Sarasota, FL -- (SBWIRE) -- 11/26/2018 -- Global demand foraluminum composite panels marketwas valued at approximatelyUSD 6,261 millionin 2017 and is expected to generate revenue of around USD 9,981 million by the end of 2024, growing at a CAGR of around 6.59% between 2018 and 2024.

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The rapid technological advancementsmade in the construction sector andeconomical prices of raw materialsare expected to propel the growth and development of the market.The growth and development of thismarket are majorly driven by the capability of aluminum composite panelsto be functional in extreme and harsh weather conditions. Additionally, the aluminum composite panels have a low maintenance cost. Thus, there is a large adoption of aluminum composite panels as external coverage for buildings and other commercial spaces. The development of smart buildings followed by the ongoing construction of smart cities across the globe is likelyto positively impact this market's growth and development. The ongoing investments made inthe construction sector due to various government initiatives across the globe are anticipatedto further fuelthe market growth. Additionally, the aluminum composite panels are used in automobiles and vehicles to reduce the overall weight, thereby increasing the vehicle's fuel efficiency. This prominent factor is also propelling the growth and development of the aluminum composite panels market globally in the forecast timeframe.

The aluminum composite panelsmarket is classifiedon the basis of application, product, and type.By application, this market is fragmentedinto construction, advertising boards, and transportation. The constructionsegment will likely dominate the market in the upcoming years. Thisis due to the ongoing investments and continuous improvements made in the construction sector across the globe. The development of smart cities and smart buildings is the drivingfactor behind the advancement and improvements made in the construction sector.

By product, the aluminum composite panelsmarket is bifurcatedinto PVDF and polyethylene. The PVDF segment is anticipated todominate the market, due to its superior operational efficiency properties,such as anti-corrosion, UV-resistant,etc.

By type, the aluminum composite panels market is dividedintofire-resistant, anti-static, and anti-bacterial. The fire-resistant segment is anticipated to dominate the market, due to these panels'extensive use in residential buildings and other industrial spaces, as they reduce damage causedto properties and lives.
Asia Pacificis growing with the highest rate of growth in the global aluminum composite panels market.This regional market'sgrowth is due to the improved infrastructure and ongoing advancementsmade in the construction sector. The demand for smart cities due to increasing per capita income of the middle-class population is anticipated to drivethis market's growthin the forecast timeframe. North America is predicted to hold asubstantial revenue share in the global aluminum composite panels market. The ever-growing demand for lightweight raw materials and industrial automation are anticipated to foster the growth of this market.

Some industry players operating in the aluminum composite panels market include American Building Technologies, Inc., Mitsubishi Plastics, Inc., Alcoa Inc., Yaret Industrial Group, ChangshuKaidi Decoration Material Co., Ltd., Shanghai Huayuan New Composite Materials Co., Ltd.,JyiShyang Industrial Co., Ltd., and Alumax Industrial Co., Ltd.

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This report segments the global aluminum composite panels market as follows:

Global Aluminum Composite Panels Market: Type Segment Analysis

Fire-Resistant
Anti-Bacterial
Anti-Static
Global Aluminum Composite Panels Market: Product Segment Analysis

PVDF
Polyethylene
Global Aluminum Composite Panels Market: Application Segment Analysis

Construction
Transportation
Advertising Boards
Global Aluminum Composite Panels Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa