Albany, NY -- (SBWIRE) -- 05/17/2018 -- The global acoustics market has a large of number of players engaged in the development of new applications for acoustic materials. These initiatives will help these companies up their market share and gain competitive advantage. Further, well-entrenched players are vying to enter into strategic alliances with regional players to tap opportunities in emerging markets, observes Transparency Market Research (TMR) in a new report.
Prominent names in the global acoustics market include BASF SE, 3M Inc., Sika AG, DuPont, Saint-Gobain, Fletcher Insulation, Knauf Insulation, and Rockwool International A/S among others.
The TMR report estimates the global acoustics market to be worth US$16,320.09 mn by the end of 2015 expanding at a CAGR of 5.85% between 2017 and 2025. The market was valued at US$9,881.21 mn in 2016.
Based on material type, foamed plastic accounted for the leading share in 2016 owing to advantages of its insulation properties and relatively low cost. Geography-wise, Asia Pacific is anticipated to remain a lucrative market for acoustics in the near future. This is mainly because the region is home to some key developing economies in the world. On the basis of end-use, building and construction held the dominant share of close to 60% vis-à-vis revenue in the overall market in 2016. The residential segment within building and construction occupies the leading share.
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Emergence of Energy Conservation and Noise Reduction Statutes Stokes Demand in Developing Nations
Rising government regulations to control noise pollution is one of the primary growth drivers of the acoustics market. Implementation and adherence to such regulations is common in developed countries, which is increasingly coming into place in developing countries as well. Consequently, in these countries, adoption of newer materials in various industry sectors that prevents noise to spread is on the rise. For example, in India, the state government of Andhra Pradesh has implemented Energy Conservation Building Code (ECBC) that necessitate public and commercial buildings to adhere to energy conservation statutes. The ECBC code mandates to reduce energy consumption by 40% by means of green building materials. Further, regulations in place for energy conservation and noise reduction are anticipated to bode well for the acoustics market in the upcoming years.
Acoustic materials also help for uniform distribution of sound in indoor spaces in residential and commercial buildings.
The booming construction sector post the economic slowdown of 2008 has also been stoking demand for acoustic materials. The surging demand for residential units to serve the residential need of influx of migrants in urban areas, and construction of commercial buildings to serve the corporate sector is indirectly benefitting the acoustics market. Commercial buildings such as shopping malls and entertainment complexes also need to adhere to energy saving and noise reduction norms that necessitate installation of acoustic materials.
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Scientific and Technological Requisites for Deployment Limits Adoption
On the down side, need of scientific and technological expertise for the production and installation of acoustic materials has slowed their adoption. Howbeit, rampant industrialization and urbanization in several parts of the world are likely to offer numerous growth opportunities to the acoustics market.
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