Int'l : +1-503-894-6022 | Toll Free : +1-800-792-5285 | help@alliedmarketresearch.com
A03677 | Pages: 307 | Charts: 62 | Tables: 173 |
The Global Aluminum Cladding Panels Market Size was valued at $6,355.9 million in 2021 and is projected to reach $10,352.9 million by 2031, registering a CAGR of 5.0% from 2022 to 2031. An aluminum cladding panel is a building element commonly installed on the exterior profile of the building as a façade and is also used in the interior design of the buildings. In addition, the continuous lamination method is used to construct the composite panel, in which a sheet of the material that will make up the core is extruded and compacted between two unwinding aluminum sheets, Furthermore, it also includes solid aluminum sheets, which do not incorporate any core made of material other than aluminum.
The construction sector faced a slowdown during COVID-19, which affected affecting aluminum cladding panels sales. However, as the COVID-19 cases are subsiding, the construction sector is recovering and is expected to provide growth opportunities to the market during the forecast period. The construction sector across the world, especially in the Asia-Pacific is recovering and growing at the fastest pace. This is largely due to various government-backed construction projects in China, and India.
For instance, in October 2021, the Dubai and Indian governments agreed to develop infrastructures such as industrial parks, multipurpose towers, logistics centers, a medical college, and a specialized hospital in the state of Jammu & Kashmir, India. In addition, China is set to construct 10 new airports by the year 2035. By 2040, the global population is estimated to grow approximately by two billion with the urban population growing by over 40%. Population growth and rapid urbanization in India, China, Vietnam, Brazil, and Mexico are expected to positively influence the construction of residential and commercial buildings. This provides opportunities for the implementation of aluminum cladding panels.
However, fluctuations in the prices of raw materials such as aluminum negatively impact the profitability of the manufacturers. Thus, price fluctuation of raw materials is anticipated to restrain the aluminum cladding panels market growth. Moreover, due to global warming countries across the world are shifting towards sustainability across industries including the construction sector. Aluminum cladding panels are known for enhancing energy performance by providing thermal insulation which eventually helps in reducing the electricity bill of the building. Thus, an increase in the construction of green buildings is expected to provide lucrative growth opportunities to the aluminum cladding panels market.
The demand for aluminum cladding panels decreased in the year 2020, owing to low demand from different industries due to lockdowns imposed by the government of many countries. The COVID-19 pandemic has shut-down production of various products for the aluminum cladding panels end-user, mainly owing to prolonged lockdowns in major global countries. This has hampered the growth of the market significantly during the pandemic. The major demand for these cladding systems was previously noticed by countries experiencing a surge in construction activities. These countries include South Korea, China, Japan, Germany, and France which were badly affected by the spread of coronavirus, thereby halting demand for aluminum cladding panels.
However, owing to the introduction of various vaccines, the severity of the COVID-19 pandemic has significantly reduced. As of 2022, the number of COVID-19 cases has diminished significantly. This has led to the full-fledged reopening of aluminum cladding panels manufacturing companies, and the construction sector at their full-scale capacities. Furthermore, it has been more than two years since the outbreak of this pandemic, and many companies have already shown notable signs of recovery.
The aluminum cladding panels market is segmented on the basis of type, thickness, application, sales, end user, and region. By type, the market is divided into solid aluminum panels, aluminum composite panels, and others. By thickness, it is categorized into 3mm, 4mm, and 6mm. By application, it is divided into exterior and interior. By sales, the market is further bifurcated into new construction, and replacement. By end user, it is categorized into residential and non-residential. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
[TYPEGRAPH]
The market is divided into solid aluminum panels, aluminum composite panels, and others. In 2021, the aluminum composite panels segment dominated the aluminum cladding panels market, in terms of revenue. And the others segment is expected to grow at the highest CAGR during the forecast period. The solid aluminum panel is a solid sheet of aluminum incorporating no other material. They come in wide range of design, textures, and size. Companies such as Arconic Architectural Products LLC, Saflow Product Pvt Ltd, and Fairview provide a wide range of solid aluminum panels.
Moreover, the aluminum composite panels are flat panels consisting of two thin aluminum sheets bonded to a non-aluminum core such as polyethylene. These are light in weight, durable, and offer enhanced thermal and acoustic insulation.
[THICKNESSGRAPH]
The market is classified into 3mm, 4mm, and 6mm. The 4mm panels market is expected to grow rapidly during the forecast period. 4mm panels are ideal for interior as well as exterior applications. Viva Aluminum Composite Panel offers anti-bacterial, anti-scratch, and fire-resistant, 4mm panels that are high quality, aesthetically appealing, and durable. 3mm panels are witnessing growth owing to their relatively low cost in the market, lightweight, and also due to their require easy maintenance.
Furthermore, 6mm panels are largely used for exterior applications, owing to their high strength, and better thermal and acoustic insulation. Aludecor, Viva Aluminum Composite Panel, along with others offer a wide range of 3mm, 4mm, and 6mm thick aluminum cladding panels.
The market is bifurcated into loaders, exterior, and interior. The exterior segment accounted for the highest revenue in 2021. The exterior segment includes aluminum cladding panels installed in the exterior of a building. This segment is expected to grow owing to the increasing construction of commercial buildings such as offices, airports, hospitals, hotels, and others. Furthermore, an interior segment that includes aluminum cladding panels installed in the interior of a building is expected to grow with a higher CAGR during the forecast period.
The growth in the interior segment is attributed to the growing construction of buildings in developed countries such as the U.S., and countries in Europe. Companies such as Alex Panels, Virgo Group, Aludecor, Alstrong, Alstone, Unistone Panels Pvt Ltd, and others offer a wide range of aluminum cladding panels market for interior and exterior applications.
The market is divided into new construction and replacement. The new construction segment includes the installation of aluminum cladding panels on a newly built building structure. The new construction segment accounted for the highest revenue in 2021 and is expected to grow at a higher CAGR during the forecast period. The growth in this segment is expected to be driven by various new construction of commercial and residential buildings, fueled by growing population and urbanization.
Moreover, the replacement segment includes the installation of aluminum cladding panels in an existing building when they are being remodeled, renovated, or maintained. The increasing number of aging residential and commercial structures that require renovation, and maintenance, is anticipated to drive the growth of this segment.
[ENDUSERGRAPH]
The market is bifurcated into residential and non-residential. The non-residential segment includes the installation of aluminum cladding panels on commercial and industrial buildings such as resorts, multiplexes, IT parks, warehouses, and others. The non-residential segment dominated the market owing to the large-scale construction of commercial buildings fueled by immigration, urbanization, and tourism. For instance, the second stage of Brasilia airport expansion began at the beginning of 2022. Along with increased passenger capacity, it will include malls and theme parks.
The expansion will complete by the first half of 2024. Moreover, the residential segment includes the installation of aluminum cladding panels for residential homes, domestic dwellings, and apartments. This segment is expected to grow significantly, owing to the growth of the countries such as India, South Korea, UAE, and China which are among the largest residential construction markets in the world.
[REGIONGRAPH]
The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, Asia-Pacific had the highest aluminum cladding panels market share and is anticipated to secure the leading position during the forecast period. Asia-Pacific offers growth opportunities to the major players in the aluminum cladding panels market, owing to rapid urbanization and population growth in the countries such as India, South Korea, Japan, and China. For instance, China’s urban population is expected to rise to 72% in 2030 from just 64% in 2021. In India, the commercial reals estate sector is anticipated to witness a rapid surge owing to increasing urbanization, rising economy, digitalization, growth in the IT sector, and easy foreign direct investment norms.
Moreover, countries in the Middle East such as UAE, Saudi Arabia, and Qatar are major construction markets. Few of the world’s best and tallest buildings are in this region, and many are under construction. This provides growth opportunities to the market in the region. Furthermore, in developed countries such as the U.S., Canada, Australia, and countries in Europe, the rising tourism drives demand for highly appealing hotels, and resorts; thereby increasing the opportunities for implementing aluminum cladding panels. According to a report by, the World Travel & Tourism Council (WTTC), in 2019, the total contribution of tourism to GDP was 10.6%; however, after a steep decline in 2020, its contribution to GDP climbed a positive 58.5% in 2021. In addition, public infrastructure such as airports, bus stops, railway stations, and other that make significant use of claddings is also anticipated to positively influence the market growth.
Competitive analysis and profiles of the major players in the aluminum cladding panels such as Alucoil, Aluminium Specialties Group Pty Ltd., Arconic Corporation, CSP Architectural, Jyi Shyang Industrial Co., Ltd. (Alucomat), Mbond Manufacturer Sdn Bhd, Mitsubishi Chemical Holdings Corporation, Mulk Holdings International (Alubond U.S.A.), Schweiter Technologies AG (3A Composites), and Valcan. Major players have adopted product launch as key developmental strategies to improve the product portfolio of the aluminum cladding panels offerings.
Key Market Segments
Key Market Players