Automotive Acoustic Material Market Size to Reach $6.6 Billion by 2031: Allied Market Research
Rising penetration of luxury vehicles, increasing demand for enhanced comfort & safety features in vehicles, and strict government regulations that augment economic assistance and vehicle noise drive the growth of the automotive acoustic material market. By vehicle type, the passenger cars segment contributed to the major share in 2021. Looking ahead, the Europe region is expected to exhibit the fastest CAGR by 2031.
Portland, OR, March 15, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global automotive acoustic material market generated $3.6 billion in 2021, and is estimated to reach $6.6 billion by 2031, witnessing a CAGR of 6.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
|Market Size in 2021||$3.6 Billion|
|Market Size in 2031||$6.6 Billion|
|No. of Pages in Report||315|
|Segments Covered|| Vehicle Type, Material Type, Application, Component, and Region
|Rising penetration of luxury vehicles|
|Increasing demand for enhanced comfort & safety features in vehicles|
|Rising disposable income|
|Opportunities||Increasing trend of vehicle customization|
|Surge in demand for hybrid and electric vehicles|
|Fluctuating raw materials prices|
| Decline in vehicle sales
- The global automotive acoustic material market experienced a decline in growth due to the outbreak of the COVID-19 pandemic. The automobile industry faced a significant decrease in vehicle production and sales, hindering economic progress. The pandemic also caused disruptions in the supply chain of materials, shortage of labor, and strict transportation regulations, further impeding the industry’s growth.
- However, leading players in the automotive acoustic materials industry are introducing innovative technologies such as Flexi-Loft, a felt-based technology that reduces product weight, to maintain their market position. As the global situation begins to recover, there are positive signs for the industry’s future growth.
The report offers a detailed segmentation of the global automotive acoustic material market based on vehicle type, material type, application, component, and region The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on vehicle type, the passenger cars segment held the largest share in 2021, garnering nearly three-fourths of the global automotive acoustic material market revenue and is projected to maintain its dominance by 2031. The commercial segment, however, would cite the fastest CAGR of 7.4% throughout the forecast period.
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Based on material type, the acrylonitrile butadiene styrene (ABS) segment garnered the highest share in 2021, accounting for nearly two-fifths of the global automotive acoustic material market revenue and is projected to rule the roost by 2031. The others segment, on the other hand, would display the fastest CAGR of 8.1% throughout the forecast period. The fiberglass and polyvinyl chloride (PVC) segments are also analyzed throughout the report.
Based on application, the interior cabin acoustic segment held the largest share in 2021, garnering more than one-third of the global automotive acoustic material market revenue and is projected to maintain its dominance by 2031. The underbody and engine bay acoustic segment, on the other hand, would showcase the fastest CAGR of 7.6% throughout the forecast period. Also, the exterior acoustic and trunk panel acoustic segments are discussed in the report.
Based on component, the door segment contributed to nearly one-fourth of the global automotive acoustic material market revenue and is projected to rule the roost by 2031. However, the engine cover segment would also display the fastest CAGR of 8.9% throughout the forecast period. The other segments assessed through the report take in arch liner, head and bonnet liner, dash, trunk trim, and others.
Based on region, Asia-Pacific held the major share in 2021, garnering nearly one-third of the global automotive acoustic material market revenue. Furthermore, Europe region is projected to rule the roost in terms of revenue by 2031. The same segment would also portray the fastest CAGR of 8.0% throughout the forecast period. The other provinces studied through the report include LAMEA and North America.
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The key market players analyzed in the global automotive acoustic material market report include Huntsman International LLC, Freudenberg Group, 3M, Lyondellbasell Industries Holdings B.V., BASF SE, Toray Industries, Inc., sika, Covestro AG, Sumitomo Riko Company Limited, and Henkel AG & Co. KGaA. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by the market players.
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