Acoustic Insulation Material Market Growing Demand 2015 – 2021
The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Acoustic insulation materials are used to reduce intensity of sound emitted. For instance, building are acoustic insulated to prevent the people inside from the sound of vehicle outside. Acoustic insulation material is used almost in every industry in order to decrease the sound level of machines and save workers from any health issue due to large noise. Acoustic insulation materials are primarily used in construction industry.
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Construction sector output, manufacturing industry output, construction industry spending and urbanization trend are some of the macro-economic drivers of the acoustic insulation material market. Developed economies such as North America and Europe have formulated regulations concerning energy efficiency buildings: according to Concerted Action Energy Performance of Buildings (a joint initiative program of member states of European Union and European Commission) approximately all new buildings constructed in the member states by 2020 should comply with zero – energy standards.
Even emerging countries government are actively promoting the use of insulation material: in 2014, Andhra Pradesh (India), adopted Energy Conservation Building Code (ECBC) under which commercial and public buildings in the state are expected to cut costs and slash energy usage by 40%-60% through the use of green building materials. Such regulations and initiatives are identified as underlying driving factors of the market. However there are few challenges acoustic insulation material market is facing: low awareness of acoustic insulation material in emerging economies and high capital cost of acoustic insulation in building.
On the basis of product type, acoustic insulation material market is broadly segmented as:
- Stone Wool
- Glass Wool
- Plastic Foam
- Others
On the basis of application, global acoustic insulation material market is segmented into:
- Residential
- Commercial
- Industrial
Asia Pacific acoustic insulation material market is estimated to represent the highest growth globally during the forecast period. Middle East and Africa construction industry has represented substantial growth in past few years and likely to continue the trend during the forecasted period as well. New building codes implemented in MEA along with expected growing trend of construction industry is anticipated to generate demand for acoustic insulation material market in the region. Asia Pacific substantially growing manufacturing industry is also expected to create demand for acoustic insulation materials. Growth of acoustic insulation material market in Western Europe is likely to be driven by increasing regulation in the region for building sound insulation. EU construction products directive defines the protection against the noise in building. Building or machines are insulated in a way that people nearby are not affected by the noise around.
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Some of the key players in the global acoustic insulation material market include
- Berkshire Hathway (Johns Manville),
- Rockwool International A/S, E. I. du Pont de Nemours and Company,
- Bayer AG,
- Owens Corning,
- BASF SE,
- Asahi Kasei Corporation,
- Dow Chemicals Company,
- Kingspan Group PLC
- Saint Gobain S.A.