The North America acoustic insulation industry is projected to acquire more than 28.1% market share in 2023. The United States acoustic insulation industry leads the regional market as well as the global space.
The global acoustic insulation market is forecast to expand at 5.8% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 15,061.4 million in 2023.
The acoustic insulation industry is maneuvering on account of surging consumer interest in acoustic insulation, for residential and commercial purposes. The commercial buildings incorporate retail, offices, cinema, and other leisure outlets to conduct operations of companies. Acoustic insulation materials are widely used in floors, waste-water pipes, walls, ceilings, plant rooms, etc.
Commercial buildings follow specific guidelines to prevent internal noise, external noise intrusion, and noise from building services. Nonetheless, the kind of insulation required in commercial buildings differs on the basis of the building structure and its requirements. Commercial construction has been expanding at a substantial pace in the Asia Pacific and the Middle East and Africa.
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These regions are observing high foreign and domestic investments to establish industrial units, multiplexes, malls, hospitals, the IT sector, and the hospitality industry. The Asia Pacific is a lucrative market for foreign companies. This can be attributed to the strong economic performance of economies like Indonesia, China, India, etc. Additionally, Middle Eastern countries are expected to witness growth on account of developing tourism and other non-oil sectors in the region. Thus, fueling commercial construction activities in the Middle East and Africa.
The market growth may be stalled by oscillating prices of acoustic insulation’s raw materials. Another hindrance to the market is the high capital cost and low awareness of acoustic insulation in emerging economies.
Top Highlights from the FMI’s Analysis of Acoustic Insulation Market:
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 13, 2023