Pune, India, Dec. 16, 2020 (GLOBE NEWSWIRE) -- The global architectural acoustic panels market size is projected to reach USD 9,752.8 million by 2027, exhibiting a CAGR of 4.1% during the forecast period. Development of acoustic panels made from eco-friendly and recycled organic waste will be a prime growth determinant for this market, states Fortune Business Insights™ in its report, titled “Architectural Acoustic Panels Market Size, Share & COVID-19 Impact Analysis, By Product Type (Metal Acoustic Panels, Plastic Acoustic Panels, Wood Acoustic Panels and Others), By Application (Residential, Commercial and Industrial) and Regional Forecast, 2020-2027”. The construction industry predominantly relies on synthetic and inorganic materials such as polystyrene and glass wool for thermal insulation and noise reduction. However, these materials are known to have significant environmental impacts and as a result, acoustic panel manufacturers are showing increasing interest in utilizing biodegradable materials for making soundproofing solutions. For example, Soundproof Cow has engineered the Quiet Batt™ 30 Soundproofing Insulation, which is made from 80% recycled cotton and is non-toxic as well as itch-free. Similarly, Audimute has developed its green sound absorption solution, the eco-C-tex, which has been produced from recycled cotton and cellulose. With regulatory bodies emphasizing on reducing pollution from buildings, the demand for green architectural acoustic panels is expected to rise in the coming years.
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According to the report, the global market value stood at USD 7,862.8 million in 2019. The top features of the report include:
- In-depth examination of all the factors driving and restraining the market;
- Comprehensive analysis of the various market segments;
- Granular study of the regional developments shaping the market; and
- Actionable research into the competitive landscape of the market.
List of the Top Companies Profiled in the Global Architectural Acoustic Panels Market are:
- Vicoustic (Portugal)
- G&S Acoustics (USA)
- Hunter Douglas (Netherlands)
- Greener Acoustics (South Africa)
- USG BORAL (Australia)
- Knauf Insulation (USA)
- Armstrong (USA)
- STAR-USG (China)
- Abstracta (Sweden)
- Hebei Bo Run-de (China)
- Leeyin Acoustic Panel (China)
- Beiyang (China)
- Jiangsu Burgeree New Technology Materials Co, LTD. (China)
- Saint-Gobain (France)
- Beijing New Building Material (China)
Restraining Factor
Subdued Construction Activities amid COVID-19 to Stifle Market Growth
A major challenge impeding the architectural acoustic panels market growth is the on-going and the steadily intensifying COVID-19 pandemic that has caused unprecedented damage to the global construction industry. A recent survey by the London-based Royal Institute of Chartered Surveyors (RICS) found that construction activity contracted across the globe in the second quarter of 2020. With 25% of projects coming to a standstill and on-site productivity falling by 12%, the escalating costs are anticipated to exert tremendous pressure on the construction industry over the next twelve months.
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The adoption of architectural acoustic panels will be inevitably affected due to the sudden decline in constructions as these panels are widely utilized for noise control in this industry. Moreover, disrupted investment plans will further hamper the market as acoustic panels are expensive.
Regional Insights
Massive Investments in Infrastructure to Propel the Asia Pacific Market
Asia Pacific is expected to dominate the architectural acoustic panels market share during the forecast period on account of the massive public and private investment in infrastructure development in the region. The region is also witnessing a huge influx of foreign investments in the construction sector, which also favors the growth of the market. In 2019, the Asia Pacific market size stood at USD 3,533.4 million.
Europe is predicted to hold the second-largest position in the global market as a large number of multinational companies in the region are rapidly adoption architectural acoustic panels to comply with the green building regulations set by the European Union (EU). Robust growth of the construction industry in the US will accelerate the growth of the North America market in the forthcoming years.
Competitive Landscape
Apex Players to Implement Aggressive Expansion Strategies
With the intent to capture a larger market share, key players in this market are aggressively implementing strategies to entrench their position. Chief among these is the launch of sound-absorbing solutions made from sustainable materials as the emphasis on green buildings is rising worldwide. The other strategy adopted by the leading companies is the acquisition of regional players to deepen their presence in regional markets.
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Key Industry Developments:
- September 2020: Saint-Gobain announced the takeover of the Netherlands-based external insulation specialist, Strikolith, which registered sales worth €20 million in 2019. The acquisition will strengthen Saint-Gobain’s portfolio of External Thermal Insulation Composite Systems.
- February 2019: Baux, a top acoustics brand, collaborated with a team of scientists specializing in bio-mimicry to engineer a line of biodegradable acoustic panels termed as Baux Acoustic Pulp. The panels are made of plant-based, paper-like material, developed jointly with a Swedish design studio.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Trends
- Key Insights
- Technological Advancements
- Key Developments
- Regulatory Standards
- PORTER’s Five Forces Analysis
- PEST Analysis
- Global Construction Market Outlook
- COVID-19 Impact Analysis
- Supply Chain Challenges
- Steps Taken by Government/Companies to combat COVID-19
- Potential Opportunities due to COVID-19 Outbreak
- Global Architectural acoustic panels Market Analysis, Insights and Forecast, 2016-2027, By Product Type
- Key Findings / Summary
- Market Analysis, Insights and Forecast
- Metal Acoustic Panels
- Plastic Acoustic Panels
- Wood Acoustic Panels
- Others
TOC Continued…!
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