Rise in construction activities across various regions of Asia-Pacific and increase in demand for high appealing designs for buildings drive the market.
PORTLAND, OR, UNITED STATES, October 3, 2021 /EINPresswire.com/ — The commonly observed types of aluminum cladding panels based on thickness are 3 mm, 4 mm, 6 mm, and others. The market is analyzed with respect to different application in industrial verticals provided, such as industrial & commercial and residential. The market is mainly driven by economic growth, and development in residential, commercial, & industrial sectors in Asia-Pacific. However, fluctuation in raw material prices limit the Asia-Pacific aluminum cladding panels market growth.
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
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In 2019, based on thickness, the 4mm segment dominated the Asia-Pacific aluminum cladding panels industry, in terms of revenue, accounting for largest share of the Asia-Pacific aluminum cladding panels industry, followed by 6mm and 3mm. Moreover, the market in Asia-Pacific is growing with high CAGR, owing to the urbanization and economic development in the developing countries such as India, China, and others.
Covid-19 Impact Analysis
COVID-19 has already affected the sales of aluminum cladding panels in the last quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year. The major demand for aluminum cladding panels was previously badly affected by the spread of coronavirus; thereby, halting the demand for aluminum cladding panels. Further, the disruption of supply chains is causing hindrance in completing the installation of aluminum cladding panels in new residential and commercial buildings.
Key Market Players
Alstrong Enterprises India Pvt. Limited
Likeair Architectural Pty Ltd.
Shanghai Aludream Building Material Co., Ltd
Shanghai Jixiang Technology Group
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Key Market Segments
Commercial & Industrial
Rest of Asia-Pacific
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