New York, Oct. 04, 2023 (GLOBE NEWSWIRE) -- The global acoustic insulation market size is slated to expand at ~6.9% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 34.9 Billion by the end of 2035, up from a revenue of ~USD 15.67 Billion in the year 2022. The growth of the market is expected to grow on account of the growing adoption of automotive. In 2022, there were approximately 66 million cars sold worldwide, up from close to 65 million in 2021. The industry which produces cars uses acoustic insulation to lessen noise produced by the engine and other parts of the vehicle.
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Acoustic insulation aids in bringing noise levels down to a tolerable and safe level since in some commercial settings, excessive noise levels can be harmful and even dangerous. For the automobile manufacturing business, acoustic insulation decreases noise in engine bays, equipment panels, and automotive interiors. For instance, starting on July 1, 2021 in the European Union and the United Kingdom, all new electric and hybrid vehicles was predicted to be regulated and required to employ an AVAS (acoustic vehicle alerting system).
Acoustic Insulation Market: Key Takeaways
- Market in North America region to propel the highest growth.
- The Foamed plastic segment to garner the highest growth.
- Market in Europe to grow at the highest rate
Growing Urban Population to Boost the Growth of Acoustic Insulation Market
4.4 billion people live in cities around the world, representing 56% of the total population. By 2050, when roughly 7 out of 10 people will live in cities, this tendency is predicted to continue, and the urban population will have more than doubled from its current level. Hence, more construction projects are taken into account along with utilizing acoustic insulation. Vibrations that are transmitted during a building's construction result in structure-borne sounds. They will consequently cause the air to quiver, and eventually people are projected to hear the sound as a result. House sounds can come from either the inside or outside of the building. Therefore, the adoption of acoustic insulation is on surge.
Acoustic Insulation Market: Regional Overview
The global acoustic insulation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Disposable Income to Drive the Market Growth in North America
The market in North America for acoustic insulation is set to garner the largest revenue by the end of 2035. The growth of the market in this region is expected to be dominated by growing disposable income. In the United States, disposable personal income climbed from about USD 19961 in June to close to USD 19968 in July 2023. Owing to this, population in this region is preferring quality life with the home built with quality product. Therefore, the market in this region growing.
Rising Investment in Construction to Influence the Market Expansion in Europe
The market for acoustic insulation in Europe is projected to have significant growth in the market over the forecast period. This could be owing to rising investment in construction projects. Construction investments in Europe rose by about 3% y/y in 2022 and by approximately 5% y/y in 2021. Hence, the adoption of acoustic insulation is set to rise in this region.
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Acoustic Insulation, Segmentation by Type
- Elastomeric Foam
- Glass Wool
- Rock Wool
- Foamed Plastics
The foamed plastics segment is projected to capture the highest revenue by the end of 2035. This growth of the segment is estimated to be encouraged by growing commercial construction of school and hospitals. For instance, there are approximately 115,575 schools currently in United States. This construction is set to grow even further. Schools and hospitals required to need reduce sound which is why the need for foamed plastics acoustic insulation is rising since it is also considered to be energy efficient.
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Acoustic Insulation, Segmentation by End-User
- Building & Construction
- Energy & Utilities
- Transportation
- Oil & Gas
- Industrial & OEM
The transportation segment is poised to have notable growth in the market over the coming years. The main element to influence the growth of the segment is the growing production of automotive. Approximately 84 million automobiles were manufactured worldwide in 2022, an about 4% rise contrast to 2021. Also, the demand for commercial vehicles such as buses and trucks is also growing. These vehicles are estimated to produce most noise. As a result, the adoption of acoustic insulation is rising in transportation segment.
A few of the well-known market leaders in the global acoustic insulation market that are profiled by Research Nester are Saint-Gobain, Rockwool International A/S, Knauf Insulation, Owens Corning, Johns Manville Inc., Armacell, BASF SE, Paroc, Soperma, Huntsman, and others.
Recent Development in the Market
- In April 2023, in order to lower greenhouse gas emissions from the building industry, safeguard non-renewable resources, and provide consumers with comfortable and appropriate housing, Saint-Gobain established the Sustainable building Observatory. As part of the study carried out at the CSA Institute, the company included professionals, colleagues, and students and provided a wealth of knowledge and information to move the construction industry globally towards sustainability.
- Commercial stone wool insulation products are now being produced by Rockwool International A/S in North America at the US manufacturing hub in Jefferson County, West Virginia. To fulfil the company's commitment to sustainability, the facility utilized natural gas in its production.
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