Growth in the commercial and residential real estate markets, recovery in the construction industry, and an increase in spending on home remodeling and building maintenance drive the growth of the global aluminum cladding panels market.
PORTLAND, Ore., Jan. 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Aluminum Cladding Panels Market by Type (Solid Aluminum Panels, Aluminum Composite Panels, and Architectural Cladding), Thickness (3mm, 4mm, and 6mm), Application (Exterior, and Interior), Sales (New Construction, and Replacement), and End User (Residential and Non-Residential): Global Opportunity Analysis and Industry Forecast, 2022-2031." According to the report, the global aluminum cladding panels industry generated $6,355.9 million in 2021 and is projected to reach $10,352.9 million by 2031, registering a CAGR of 5.0%. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
The global real estate market is experiencing increased demand due to the rise in urbanization. Countries such as UAE, New Zealand, Australia, Japan, Brazil, India, Denmark, Sweden, Jordan, Israel, and Qatar have witnessed more than 85% of urbanization. This has led to the overpopulation of the major cities of the world. Thus, the upgradation and development of infrastructure have become a necessity for most cities in the world. In addition, real estate companies around the world have exponentially increased the use of aluminum cladding panels in construction as they are cost-efficient, durable, make building energy efficient, and offer speedy installation. Hence, such factors drive market growth. Furthermore, the rise in global demand for commercial complexes and buildings such as hotels, restaurants, office buildings, and guest houses is expected to continue to propel the market growth.
However, an increase in the construction of green buildings is expected to create lucrative opportunities in the industry.
- The aluminum cladding panels market was severely hampered during the lockdown period owing to the outbreak of COVID-19. The construction and infrastructure segment were most affected. However, the market recovered by the end of 2021.
- However, the global market for aluminum cladding panels has recovered slowly and steadily.
The aluminum composite panels segment to maintain its dominance in 2021
Based on type, the aluminum cladding panels market is divided into solid aluminum panels, aluminum composite panels, and others. The aluminum composite panels segment dominated the market in 2021, and others is expected to grow at a significant CAGR of 7.1%. The construction of new commercial buildings and nonpresidential projects in emerging economies provide a promising opportunity for the growth of the aluminum composite panels market. In addition, the rise in the rate of migration from rural to urban areas and demographic shifts accelerate the demand for aluminum composite panels during the forecast period.
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The exterior was the largest segment based on revenue in 2021
On the basis of application, the aluminum cladding panels market is divided into exterior and interior. The exterior segment dominated the market in 2021, and the interior is expected to grow at a significant CAGR of 5.4%. Urbanization in countries such as Brazil, Kenya, Egypt, China, India, China, and Mexico has led to increasing demand for residential and non-residential buildings in the exterior aluminum cladding panels market. Further, the rise in investment in developing commercial infrastructures such as airports, bus terminals, and others drives the growth of the exterior aluminum cladding panels market.
Asia-Pacific garnered the major share in 2021-
Asia-Pacific region was the largest contributor to the aluminum cladding panels market revenue in 2021 and is expected to grow by a high CAGR during the forecast period. The Asia-Pacific aluminum cladding panels market is expected to experience growth due to developments in the construction industry and an increase in industrialization in China and India during the projected period.
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Leading Market Players-
- Alubond U.S.A.
- CSP Architectural
- Mbond Manufacturer SDN BHD
The report analyzes these key players in the global aluminum cladding panels market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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