Acoustic Materials Market Worth 2.93 Billion USD by 2022
PUNE, India, October 24, 2017 /PRNewswire/ --
The report "Acoustic Materials Market by Type (ABS, Fiberglass, PP, PU, PVC & Textile), Component (Arch Liner, Outer & Inner Dash, Fender & Floor Insulator, Door Trim, Head & Bonnet Liner, Engine Cover, Trunk Trim, Parcel Tray), ICE & EV, and Region - Forecast to 2022", published by MarketsandMarkets™, the increasing sales of ICE and electric/hybrid vehicles, the rising global demand for premium passenger cars and enhanced interior cabin comfort features, government regulations pertaining to vehicle noise limits, and the increasing penetration of comfort-related components in the heavy commercial vehicle segment are the key drivers for the Acoustic Materials Market. The market is projected to grow at a CAGR of 6.99% during the forecast period, to reach a market size of USD 2.93 Billion by 2022 from USD 2.09 Billion in 2017.
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Browse 131 Market Data Tables and 44 Figures spread through 209 Pages and in-depth TOC on "Acoustic Materials Market - Forecast to 2022"
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"Passenger cars are estimated to hold the largest market share of the Acoustic Materials Market during the forecast period"
With the rise in vehicle production, the demand for safety and comfort features has also increased among the users. As per the OICA statistics, the passenger cars accounted approximately 75.9% of the total vehicle production in 2016. Furthermore, the increase in the sales of premium vehicles at a global level is expected to influence the demand for acoustic materials. As per the same publication from OICA, the Asia Oceania region produced close to 60% of the global passenger cars in 2016, an increase of 9.3% from 2015. The four countries from Asia Oceania China, Japan, India, and South Korea accounted for 55% of the global passenger car production, in the same year. The same growth is projected to continue in the next few years, and hence, the region is projected to lead the passenger car Acoustic Materials Market.
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"Under hood & engine bay application is estimated to be the fastest growing market for acoustic materials from 2017 to 2022"
Bonnet liners, engine top cover, and engine encapsulation are the key components that absorb the under hood & engine bay noise. The powertrain-related components have to undergo extreme vibrations and temperatures. Hence, the acoustic materials used in such applications have to cope up with the requirements. According to the ECE R118 regulations of United Nations Economic Commission for Europe (UNECE), the insulation material used in the under hood & engine bay application must have nonflammability certification. Further, component manufacturing companies using enhanced materials to achieve the target. Autoneum (Switzerland), an acoustic components manufacturer, is using the Theta-FiberCell material technology that provides optimum noise protection and integrated thermal insulation for engine bay components. Also, the design upgradation by OEMs to develop more powerful engine would boost the demand for acoustic materials to absorb the noise for the engine bay.
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"Asia Oceania: The largest region for the Acoustic Materials Market."
The Asia Oceania region has emerged as the largest market for acoustic materials from 2017 to 2022. The region is the leader in global vehicle production with the production growth of around 17% in the past 5 years. China had been the automobile market in recent years. According to the Organisation Internationale des Constructeurs d Automobiles (OICA), China along with Japan and India together accounted almost 44% of the global vehicle production in 2016. Furthermore, as per the World Bank statistics, the per capita income in China and India has increased by approximately 68% and 14%, respectively, from 2010 to 2015. The rise in disposable income is expected to increase the sales of medium- and premium-end vehicles, which in turn would fuel the Acoustic Materials Market.
The Acoustic Materials Market report profiles key acoustic material suppliers such as BASF (Germany), The Dow Chemical Company (US), 3M (US), Henkel (Germany), Covestro (Germany), DuPont (US), Toray Industries, Huntsman International (US), and Sika (Switzerland).
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