INDORE, India, October 24, 2016 /PRNewswire/ --
Acoustic insulation market recorded a CAGR of over 6% due to rising health concerns and increase in infrastructural activities across the globe. Increased investment by governments across the world, for development of infrastructure, majorly impacts the acoustic insulation market. In 2014, total global spending on construction accounted for more than $2 trillion and in 2015, approximately $900 billion was spent for the development of infrastructure in the US alone. North America dominates the global market and garnered about 29% revenue share in 2015. Growth in the APAC region was the highest with a CAGR of 6.7% primarily because of the increase in construction and infrastructural activities across the region.
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Building and construction sector accounted for over 50% of the demand
Growing investment across the globe in building and construction sector is the key driving factor for growth of the acoustic insulation market. In 2015, construction expenditure reached around $900 billion in the U.S. and the country is positioned as the second largest construction market globally. In 2014, world spending on building and construction accounted for around $2 trillion in which around $1800 billion was spent by China. Thus, the increased spending on construction by developing regions such as India and China drives growth of the global acoustic insulation market. The construction crisis in the EU is expected to be a major threat for the acoustic insulation market as it hits all the countries of EU at various levels. Construction of buildings in the region is on a decline from extremely slow building activity in Lithuania to a stable level in Austria and Germany.
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The global acoustic insulation market is dominated by big players such as BASF SE, Saint Gobain, Rockwool International, Johns Menville Inc. and so on. Around 40% of the revenue generated by Johns Menville is from the insulation market out of which around 26% is from acoustic insulation. In 2015, around $1.5 billion was invested for the development and innovation of insulation materials such as glass wool and so on. Key players are investing to develop noise proofing solutions such as Wavebar, Reapor, and Soundlag. Robust global demand from building and construction segment for such materials has increased tremendous market potential of acoustic insulation. Moreover, penetration of market potential by the key players has also increased the scope of acoustic insulation material.
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