Aluminum Cladding Panels Market Expected to Reach $10.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Aluminum Cladding Panels Market," The aluminum cladding panels market size was valued at $6.4 billion in 2021, and is estimated to reach $10.4 billion by 2031, growing at a CAGR of 5% from 2022 to 2031. Increasing population and urbanization are the major factors that drive demand for residential and non-residential buildings such as apartment buildings, office buildings, and institutional buildings, which often use some kind of façade. This positively influences the aluminum cladding panels market.

Commonly observed types of aluminum cladding panels are solid aluminum panels, aluminum composite panels, and others. Out of these, the aluminum composite panels segment accounted for the highest market share in 2021, owing to its cheaper price and wide-scale availability. On the basis of types of thickness, the market is segregated into 3mm, 4mm, and 6mm thick panels. Out of these, the 4mm segment accounted for the highest revenue in 2021, owing to its relatively cheaper price, yet higher practicality.

Furthermore, aluminum cladding panels are typically utilized in both, the exterior and interior of the building. Hence, on the basis of application, the aluminum cladding panels market is segmented on the basis of exterior and interior. Out of these, the exterior segment accounted for the highest revenue share in 2021, owing to the wide-scale applicability of aluminum cladding panels on the exterior profile of the buildings. On the basis of sales, the market is segmented into new construction and replacement. Out of these, the new construction segment accounted for the highest revenue share in 2021. Furthermore, the market is analyzed with respect to the different end users of aluminum cladding panels which includes residential and non-residential.

Among these, the residential segment is expected to grow with a higher CAGR, owing to increasing urbanization. The market is mainly driven by the 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. However, fluctuation in raw material prices constrains the growth of the market. On the other hand, increasing demand for environmentally sustainable buildings is expected to provide lucrative opportunities to the aluminum cladding panels market growth.

In 2021, Asia-Pacific dominated the global aluminum cladding panels market, in terms of revenue, followed by LAMEA and Europe. Moreover, the market in Asia-Pacific is anticipated to grow with the highest CAGR, owing to rise in the construction of commercial buildings in the region.

Furthermore, key players included in the aluminum cladding panels market analysis, offer a wide range of aluminum cladding panels to suit all kinds of needs. For instance, ALUBOND U.S.A., offers fire-rated aluminum composite panels. Viva Aluminum Composite Panel, offers 3mm, 4mm, and 6mm aluminum cladding panels for interior and exterior panels.

However, during the pandemic lockdown, various manufacturers and users of aluminum cladding panels had to stop their business across the world including major manufacturers, China, and the U.S. This break directly impacted their sales. In addition, a lack of manpower and constricted supply of raw materials for manufacturing aluminum cladding panels negatively influenced the growth of the market. In addition, after two years of the COVID-19 outbreak and the introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.

Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging aluminum cladding panels market trends and dynamics.
• Depending on the type, the aluminum composite panels segment dominated the aluminum cladding panels market, in terms of revenue in 2021.
• By thickness, the 4mm segment accounted for the highest market share in 2021.
• By application, the exterior segment dominated the aluminum cladding panels market, in terms of revenue in 2021.
• Depending on the sales, the new construction segment dominated the market share in 2021.
• By end user, the residential segment is expected to grow with the higher CAGR.
• Aluminum cladding panels market share for Asia-Pacific is projected to register the highest growth rate in the coming years.
• The key players within the aluminum cladding panels market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the aluminum cladding panels industry.
• The report provides an extensive analysis of the current trends and emerging aluminum cladding panels market opportunity in the market.
• In-depth aluminum cladding panels market forecast is conducted by constructing estimations for the key segments between 2022 and 2031.