Acoustic Insulation Material Market Trends
Growth Drivers
- Growing Demand for Environmentally Friendly Insulating Materials: The growing emphasis on sustainability and lowering carbon dioxide emissions is boosting demand for environmentally friendly acoustic insulating materials. Organic and sustainable materials including wool, cotton, and cellulose are likely to boost market expansion. For instance, it was found in a survey that about 35% of consumers are willing to pay more for sustainable products and goods.
- The Growing Industry of Hospitality: The rise of the hospitality industry, which includes resorts, clubs, and cafes, is boosting the need for acoustic insulation materials. The emphasis on offering a relaxing and quiet atmosphere for visitors is projected to drive market growth. For instance, there were more than 750,000 hospitality establishments such as hotels and vacation resorts globally in 2019.
- Aerospace Industry Expansion: The aerospace industry's expansion is boosting demand for acoustic insulation materials in airplanes. The adoption of lightweight, high-performance materials to minimize noise and improve passenger comfort is likely to increase. For instance, the in-cabin noise in an airplane can range between 35-85 decibels, during take-off, landing and in-flight.
- Rising Demands of Music Recording Studios and Growing Sales of Home Theater Systems: Demand for acoustic insulating materials is increasing owing to the increasing number of home theatres and music studios. These materials aid in the creation of a soundproof atmosphere for an immersive auditory experience, which will drive market expansion. For instance, more than 35 percent of the households in the United States own a home cinema system.
- Growing Demand for Cabin Comfort in Cars: Increasing demand for acoustic insulation materials in the automobile industry is being driven by a need to provide better interior comfort to consumers. Moreover, the rising usage of electric cars will also aid market growth. Electric cars are silent, and acoustic insulation materials aid in decreasing road noise and improving passenger comfort, which will fuel market expansion. For instance, in 2022, there were more than 2.5 million electric vehicles in the U.S. alone.
Challenges
- Low Awareness About These Materials: Lack of information about the advantages of acoustic insulation materials is a key issue faced by the market players. Use of these materials necessitates an understanding of the advantages of noise reduction and insulation, which may pose to be a hurdle in the market’s expansion.
- Availability of Lower-Priced Substitutes
- High Initial Cost of Installation
Acoustic Insulation Material Market: Key Insights
Global acoustic insulation material market is expected to grow at a steady compound annual growth rate of 5.9% over the forecast period. Further, the market is expected to reach at a valuation of about USD 18.2 Billion by the end of 2024. Moreover, rising penetration of acoustic insulation materials to maintain the decorum of the corporate office, intuitional buildings and others is driving the growth of the global acoustic insulation material market across the globe.
The global acoustic insulation material market is segmented by product type, by application and by region. On the basis of application, the global acoustic insulation material market is segmented into building & construction, industrial, and transportation. Among these segments, building & construction acoustic insulation material segment accounted for the largest segment of overall acoustic insulation material market in 2016 and is projected to witness a notable CAGR during the forecast period. Moreover, rising commercial infrastructural development such as institutional building, cooperate offices and others is believed to augment the demand for acoustic insulation material which in turn expected to foster the growth of global commercial acoustic insulation material market. Moreover, rock wool segment by product type is projected to capture the significant share in the overall market of acoustic insulation material market. Further, the factors propelling the market of rock wool acoustic insulation material includes high thermal properties along with acoustic padding fire resistance properties.
In the terms of region, Asia-Pacific accounts for highest percentage of market share in overall acoustic insulation material market in 2016. Asia-Pacific region is witnessing rapid pace urbanization and increasing construction activities in growing economies such as India and China is expected to flourish the growth of acoustic insulation material market. Further, rising adoption and demand of acoustic insulation material by commercial building is boosting the growth of acoustic insulation material market in Asia-Pacific region. Further, Japan, China and India are expected to be the major contributor to the growth of Asia-Pacific acoustic insulation material market during the forecast period due to rapid growth of real estate sector in these countries.
North America is expected to grow at a significant CAGR over the forecast period. Further, rising spending on non-residential construction activities in this region is anticipated to foster the growth of acoustic insulation material market. Moreover, government is taking favorable initiatives for the adoption of acoustic insulation material in instructional building and others. This factor is envisioned to bolster the growth of acoustic insulation material market. Further, U.S. is anticipated to be the major country witnessing the augmented demand for acoustic insulation material. However, Canada acoustic insulation material market is anticipated to grow at a noteworthy CAGR of 4.9% during the forecast period.
Europe is expected to grow at a considerable growth during the forecast period. This can be attributed to the rising regulations by governments to control noise inside a building. Further, Western Europe countries such as Germany, U.K. and others are believed to witness augmented demand for acoustic insulation material.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.8% |
|
Base Year Market Size (2024) |
USD 15.72 billion |
|
Forecast Year Market Size (2037) |
USD 32.18 billion |
|
Regional Scope |
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