Global Automotive Acoustic Material Market to Grow at a CAGR of 6.4% from 2022-2031, Driven by Increasing Demand for Comfort & Safety Features in Vehicles

DUBLIN, July 25, 2023 /PRNewswire/ -- The "Automotive Acoustic Material Market by Material Type, Application, Component, Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

The automotive acoustic material market is likely to experience a growth rate of 6.4% from 2022-2031 owing to increasing demand for enhanced comfort & safety features in vehicles.

The report incorporates the study of the global automotive acoustic material market that focuses on the materials used in vehicle manufacturing to lower the sound level of engine and other vehicle components. In addition, vehicles are insulated with automotive acoustic materials from inside to reduce the outer noise, which affects the inner environment of the vehicle. These effective and affordable materials are constantly being developed by a number of well-known automakers and OEMs so that they may provide their customers with more comfort. These initiatives are expected to enhance the overall market space in the future. For instance, in August 2019, Huntsman International LLC unveiled a wide range of innovative polyurethane foam solutions focused on mobility, comfort and architectural applications. The new formulation is thermoformable for superior sound absorption and greater flexibility.

In addition, automotive acoustic materials are also used in the manufacturing industry to reduce machine noise and vibrations and safeguard workers on the shop floor. Although, the market value has increased as a result of increased R&D expenditures and growing consumer demand for more advanced comfort and safety features in vehicles. Also, the growing popularity of luxury, electric, and autonomous vehicles in the area and ongoing technical improvements may lead to an increase in the market. For instance, in 2020, HARMAN International partnered with Hyundai Motor Company to introduce the first ever active road noise cancellation system. The new technology has been adopted in the latter's Genesis GV80 SUV.

China is the world's largest vehicle market. As new automakers move into the nation and are anticipated to unveil their latest models soon. According to the China Automobile Dealers Association, the country's luxury car dealers sold 277,000 vehicles in April 2020, an 11.1% increase over April 2019. Furthermore, major worldwide businesses operating in the sector are investing in the North American region to expand their market presence and stay one step ahead of their competitors.

Market Dynamics

Drivers

• Increasing demand for enhanced comfort & safety features in vehicles
• Stringent government regulations for economic assistance and vehicle noise
• Rising penetration of luxury vehicles

Restraints

• Volatile prices of raw materials
• Decline in vehicle sales

Opportunities

• Rise in the trend of vehicle customization coupled with an increase in disposable income
• Increase in demand for electric and hybrid vehicles

Key Benefits

• This study presents analytical depiction of the global automotive acoustic material market analysis along with current trends and future estimations to depict imminent investment pockets.
• The overall automotive acoustic material market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the global automotive acoustic material market with a detailed impact analysis.
• The current automotive acoustic material market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
• Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Market Segments

By Vehicle Type

• Passenger Cars
• Commercial Vehicles

By Material Type

• Acrylonitrile butadiene styrene (ABS)
• Fiberglass
• Polyvinyl chloride (PVC)
• Others

By Application

• Interior Cabin Acoustic
• Exterior Acoustic
• Trunk Panel Acoustic
• Underbody and Engine Bay Acoustic

By Component

• Arch Liner
• Head and Bonnet Liner
• Dash
• Door
• Engine Cover
• Trunk Trim
• Others

Key Market Players

• Sumitomo Riko Company Limited
• BASF SE
• sika
• Henkel AG & Co. KGaA
• Covestro AG
• Toray Industries, Inc.
• 3M
• Huntsman International LLC
• Freudenberg Group
• Lyondellbasell Industries Holdings B.V.

For more information about this report visit https://www.researchandmarkets.com/r/cflgh1

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