Led by the performance of plastic foam, the global acoustic-insulation market is expected to reach $14.633 billion by 2022, according to new research published by Allied Market Research. Plastic foam material is estimated to dominate the market from 2015 to 2022. Europe led the market, accounting for some 35 percent of the global market in 2015.
The global acoustic insulation market was valued at $9.878 million in 2015, according to the report by the Portland, Ore.-based market research firm.
Factors driving the global market for acoustic insulation are the increase in health concerns regarding noise pollution, stringent noise pollution standards, a rise in the construction industry and energy efficiency advantages provided by insulation materials. However, the market growth is restrained by low awareness on the importance of acoustics in emerging countries and slowdown of construction industry in Europe.
The global market for acoustic insulation is segmented by material type, end user and geography. Based on material type, it is divided into stone wool, glass wool, plastic foam and others. Plastic foam dominated the market in 2015, with a share of more than 52 percent, because of its sound absorbing and vibration dampening qualities that enhance user comfort and safety levels. This market is estimated to grow at a compound annual growth rate (CAGR) of 5.4 percent over the forecast period.
Based on end user, building and construction was the most dominant end user in 2015 and is expected to maintain its position over the forecast period. The market growth in this segment is driven by evolving building codes and regulations, construction of new buildings, growth in urban population and energy costs. The transportation segment is estimated to be the fastest growing end-user segment at a CAGR of 7 percent, due to rise in demand for acoustic insulation from automotive and aerospace industries.
Europe was the most dominant market in 2015, and is expected to continue this trend throughout the forecast period due to the regions strict building regulations and large transportation market.