April 23, 2020
As per the report titled ‘Global Aluminum Cladding Panel Market Research Report 2020’, available with Market Study Report LLC, global aluminum cladding panel market was worth USD 5.34 billion in 2020 and is expected to amass USD 6.45 billion by the end of 2026, growing at 2.7% CAGR.
Aluminum cladding panels are used as part of exterior or interior decoration to improve the aesthetic appeal. These panels are used as coverings or coatings in buildings to provide protection from external damages such as fire or extreme weather conditions.
Increasing number of construction activities in tandem with commencement of smart city projects across the globe is driving the growth of global aluminum cladding panel market. Moreover, ongoing technological advancement and rising awareness regarding the protection of buildings are expected to present lucrative growth opportunities for the market.
Based on the type, anti-bacteria segment is anticipated to record decently growth during the analysis period. High suitability in settings which require superior hygiene standards such as restrooms, food plants, sterile rooms of hospitals, clinics, and pharmaceutical plants are supporting the product demand. Meanwhile, anti-fire segment accounted for 43% market share in 2018.
Speaking of the application spectrum, the industry is segmented into building curtain wall, interior decoration, and other industry. Aluminum cladding panel demand for interior decoration is expected to escalate in the coming years, owing to increase in renovation projects and rise in per capita income.
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Considering the geographical outlook, India aluminum cladding panel market is slated to witness robust growth over the estimated timeframe. Inflowing investment in the construction sector by the Indian government coupled with initiatives such as ‘Housing for All by 2022’ is contributing to the growth of aluminum cladding panel industry in India.
Arconic, Mulk Holdings, 3A Composites, Mitsubishi Chemical Corporation, Yaret, Jyi Shyang, Seven, CCJX, Goodsense, Likeair, HuaYuan, Multipanel, Pivot, Walltes Decorative Material, Genify, Taizhou Vbang, HongTai, Alstrong, and LiTai are the major players in global aluminum cladding panel market.
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