The acoustic insulation industry is maneuvering on account of surging consumer interest in acoustic insulation, for residential and commercial purposes. The commercial buildings incorporate retail, offices, cinema, and other leisure outlets to conduct operations of companies. Acoustic insulation materials are widely used in floors, waste-water pipes, walls, ceilings, plant rooms, etc.
The global acoustic insulation industry is forecast to expand at 5.8% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 15,061.4 million in 2023.
Commercial buildings follow specific guidelines to prevent internal noise, external noise intrusion, and noise from building services. Nonetheless, the kind of insulation required in commercial buildings differs on the basis of the building structure and its requirements. Commercial construction has been expanding at a substantial pace in the Asia Pacific and the Middle East and Africa.
The market growth may be stalled by oscillating prices of acoustic insulation’s raw materials. Another hindrance to the market is the high capital cost and low awareness of acoustic insulation in emerging economies.
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These regions are observing high foreign and domestic investments to establish industrial units, multiplexes, malls, hospitals, the IT sector, and the hospitality industry. The Asia Pacific is a lucrative market for foreign companies. This can be attributed to the strong economic performance of economies like Indonesia, China, India, etc. Additionally, Middle Eastern countries are expected to witness growth on account of developing tourism and other non-oil sectors in the region. Thus, fueling commercial construction activities in the Middle East and Africa.
Top Highlights from the FMI’s Analysis of Acoustic Insulation Market:
• The North America acoustic insulation industry is projected to acquire more than 28.1% market share in 2023. The United States acoustic insulation industry leads the regional market as well as the global space.
• The Europe acoustic insulation industry gained a 20.8% value share in 2022. The German acoustic insulation industry procured a 9.1% market share in 2022.
• The United Kingdom’s acoustic insulation industry is expected to expand at a 4.1% CAGR from 2023 to 2033.
• The Japan acoustic insulation industry is projected to gain more than 6.5% market share in 2023.
• The India acoustic insulation industry is projected to register 6.5% CAGR and China is anticipated to register 4.1% CAGR over the forecast period.
• Based on type, foamed plastic is anticipated to acquire more than 25.4% value share in 2023.
• On the basis of the end-use industry, the transportation segment is expected to garner more than 28.4% market share in 2023.
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The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing — ‘The Way Forward’.
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