The quantitative analysis of the market from 2014 to 2022 is provided to elaborate the market potential.
Portland, OR -- (SBWIRE) -- 02/23/2018 -- Global acoustic insulation market is expected to reach $14,633 million by 2022, according to new research published by Allied Market Research. Plastic foam material is estimated to dominate the market from 2015 to 2022. Region wise, Europe led the market, accounting for around 35% share of the global market in 2015.Plastic foam material is estimated to dominate the market from 2015 to 2022. Region wise, Europe led the market, accounting for around 35% share of the global market in 2015.
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The global market for acoustic insulation is segmented based on material type, end user, and geography. Based on material type, it is divided into stone wool, glass wool, plastic foam, and others. Plastic foam dominated the market in 2015, with a share of over 52%, due to their excellent sound absorbing and vibration dampening qualities that enhance user comfort and safety levels. This market is estimated to grow at a CAGR of 5.4% over the forecast period.
Based on end user, the market is segmented into building & construction, industrial, and transportation segments. Buildings & construction was the most dominant end user in 2015 and is expected to maintain its position over the forecast period. The market growth in this segment is driven by evolving building codes and regulations, construction of new buildings, growth in urban population, and energy costs. The transportation segment is estimated to be the fastest growing end-user segment at a CAGR of 7%, due to rise in demand for acoustic insulation from automotive and aerospace industries.
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Acoustic Insulation Market Key Findings:
- In the year 2015, plastic foam led the overall market revenue, and is projected to grow at a CAGR of 5.4% during the forecast period.
- The stone wool material segment is expected to grow at a significant CAGR of 6.7%, as it provides higher efficiency in reducing sound, excellent thermal insulation, easy installation, and superior fire resistance.
- Transportation end-user segment is expected to grow at a CAGR of 7%.
- Europe is the most dominant regional market, accounting for around 35% of the global acoustic insulation market in 2015.