As per our research report, the global alusion panels market size is estimated to be growing at a CAGR of 4.6% from 2023 to 2030.
COVID-19 has spread to almost all the countries around the globe with the World Health Organization declaring it a public health emergency in 2020. Some of the major economies that suffered vastly from the COVID-19 crisis include France, Germany, Italy, the UK, Spain, and Norway. Several transport limitations were implemented due to the COVID-19 pandemic, which resulted in reduced industrial production and disrupted supply chains. Thus, affecting global economic growth by a substantial proportion and severely impacting market growth. The COVID-19 pandemic is constantly causing significant uncertainty in the market. The fall in the GDP of the countries and the slowdown in the manufacturing sector have further reduced the activities for aluminium production. Mining activities of bauxite ore have been put on hold. The demand for semi-finished products from consumers is declining due to a shortage of workers in the manufacturing sectors as well as a fall in demand from the aerospace and automotive industries. However, foil and can producers are exhibiting positive growth due to the rise in consumption of packaged food. The pandemic caused an economic slowdown in many industries. Movement restrictions, lockdowns, and social distancing hindered the supply chain, the opening of stores and shops, and manufacturing and production units. This resulted in a decline in overall commercial activities reducing the demand for allusion panels. However, post-pandemic, the industry started to pick up and saw a considerable growth rise.
The rising demand for Alusion Panels is because of the Superior Properties it possesses fuelling market growth. Alusion panels are known for their light weight, stiffness, corrosion resistance, and aesthetic appeal. They are recyclable making them promote sustainability which helps in driving the market growth. Furthermore, it is cost-effective, highly resistant to wind loads, shock absorbent, produced using 50% post-industrial aluminium and exhibits vibration damping. All these properties make allusion panels a suitable choice to be used in industries thereby increasing the revenue. Secondly, the expansion of the industrial sector and the construction sector is boosting market growth.
The rapidly increasing demand for the abundant aluminium base metal, especially in China has been propelling the growth of the global aluminium sector thus augmenting the allusion panel’s growth. China owns the majority of its industries in the Asia-Pacific region therefore, many of these businesses are growing and changing rapidly. Construction, packaging, transportation, and electrical are a few of the industry verticals in China that heavily use aluminium in the industry. Additionally, the rising government expenditure on the research and development sector is boosting market growth thus creating lucrative opportunities in the allusion panels market.
However, there are certain factors which can be a barrier towards the growth of the industry. Many times, the cost can be high and the quality of the panels would be not up to the mark. Since this is a new product, it becomes difficult to understand its properties, structure, and morphology. A limited number of companies manufacture Alusion Panels and this can lower the demand significantly. Furthermore, being an innovation, it can be rejected by a majority because of the confined knowledge available.
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