Global Acoustics Market: Snapshot
Keen players in the global acoustics market are vying to develop new applications for acoustic materials, especially in the transportation sector to up their market share and to steal a march on their competitors. Further, topnotch players in this market are seeking entry into emerging markets to capitalize on brimming growth opportunities in these regions.
The acoustics market is primarily driven by government regulations in place in several parts of the world to curb noise pollution. This has necessitated buildings to be insulated with acoustic materials that can prevent noise to spread. While these regulations are already in place in developed countries, the relatively new implementation of these regulations in developing regions is leading to an uptake of acoustic material and products. For instance, in India in Andhra Pradesh, the Energy Conservation Building Code (ECBC) puts forth the requirement for commercial and public buildings to reduce energy consumption and to reduce noise pollution.
On the flip side, scientific and technical expertise needed for production and deployment of acoustic materials is slowing the growth of the acoustics market to some extent. As per estimates presented by a report by Transparency Market Research, the global acoustics market will likely rise at a CAGR of 6.1% from 2019 to 2027.
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Recovery of Construction Sector Boosts Building & Construction End-use Segment
The report examines the global acoustics market based on material, end-use, and geography. Depending upon type, the market is classified into glass wool, stone wool, acoustic insulators, fabric dampeners, fabric noise barriers, foamed plastic, fabric wall materials, acoustic fabrics, fabric absorbers, fabric diffusors, fabric ceilings, and fabric soundproofing materials. Foamed plastic led amongst key acoustic material types in 2018 mainly because of its better insulation properties and relatively lower price.
In terms of end-use, the global acoustics market can be classified into building & construction, industrial/HVAC & OEM, and transportation. Vis-à-vis revenue, the segment of building and construction occupied the leading share of almost 60% in the overall market in 2018. The building and construction segment is further sub-segmented into residential and commercial, of which residential occupies the leading share.
Growth in Asia Pacific Rides on Rapid Urbanization
Geography-wise, the report studies the global acoustics market across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Amongst all, Asia Pacific held the leading share of the market in 2018. The growth of this market is primarily on account of being home to some of the key emerging economies in the world. In this region, the rapid pace of migration from rural to urban areas is leading to an increasing demand for residential and commercial buildings. This, in turn, is benefitting the acoustics market to provide the necessary insulation in these buildings to curb noise pollution as mandated by environment conservation statutes. Asia Pacific is also home to China, which is one of the leading individual markets in the world. Driven by these factors, Asia Pacific acoustics market is anticipated to expand at a significant CAGR over the forecast period.
Similarly, Latin America and the Middle East & Africa also constitute some key emerging economies that are witnessing rapid urbanization. The demand for new residential and commercial buildings in these regions is expected to immensely benefit the acoustics market. On the other hand, North America and Europe are mature markets for acoustics as regulations for noise pollution to be within permissible limits are in place for a long time. Hence, these regions will witness a slow growth rate over the forecast period.
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Rising Demand from Construction and Automotive Sectors Propels Acoustics Market
Acoustics is a field of science pertaining to the production, reception, transmission, control, and insulation of sound waves. Products in global acoustics market are used to control the noise pollution by reducing the amplification of soundwaves and efficiently distributing sound in commercial and residential indoor spaces. They are made with materials that offer low rate of sound reflection, higher sound absorption, and suppression of reverberation, echoes, and resonance. These products are made from one or a combination of two or more materials that have sound absorbing qualities. Products in global acoustics market can be manufactured using various materials including foamed plastic, glass wool, fabric soundproofing materials, fabric wall materials, stone wool, and acoustic fibers. Foamed plastic material receives high demand in global acoustics market owing to its relatively lower cost and greater noise insulation properties. These materials are used to make numerous products in global acoustics market such as fabric noise barriers, acoustic insulators, fabric dampeners, fabric ceilings, fabric absorbers, and fabric diffusors.
Rising disposable income and increasing consumer demand for luxurious lifestyle are some of the major factors motivating the growth of global acoustics market. Products in global acoustics market are used in numerous industry vertical, including but not limited to, building and construction, commercial, transport, marine, residential, industrial, automotive, aerospace, heating, ventilation, and air conditioning (HVAC), and original equipment manufacturing (OEM). Increasing need for lowering energy consumption and noise pollution levels is driving the global acoustics market. Manufacturers and players in global acoustics market are presented with promising opportunities as the construction and building industry slowly starts picking up the pace. However, high cost associated with installation and purchase of products in global acoustics market can prove to be a hinder for market performance in coming years. Other market restraints can include lack of technical and scientific expertise required for the manufacturing, design, production, and development of efficient and cost effective products in global acoustics market. While factors such as fluctuations in the prices of raw materials cause hindrance in the development of global acoustics market, on the other hand, rapid growth in construction, automotive, and industrial sectors is expected to bolster the market in near future.
