering fire-resistant or fire-retardant ACPs. Therefore, the fire-resistant ACP (ACPs with non-combustible insulation) segment is likely to see greater growth, which is expected to be driven by the building and construction sector.

Rising Raw Material Cost and Insufficient Raw Material Supply May Restrain the ACP Market in India

In India, increased cost of raw material may lead to higher ACP cost which in turn might restrain the market in the country. Several companies in India announced a hike of nearly  7-10% on various types of composite panels in September 2021 citing increased cost of raw material such as aluminum coil, PE granules, polymer films, and transportation costs. Also, despite increase in prices, Indian firms are finding it difficult to access raw materials in adequate amounts to meet demand.

The primary raw material used in ACPs is aluminum coil, used extensively in facade and signage industries. While in the last few years, ACP manufacturers in India have grown in number owing to augmented demand in different types of industries, ACP producing firms have been negatively affected by a sharp rise in costs and inadequate supply.

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Aluminum Composite Panel Definition and Global Aluminum Composite Panels Market Segmentation

An aluminum composite panel (ACP) is essentially a three-layer structure, comprising two thin coil-coated aluminum layers with a non-aluminum core. The sheets of aluminum may be coated with polyvinylidene fluoride (PVDF), fluoropolymer resins (FEVE), or polyester paint. Aluminum may be painted with almost any type of colour. While ACPs come in an extensive range of colours (metallic, non-metallic, and dual-tone) ACP patterns may be made to resemble the texture of other materials, like marble or wood.

By top coating, the market is segmented into:

• PE (Polyester)
• PVDF (Polyvinylidene Fluoride)
• Others

By application, the market is classified as follows:

• Interior Decoration
• Hoarding
• Insulation
• Cladding
• Railway Carrier
• Column Cover and Beam Wrap
• Others

By end-use industry, the market is segmented into:

• Building and Construction
• Transportation
• Others

By region, the market is classified into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Key Industry Players in the Global Aluminum Composite Panels Market

The report presents a detailed analysis of the following key players in the market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• 3A Composites Holding GmbH
• Arconic Corporation
• Mitsubishi Chemical Holdings Corporation
• Alucoil S.A.U.
• Qatar National Aluminium Panel Company
• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report