Updated News: Increasing Health Concern Associated With High Exposure To Noise Is Driving The Acoustic Insulation Market
Global Acoustic Insulation Market: Key Highlights
- The Global Acoustic Insulation Market is estimated to reach USD 15,336.15 Million by 2027 at a CAGR of 4.9% between 2020–2027
- The global acoustic insulation market is segmented by type, and end-user
- Based on type, the market is segmented by mineral wool, foamed plastics, and others. Mineral wool is further segmented into glass wool and rock wool. Foamed plastics is sub-segmented into polyethylene, polyurethane, polystyrene, and others. Mineral wool dominated the type segment in 2020 owing to its excellent insulation properties.
- On the bases of region, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- In 2020, the Europe emerged as the leading region in the global market whereas Asia-Pacific is projected to grow at a fastest pace owing to growing construction activities and booming automotive sector in the Asian countries
- Top players that account for the major share include Owens Corning, Kingspan Group, Armacell, and Saint-Gobain.
- Global Acoustic Insulation Market: Key Market Dynamics
- Acoustic insulation is used for deadening the noise pollution owing to hazardous health impact of the noise on the humans. Increasing prevalence of the hearing loss in the population, an outcome of higher exposure to noise, is driving the market growth
- Strict Regulatory Scenario imposed by the regulatory authorities such as National Institute for Occupational Safety and Health (NIOSH) and others for minimizing the noise level, creates huge need for the acoustic insulation
- Growing construction activities in the Asia-Pacific and Middle East & Africa owing to growing construction spending along with ongoing economic growth is driving the adoption of acoustic insulation in the regions
- Slow growing European construction sector due to lack of favorable investment in construction in Europe, hampers the market growth
- Negative effect of some acoustic insulation fiber materials on the human health leading to skin irritation, accumulation in lungs, and other such severe health hazards, also acts as a roadblock for the market growth
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Global Acoustic Insulation Market: Regional Overview
- In 2020, the Europe dominated the global Acoustic insulation market by accounting for more than 20% of the total market share. Europe region is further divided into Germany, France, UK, Italy, Spain, Russia, and Rest of Asia-Pacific.
- In Europe acoustic insulation market, Germany emerged as the leading country owing to growing production of automotive vehicles.
- According to Germany Trade and Invest report, in 2019, 36% of the total vehicles manufactured in Europe were accounted for Germany
- Increasing demand for electric vehicle production is driving the demand for more comfortable, quiet, and low emission vehicles. This, in turns, demand for acoustic insulation.
- Despite of slow construction, the existing construction infrastructure in the Europe demanding comfortable and silent indoor environment is gaining the demand for sound insulation market.
- Asia Pacific region is segmented into five major countries including China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific
- The Asia Pacific region is projected to showcase the grow at the fastest pace owing to rising construction activities in the China, India, Indonesia, Malaysia, and others
- Increasing demand for automotive vehicle due to rise in middle class population with standardization of living style, is creating more demand for acoustic insulation
- China is the world’s largest manufacturers as well as consumer of automotive vehicles and is projected to bloom in the upcoming period. As per International Trade Association (ITA) forecast automobile sales in China are expected to reach till 35 million by 2025
- Due to the aforementioned factors, the growth of the Asia-Pacific is expected to grow at significant pace in the years to follow.
Global Acoustic Insulation Market: Key Players
Some of the key players operating in the market include ROCKWOOL INTERNATIONAL A/S, Saint-Gobain, Knauf Insulation, Johns Manville (Berkshire Hathaway Inc.), Owens Corning, Kingspan Group, Armacell, BASF SE, Fletcher Insulation (Fletcher Building), and Cellecta and among others.
Global Acoustic insulation Market: Key Developments
- On December 2020, JM CladStone 110 and JM CladStone 80 were launched by John Manville. This launch will help the company to offer full line of product densities on its exterior commercial mineral wool insulation.
- In November 2020, Johns Manville, launched Spiracoustic Plus spiral duct liner, exhibiting superior acoustical and thermal performance. It is specially designed for smaller diameter spiral duct application. This product launch will help to give the customers and contractors a needed solution.
- On February 2020, ROCKWOOL International A/S acquired Paroc’s acoustic ceilings business, which operates under the sub-brand of Parafon. This acquisition will help to increase its product portfolio and expand its market reach.
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