Selbyville, Delaware, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the Acoustic Diaphragm Market was estimated at $16.7 billion in 2019 and is slated to exceed $24.1 billion by 2026, registering a CAGR of 8.1% from 2020 to 2026. The report provides a thorough analysis of the major winning strategies, market estimations as well as size, main investment avenues, competitive scenarios, drivers and opportunities, and wavering industry trends.
The acoustic diaphragm is majorly used in microphones, earphones, headphones, and loudspeakers among others. The rising popularity of innovative headphones and the increasing application of microphones in mobile phones will drive the acoustic diaphragm market share over the forecast period.
The ongoing COVID-19 pandemic has affected all industrial sectors and the acoustic diaphragm market is no exception. COVID-19 pandemic has disrupted the business functions of several industries across the globe. Lockdown enforced in several countries to prevent COVID-19 spread is expected to have an adverse impact on several end-user industries, consequently affecting the overall market revenue in 2020.
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The exponential rise in positive COVID-19 cases especially in Asia Pacific and Europe, major consumers of acoustic diaphragms, has subsequently resulted in the shutdown of production facilities, thereby creating a major disruption in the demand and supply. The electronic industry has also been adversely affected by the pandemic; hence, the market has exhibited a major dip in terms of both volume and revenue in 2020.
Earphone and headphones will be the fastest-growing application segment in the global acoustic diaphragm market during the forecast timeframe. The growing research and development expenses coupled with the propelling demand advanced technology sound aids in various sectors boosting the application of acoustic diaphragms in these products. Furthermore, acoustic diaphragms have gained prominence across the consumer electronics industry in recent years. The steady growth in the music industry has propelled the demand for microphones with high-quality sounds which, in turn, is likely to enhance the consumption of acoustic diaphragms in microphones.
Some of the major findings in the Acoustic Diaphragm Market report include:
- The market is highly fragmented with numerous regional and international players operating in the value chain.
- Microphone and earphone & headphone are the most revenue-generating segment in 2019
- Paper was the major product segment in 2019 and held a market share of over 32%
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In 2019, Asia Pacific dominated the global market and is projected to grow at a CAGR of 7.4% during the forecast period. The dominance can be attributed to the rapidly growing consumer electronics industry, augmenting demand for acoustic diaphragms over the next few years. Additionally, the surging demand for headphones by gaming stations and music listeners is likely to spur the acoustic diaphragm market growth.
The Middle East will exceed revenue generation over USD 550 million in 2026. Shifting governmental trends from an oil & gas-based economy to a diversified & export-based economy is one of the major contributing factors driving demand for consumer electronics in the region. The government has established several incentives and boosted cash flow in the manufacturing infrastructure to attract major manufacturers, ultimately driving product demand. Furthermore, the increasing penetration of smartphones and speakers in the region will substantially contribute to the acoustic diaphragm market share.
Some of the key product producing companies in the acoustic diaphragm industry include Poyun Enterprise, Foster Electric Company, Limited, Vansonic Enterprise Co., Ltd., Elmetric AB, Mica Manufacturing Co., Pvt. Ltd., Loudspeaker Components, L.L.C., VOZ Electonic Co., Tectonic, Materion Corporation, and Vesper Technologies. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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