The global acoustic insulation market is expected to grow at a CAGR of over 5% during the forecast period of 2019 - 2024. The major factors driving the market studied include growing interest of consumers for acoustic insulation for commercial and residential purposes. Stagnant industrial growth in the developed countries is expected to significantly hinder the growth of the market studied.
- Asia-Pacific is expected to dominate the global market during the forecast period.
- Demand for aesthetic prospects and fire-resistant properties for acoustic insulation is likely to act as an opportunity in the future.
Key Market Trends
Growing Demand from Automotive Industry
- The use of acoustic insulation in the automotive industry is to decrease or eliminate the effects of exterior noise caused by the vehicle, primarily the noise from the engine; exhaust; and tire.
- Further, automotive insulations have developed high performance lightweight acoustic and thermal solutions to reduce the overall component weight of the vehicle.
- This, in turn, keeps the vehicle in line with the current refinement standards whilst significantly reducing the weight of the insulation system as a whole.
- This not only reduce the noise, but also provides mold, mildew, and moisture resistance, efficient assembly, and manufacturing support.
- Plastic foams, especially polyester and polypropylene blend materials are usually used in the insulation system of the vehicle.
- Furthermore, the global automotive production growth is likely to propel the market for the acoustic insulation from automotive industry over the forecast period.
China to Dominate the Demand in Asia-Pacific Region
- China is the largest economy in the entire Asia-Pacific, in terms of GDP. The growth in the country remains high, but is gradually diminishing, as the population is aging, and the economy is rebalancing from investment to consumption, manufacturing to services, and external to internal demand.
- The first year of China's 13th Five Year Plan (2016), was an important year for the country's engineering, procurement, and construction (EPC) industry, as it ventured into new business models, both domestically and internationally.
- The construction sector had slowed down after 2013, but is still a major contributor to the GDP of China. In 2018, China's construction industry developed rapidly, due to the central government's push for infrastructure investment, as a mean to sustain economic growth.
- Despite the volatile growth in the real estate sector, the significant development of rail and road infrastructure by the Chinese government, in order to withstand the growing industrial and service sectors, has resulted in a significant growth of the Chinese construction industry in the recent years. As the construction industry is dominated by state-owned enterprises, the increased government spending is boosting the industry in the country.
- Furthermore, countries such as India and Japan have also been contributing to the growth of the market studied. This is expected to further drive the demand for acoustic insulation market over the forecast period.
The global acoustic insulation market is partially consolidated in nature. Some of the major players of the market studied include Saint-Gobain Group, BASF SE, ROCKWOOL, and Owens Corning among others.
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