The global acoustic insulation market is anticipated to witness a CAGR of 6% during the forecasted period 2016-2022. The market is expected to reach approximately $14818 million by 2022 Acoustic insulation market is primarily driven by the rising health concerns coupled with improving infrastructural activities in buildings for acoustic insulation. Noise is one of the secondary form of pollution by which people are getting affected since the industrialization has started in the late 18th century. In the last few years there is rise in public spending on health mainly in developing countries which is expected to continue in the next coming years. Glass wool and stone wool are some of the widely used acoustic insulation materials which are used by various industry players in order to decrease the ill effects of noise pollution among the industry workers. Continuous regulations are being made to reduce the noise in different countries. For example, in the US the occupational noise exposure regulation stated that the employers of industries must limit the noise exposure of their employees to 90 dBA. Rising healthcare concerns are expected to have a high rendering impact in the growth of the global acoustic insulation market. However, construction sector crisis in Europe is hampering the growth of the acoustic insulation market in current scenario. The sector of construction is vital in the European economy. The construction sector contributes by about 9% to GDP of European union with around 3 million of enterprises and workforce of 18 million people. The construction crises hit all the 28 EU countries to different extent. All of the countries experience a constant decline in the production of building from extreme reduction in Lithuania to stable level in Austria and Germany. In many countries like Ireland and Spain the growth rate is considerably falling downwards.
The global acoustic insulation market can be segmented on the basis of type and end users. The overall market can be segregated on the basis of end user industry including building & construction, transportation, industrial and other end user industries. Amongst the numerous end user industries, building & construction industry accounted for the largest market share of approx. 53% in 2015. Rapid urbanization and high construction industry expenditure are the key factors that are propelling the usage of acoustic insulation materials within the building & construction industry. In 2014, the construction expenditure reached around $900 billion in the U.S. and hence the country is being positioned as the second largest construction market at global level. Increase in construction spending by the developing regions is expected to attribute significantly towards the growth of the global acoustic insulation market. Supportive government initiatives related to the application of insulation materials in building & construction industry has also attributed towards the growth of the acoustic insulation in construction sector. Developed regions such as North America and Europe have formulated regulations associated with energy efficiency of buildings. As per Concerted Action Energy Performance of Buildings (i.e. a combined initiative program European Commission members’ states and European Union) almost every newly constructed building in the member states by the year 2020 should comply with the zero energy standards. Along with it, even the government of emerging economies are actively promoting the usage of insulation materials. Such initiatives and regulations are expected to act as underlying driving factors for the global acoustic insulation market. Moreover, transportation industry is expected to grow at the highest CAGR of 7.0% during the forecasted period. The high growth of acoustic insulation in the transportation sector is attributed to the rising demand from the automotive industry, leading to a high growth rate for acoustic insulation products.
The geographic analysis of acoustic insulation market includes North America, Asia Pacific, Europe and RoW. In 2015, Europe accounted for the largest market share of approx. 35% in the global acoustic insulation market. The growing markets of automotive electronics and industrial machinery have propelled the demand for acoustic insulation in European region. The automotive sector accounts for 4% of the European GDP. Europe is amongst the world's biggest manufacturers of motor vehicles which has created potential for the growth of the acoustic insulation market within the region. In 2015, approximately 6.1 million units of motor vehicles were produced in Germany. In the European region, Germany holds the largest market share of 25.4% in 2015. Along with it, Asia Pacific is anticipated to be the fastest growing region by witnessing an impressive growth rate of 6.7% during the forecasted period. The growth of the Asia Pacific market is majorly due to high growth in the countries such as China and India. China is known as an automobile manufacturing hub, there can be seen an inclination of the global automobile manufacturing companies towards setting their manufacturing units in China, this is expected to act as a great opportunity for the region.
The key players of acoustic insulation market include Knauf Insulation GmbH, Rockwool International A/S, and Saint-Gobain SA, Johns Manville Inc. and Owens Corning. Mergers & Acquisitions, product launch and strategic alliances are the key strategies adopted by the market players. In 2015, Rockwool International A/S entered into partnership with Danchurch Aid with the aim to explore the stone wool solution for improving conditions of refugees around the world.