Stringent regulatory policies & norms pertaining to a substantial reduction in atmospheric greenhouse gas emission levels will provide a positive scope for industry expansion. Increasing consumer expenditure along with favorable new housing schemes in both developed and developing countries will drive the overall acoustic insulation industry growth.
Sellbyville, DE -- (SBWIRE) -- 06/12/2019 -- Rapid industrialization accompanied by stringent government regulations toward reducing noise pollution and enhancing green building construction will surge the acoustic insulation market. Rising consumer awareness on adverse health effects of sound pollution, such as enhanced stress levels, hypertension, and sleep disturbances, is driving the product adoption. Noise levels have significantly increased over the past few years owing to the rapidly expanding industrial sector and rise in manufacturing activities. Globally, governments are expected to implement necessary measures to reduce the adverse effects of high noise levels.
Strong growth in the construction sector particularly in the developing countries of Asia Pacific and Latin America owing to a rise in private & government spending is providing an impetus to the acoustic insulation market. Manufacturers are expanding their existing production capacities to cater to the growing soundproofing material demand.
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The global acoustic insulation market was dominated by plastic foam, which accounted for over USD 6 billion in 2018. Plastic foam is segmented into Expanded Polystyrene (EPS) and Extruded Polystyrene (XPS). The key aspects, such as extreme lightweight, excellent sound absorption, low thermal conductivity, and high flexibility, will fuel the product demand over the forecast timeframe. In addition, the product is available in various compressive strengths to support various applications. For instance, EPS with high compressive strength can be used in heavy-weight applications.
The acoustic insulation market from transportation applications is projected to witness a significant growth from 2018 to 2025. Automotive manufacturers are looking at solutions for reducing the overall vehicle weight along with improved acoustical parameters. Product development with improved fire performance rating, sound absorption, and deadening properties is supporting the business expansion. Further, increasing automotive production and the growing demand for luxury vehicles will generate new growth opportunities. According to OICA, the global motor vehicle production increased from around 77.6 million units in 2010 to 97.30 million units in 2017.
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The Asia Pacific acoustic insulation market will observe growth at around 6% over the projected timeline with countries including China, India, Japan, and Australia holding a major share. Growth in residential & commercial construction owing to favorable government policies will create new avenues for manufacturers. The availability of skilled labor at low cost and favorable FDI policies is driving automotive production in the region.
The Europe acoustic insulation market will witness notable growth owing to rising IoT and smart infrastructure. Stringent regulatory guidelines regarding the inclusion of sound reducing materials in new infrastructural products will propel the regional growth over the projected timeframe. For instance, the UK Building Bulletin 93 directive regulates minimum acoustic performance standards for school buildings construction. Manufacturers need to comply with the changing government norms, thus investing significantly in research &development of new products with enhanced features.
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The global acoustic insulation market is moderately fragmented with multiple global and regional manufacturers. The key industry players include Rockwool International, Knauf Insulation, Owens Corning, BASF, Kingspan, John Manville, and Armacell International. The key strategies observed in the industry are product innovations, strategic acquisitions & collaborations, and geographic expansions to gain market share.