Aluminum Composite Panels Market Growth By 2012: An Analytical Report
The market size of global aluminum composite panels (ACP) is anticipated to grow from USD 1.22 Billion in 2015 to USD 177 Billion by 2021, at a CAGR of 6.58%. The growth of automotive production worldwide especially in emerging regions such as Asia Pacific is the factor behind driving market growth of ACP during the forecast period. The automotive industry is a vast scope for ACPs application associated with body panelling.
ACPs are significantly the most suitable option for the body panelling of vehicles as it cuts overall weight of the vehicle that further leads to lower maintenance costs and increased fuel efficiency. These are among the key factors that drive the demand for advanced automotive solutions on the global ground. The U.S., Russia, Germany, India, Japan, and many others are considered to have crucial impacts on the overall ACP industry during the estimated period.
According to experts, Asia Pacific region will be the key area for the demand. Reason being, global automotive manufacturers are reportedly shifting their production plants into the region with the hope of capitalizing on low production costs and easy raw material availability. In terms of volume consumption, the ACP industry in Asia Pacific is projected to grow at a CAGR of over 7% during the forecast period.
Automotive Industry – A Key Chain Behind ACPs Growth
Over the past few years, the automotive industry has been reported to grow in a high pace, mainly because of large investments and high production to meet the increased demand in emerging economies such as India, China, Brazil, and Russia, etc. The growing population, urbanization, rising disposable incomes of consumers, etc. have directly impacted the demand for vehicles in recent years.
Besides this, the growing activities of infrastructure development in emerging economies have led to an increased demand for commercial and heavy vehicles for logistics, public transport, and industrial applications. With the increasing demand of vehicles and growing automotive industry, there will be significant impacts on the overall ACP market growth during the forecast period.