Acoustics Market Projected to Gain Significant Value by 2025
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As per a report by Transparency Market Research, the global acoustics market is likely to expand at a CAGR of 5.85% between 2017 and 2025 to reach a valuation of US$16,320.09 mn by 2015-end. The market stood at US$9,881.21 mn in 2016.
Among the various product types offered by the market, foamed plastic held the leading share in 2016 mainly because of its better insulation properties and relatively low price. Regionally, Asia Pacific is expected to continue to remain an attractive market for acoustics in the upcoming years.
Implementation of Regulations to Curb Noise Pollution Propels Market
Increasing government regulations to curb noise pollution is at the forefront of driving the global acoustics market. While developed countries in North America and Europe already have such regulations in place, these regulations have recently come into place in the developing countries of Asia Pacific and Latin America. This has led to a significant change in materials used in new construction undertakings. Consequently, this is driving the use of acoustic material and products to prevent noise to spread. For instance, in India, in Andhra Pradesh the state government implemented the Energy Conservation Building Code (ECBC) that mandate commercial and public buildings to abide by energy conservation statutes. The ECBC code also puts forth the need to reduce energy usage by as much as 40% by means of green building materials. Stringent regulations for energy conservation and noise reduction are expected to open opportunities for the acoustics market in the near future.
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Acoustic materials and products not only help curb noise pollution, but are also effective for uniform distribution of sound in indoor spaces in commercial and residential building structures.
The recovery of the construction sector post the economic slump of 2008 has also been benefitting the acoustics market. Demand for residential units is displaying a steady upward trend over the last couple of years on the back of rising disposable incomes in developing nations. Commercial construction is also witnessing an upswing with rising employment in the corporate sector and changing lifestyle leading to the development of shopping arcades and entertainment plazas.
Need of Scientific Knowledge for Deployment Slows Adoption
On the other hand, the production and installation of acoustic materials that requires scientific and technological expertise has slowed down the adoption of acoustic products. Nevertheless, the increasing rate of urbanization in several parts of the world in expected to act in favor of the market’s growth.
Some of the key players operating in the global acoustics market are 3M Inc., Saint-Gobain, BASF SE, Fletcher Insulation, Sika AG, Rockwool International A/S, DuPont, and Knauf Insulation among others.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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