The global acoustic panel market share will grow significantly because of the emergence of startups specializing in noise-insulating solutions, postulates Fortune Business Insights™ in its report, titled “Acoustic Panel Market, 2021-2029.“
The enormous demand for acoustic panels around the world has fueled the birth of various startups that are creating innovative sound-insulation products for diverse spaces. For example, Acoufelt, an Australian startup, offers acoustic designs under its ‘Making Quiet’ product line to minimize the noise in homes, workplaces, and learning spaces. Similarly, the Netherlands-headquartered startup, DeNoize, engineers cost-effective smart windows that protect offices and residences from excess noise. Another example is US-based Sonic-Shield provides acoustic testing services and solutions for aerospace, automotive, and construction industries. Similar innovations are being developed for the industrial sector as well. For example, QuietStar, a startup domiciled in the UK, creates advanced noise-control solutions for industrial sites. The rising star of these startups and other such entities in the acoustics domain is rapidly broadening the horizons of this market.
List of Key Players Covered in the Acoustic Panel Market Report
Beijing New Building Material
Leeyin Acoustic Panel
Same Acoustic Panel Material
MBI Acoustical Products
By product type, the market is segregated into wooden acoustic panels, mineral wool acoustic panels, fabric acoustic panels, polyester acoustic panels, and others. On the basis of application, the market is segmented into construction, industrial, transportation, and others. It is geographically distributed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
The report examines all possible segments and the latest regional developments of the global market in a detailed manner. It also conducts primary and secondary analyses of the impact of COVID-19 on the market and assesses several driving and restraining factors of the market. Additionally, it contains an in-depth study of the strategies implemented by key players in the market.
Drivers and Restraints
Rising Product Demand in Transport and Construction Industry to Positively Affect Market Growth
Increasing construction activities and rapidly emerging buildings are expected to stoke the demand for acoustic panels. For example, Oxford Economics forecasts that the value of construction output globally will reach USD 15.5 trillion by 2030. These panels are used in several modern constructions for reducing echo in apartments and boosting sound clarity. Additionally, they are used in cars to provide superlative sound insulation. For example, AixFoam Shop announced panels for insulating engine noise and reducing vibrations and other noises during driving to provide a peaceful experience for the driver and the passengers. As a result, the adoption of these solutions in transportation and construction drives the growth of this market.
However, high installation prices and prohibitive capital costs are factors responsible for restraining the market growth.
Asia Pacific to Hold Top Position as Consumer Awareness about Acoustic Solutions Grows
The Asia Pacific region is expected to dominate the acoustic panel market share because of rising consumer awareness about advanced noise insulation technologies. Further, the region’s market is slated to experience lip-smacking opportunities on account of the blistering growth of the construction industry in India and China.
The rising spending capacity of consumers in North America for advanced construction technologies is expected to strengthen the regional market growth. The acknowledgment of benefits provided by acoustic panels in the construction industry by architects is expected to enhance their demand in the region. In Europe, meanwhile, these panels are used to construct beautiful residential and commercial buildings to attract consumers. The buildings are sonically proofed to enhance the listening capacity of apartments.
Top Companies to Devise Novel Strategies to Enhance Brand Image
With a view to enhance their brand image in the global marketplace, leading companies are launching inventive acoustic panels to reduce echo in buildings. For example, AntiCad launched a brand new line of panels named “Fabrix” and “Koral” in June 2020 to reduce echo in industrial and commercial buildings. Key market players are also innovating new production techniques and are using better materials for producing noise-proof panels.
June 2020: Woven Image announced a new range of acoustic panels named Zen and Ion aimed at enhancing the look of offices and creating a good working environment.
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