Dublin, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The "Automotive Acoustic Materials Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The dynamic automotive industry is witnessing a robust increase in demand for acoustic materials as new research reveals significant growth within the market, stimulated by the surge in electric vehicle sales and technological innovations in soundproofing solutions. The comprehensive analysis available now delves into the global market trends, offering a deep dive into the automotive acoustic materials industry expectations for the forthcoming years.
Recent findings indicate that the automotive acoustic materials market size, valued at $3.52 billion in 2023, is poised to ascend to $3.77 billion in 2024, charting a compound annual growth rate (CAGR) of 7.3%.
This impressive upward trajectory is set to continue, with projections estimating a rise to $4.96 billion by 2028, maintaining a steady CAGR of 7.1%. The compilation of this data provides a strategic viewpoint of market dynamics, allowing industry stakeholders to make informed decisions.
Market Growth Drivers
- Expansion in Electric Vehicle (EV) Sales: The steep upward trend in the sale of electric vehicles, with increased emphasis on battery electric vehicles (BEVs), is a significant factor propelling the demand for automotive acoustic materials.
- Rise in Vehicle Production: A steady increase in vehicle manufacturing, with recent data showing heightened production numbers, accelerates the need for high-quality acoustic materials to enhance the in-vehicle experience.
- Technological Advancements: Cutting-edge innovations such as lightweight, sustainable materials offer new avenues for noise reduction and interior comfort, reshaping the industry's approach to acoustics.
Regional Market Overview Asia-Pacific Leads the Global Market in Automotive Acoustic Materials
The Asia-Pacific region stands at the forefront in terms of automotive acoustic materials market share, driven by robust manufacturing activity and consumer demand. Market analysis extends to encompass other key areas including Western Europe, Eastern Europe, North America, South America, as well as the Middle East and Africa, providing a granular perspective on the regional nuances influencing the market dynamics.
Market Components A Focus on Diverse Acoustic Materials and Applications
The market consists of various materials and products such as vibration dampers, PVC decouplers, sound silencers, and echo barriers to name a few. Automotive acoustic materials are integral in facilitating sound management across different vehicle segments, from passenger cars to heavy commercial vehicles, covering crucial areas such as underbody, engine bay, and interior cabin acoustics.
Notable Market Trends Advancements Leading to Enhanced Comfort and Safety
As the market evolves, notable trends highlight the integration of smart materials and sensors, augmented reality audio, and bespoke solutions for the burgeoning electric vehicle segment. Technological advancements promise to deliver improved acoustic comfort, redefining consumer expectations for vehicle interiors.
Competitive Landscape
Strategic partnerships and acquisitions highlight the competitive activities within the market landscape. Major players focus on innovative acoustic solutions and sustainable technologies to meet the growing demands for enhanced vehicle ambiance and regulatory compliance.
A selection of companies mentioned in this report includes
- Dow Chemical Company
- 3M Acoustic Solutions
- BASF SE
- Covestro AG
- Henkel Adhesives Technologies India Private Limited
- LyondellBasell Industries Holdings B.V.
- Sumitomo Riko Co. Ltd.
- Sika AG
- Rockwool A/S
- Huntsman International LLC
- Johns Manville
- Saint-Gobain Ecophon AB
- Harman International
- Thomas Publishing Company
- UFP Technologies Inc.
- Nihon Tokushu Toryo Co. Ltd.
- Knauf Insulation Ltd.
- Owens Corning
- DuPont Automotive
- ThyssenKrupp Automotive AG
- Bridgestone Americas Inc.
- Metaldyne LLC
- Detroit Diesel Corp.
- Alps Automotive Inc.
- American Showa Inc.
- Electrolux AB
- LG Electroncis Inc.
- Miele & Cie. KG
- Samsung Electronics Co. Ltd.
- Panasonic Corporation
- Koninklijke Philips N.V.
- Shanghai Energy New Materials Technology Co. Ltd.
- Sinoma Science & Technology Co. Ltd.
- Cangzhou Mingzhu Plastic Co.
- Teijin Limited
- Nitto Denko Corporation
For more information about this report visit https://www.researchandmarkets.com/r/6mb5fh
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