The Asia-Pacific aluminum cladding panels market size was valued at $2,410.5 million in 2020, and is projected to reach $3,925.2 million by 2028, registering a CAGR of 6.2% from 2021 to 2028.
Aluminum cladding panels are used as coverings on the exterior of buildings to enhance its appearance. These panels are made up of aluminum and are used as coverings or coatings in the buildings to protect them from external damage. Aluminum cladding panels are widely used in modern buildings with different architectural designs to provide better appearance to the buildings along with the environmental protection. The demand for these materials in cladding panels is on an increase as the aluminum panels provide good fire resistance.
Rise in construction activities across various regions of Asia-Pacific and increase in demand for high appealing designs for buildings are expected to fuel the Asia-Pacific aluminum cladding panels market growth.
Aluminum cladding panels are presently being used in the residential and commercial projects. Increase in urbanization and rise in industrialization result in rapid development of the economies, which boosts the demand for aluminum cladding panels. Increased urbanization is presently being witnessed in emerging countries such as China, India, and others due to exponential growth in population. Thus, fast-paced urbanization results in increased government and consumer spending in residential and infrastructure construction, which significantly boosts the demand for aluminum cladding panels.
The construction sector of Asia-Pacific is expected to witness growth due to the government’s plan to complete number of infrastructure projects. The construction sector in most of the developing countries is expected to rebound in 2021 after a period of slowdown caused due to low consumer confidence and lack of investment in the past few years. The construction sector has recovered from this, mainly in countries such as Bangladesh, Vietnam, Australia, and others, which is expected to drive the growth of the market. The growth in the construction sector in China and India is largely driven by the recovery in public spending by regional governments and reforms in projects linked to major residential infrastructure projects. According to the National Academy of Economic Strategy, China’s urbanization ratio is anticipated to reach 70% by 2035. The demand for aluminum cladding panels due to growth in residential and commercial constructor sector would, therefore, increase. Such factors are expected to drive the Asia-Pacific Aluminum cladding panels market Share in major cities of these developing countries.
Moreover, cladding panels help maintain the frame, structure, and exterior walls of a building; thereby, increasing its demand. However, aluminum building panels are prone to dents during hurricanes, which is anticipated to hamper the market growth. Various technological advancements and rise in awareness regarding protection of buildings are expected to provide lucrative opportunities for the aluminum cladding panels market.
6mm segment is projected to grow at a highest CAGR
The Asia-Pacific aluminum cladding panels market is segmented on the basis of thickness, application, and end user. On the basis of thickness, the Asia-Pacific aluminum cladding panels market is segmented into 3mm, 4mm, 6mm, and others. By application, it is classified into exterior and interior. End user segmentation includes residential and commercial & industrial.
Country wise, the Asia-Pacific aluminum cladding panels industry is analyzed across China, Taiwan, Australia, Singapore, Vietnam, Thailand, Indonesia, and rest of Asia-Pacific. Vietnam poses a potential market for the Asia-Pacific aluminum cladding panels market, owing to rapid growth in the infrastructure sector.
By End User
Commercial and Industrial segment holds dominant position in 2020
Saturation of major cities has led governments to expand boundaries of existing cities or planning of a complete new city to balance development and economy of all parts of a country. For instance, the Indian government has announced development of new cities such as Dream City in Gujarat, Vikram City in Madhya Pradesh, New Town in Kolkata, and New Kanpur City that would include industrial, commercial, and residential areas. Similarly, the government of South Korea has decided to develop two new towns to balance development in Gangnam and Gangbuk areas. Such expansion and setup plans for new cities attract migration, which, in turn, boosts the demand for aluminum cladding panels. Hence, such factors provide lucrative opportunities for the market growth.
The key companies profiled in the report include Almaxco, ALPOLIC, Alstone, Alstrong Enterprises India Pvt. Limited, Euramax, Likeair Architectural Pty Ltd., Sevenbond, Shanghai Aludream Building Material Co., Ltd, Shanghai Jixiang Technology Group, and Valcan Limited. The major players operating in the Asia-Pacific aluminum cladding panels market have adopted key strategies such as product launch to strengthen their market outreach and sustain the stiff competition in the market.
China holds a dominant position in 2020 and Vietnam is expected to grow at a significant rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging Asia-Pacific aluminum cladding panels market trends and dynamics.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- In-depth Asia-Pacific aluminum cladding panels market analysis is conducted by constructing estimations for the key segments between 2020 and 2028.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The Asia-Pacific aluminum cladding panels market forecast analysis from 2021 to 2028 is included in the report.
- The key players operating in the market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the Asia-Pacific aluminum cladding panels industry.
Asia-pacific Aluminium Cladding Panels Market Segments
- Commercial & Industrial
- Rest of Asia-Pacific
Asia-Pacific Aluminum Cladding Panels Market Report Highlights
By END USER
Key Market Players
Shanghai Aludream Building Material Co., Ltd., ALPOLIC, Valcan Limited, SEVENBond Group, Almaxco, Jixiang Technology Group, EURAMAX LAB, Likeair Architecture Pty Ltd., ALSTRONG Enterprises India Pvt. Ltd., ALSTONE Group
The development in the residential and non-residential construction industry and surge in support offered by governments for aluminum industry through incentives are estimated to fuel the growth of the market in the coming years. The usage of 4 mm in the application segment such as exterior and interior is expected to increase across Asia-Pacific. In addition, based on end user, commercial & industrial segment is estimated to boost the growth of the market during the forecast period.
Moreover, the key players have adopted various strategies such as product launches and others to promote their businesses in the market. On the contrary, the moderate growth in the residential and commercial construction activities and prevailing trend in the region are expected to drive the market growth slowly. China, India, and others are expected to witness increased demand in new construction, thus, driving the demand for aluminum cladding panels. Thus, all these factors together significantly contribute to the growth of the market in Asia-Pacific, which is anticipated to provide lucrative opportunities for the growth of the market.
Furthermore, Vietnam is projected to be the fastest growing market, owing to surge in government initiatives to expand the commercial construction projects. However, fluctuation in raw materials prices is expected to be the potential challenges of the market. On the contrary, modification of existing building infrastructure and development of the commercial real estate are anticipated to boost the Asia-Pacific aluminum cladding panels market growth.