Acoustic Insulation Global Market Report 2024: Market Projected to Reach $15.86 Billion At A CAGR of 8.4% in 2028
Acoustic Insulation Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Does the Current Acoustic Insulation Market Landscape Look Like?
The acoustic insulation market size has made a strong headway in recent years and continues to grow from strength to strength. It is projected to enjoy further growth from $14.58 billion in 2023 to $15.86 billion in 2024, representing a compound annual growth rate CAGR of 8.8%. The increase in this historic period can be largely attributed to factors such as the growth in the construction industry, urbanization, burgeoning demand in the automotive industry, regulatory standards, and changing consumer preferences.
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What Will Drive The Future Growth in the Acoustic Insulation Market?
Boosted by initiatives related to smart cities, concerns about energy efficiency, growth in the hospitality sector, renewable energy projects, and government initiatives along with the impact of the ongoing global pandemic, the acoustic insulation market size is expected to see strong growth in the next few years. Projected to reach $21.94 billion in 2028 at a compound annual growth rate CAGR of 8.4%, major advancements in the material technologies, advent of sustainable insulation solutions, technological integration for smart buildings, and HVAC systems largely drive this growth.
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Who Are the Key Players in the Acoustic Insulation Market?
Leading players operating in the acoustic insulation market include renowned names such as Badische Anilin- und Sodafabrik BASF, Saint-Gobain, CertainTeed Corporation, Minnesota Mining and Manufacturing Company, Knauf Insulation, Sika AG, Owens Corning, Kingspan Group, Huntsman Corporation, Soprema, and Rockwool International, among several others.
What Major Advancements Have Impacted the Acoustic Insulation Market Recently?
Several key industry players are developing innovative products with advanced technologies and superior efficiency to enhance acoustic insulation. In June 2023, for instance, Armacell, a leading insulation products manufacturer based in Luxembourg, introduced ArmaComfort ABJ. This new multi-layer acoustic system solution has been specifically designed to curtail noise in diverse applications, offering a flexible and easy-to-fit solution for acoustic insulation.
How Is the Acoustic Insulation Market Segmented?
The acoustic insulation market report covers these key segments:
1 By Type: Mineral Wool, Glass Wool, Polymeric Foams, Natural
2 By End-UseR Industry: Building & Construction, Transportation, Oil & Gas, Energy & Utilities, Industrial & OEM
Where Was the Dominant Region in the Acoustic Insulation Market?
In 2023, Western Europe emerged as the largest region in the acoustic insulation market. Furthermore, Asia-Pacific is expected to be the region with the fastest growth during the forecast period. Other regions covered in the acoustic insulation market report include North America, South America, Middle East, and Africa.
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