A report by Transparency Market Research (TMR) finds that the global market for acoustics would expand at a steady CAGR of 6.1% over the period between 2019 and 2027. Furthermore, the global market for acoustics had a net value of US$ 11.1 Bn in 2018, and this figure is expected to escalate by multiple times in the years to come. On the basis of end-use industry, the constructions sector has been a key consumer of acoustic materials. North America hosts a huge consumer base for the global market for acoustics due to the presence of a sophisticated commercial and industrial sector in the region.
Need for Sound-Proof Spaces to Propel Demand
The demand within the global market for acoustics has been rising on account of the need for sound-insulation in multiple industries. Office spaces, production houses, industrial units, libraries, and study areas need to have sound-proof doors, windows, and ceilings which has created commendable demand within the global market for acoustics.
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Furthermore, the availability of a wide range of sound insulation materials such as stone wool, fabric absorbers, fabric noise barriers, and fabric ceilings has also aided the growth of the global market for acoustics. It is expected that the global market for acoustics would expand alongside advancements in the entertainment, sound, and media industries. The need to create a desired sound effect and reflect sound at varying frequencies for movies and short films is another standpoint from the perspective of market growth.
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High Cost of Deployment to Hamper Growth
Despite the affluent growth dynamics of the global market for acoustics, the growth of this market is restrained by the high cost of deployment for acoustics. The construction of sound-insulated areas is a capital-heavy task which has discouraged a number of industries from resorting to it. This has taken a huge consumer base away from the global market for acoustics, thus, restraining market growth. Nevertheless, the high-end industries with huge paying capacity are expected to keep building sound proof spaces and enclosures in the years to come.
Global Acoustics Market Competitive Scenario
The demand within the global market for acoustics has been rising on account of the wide portfolio of acoustic products available in the market. The global market for acoustics has rid itself of the menace of outbound marketing as market vendors resort to innovative marketing hacks to attract consumers. The past decade has been a phase of revolutionary growth for the vendors in the global acoustic market, and the leading vendors have attracted a huge consumer base in these years. Hence, it is safe to predict that the position of the leading vendors in the global market for acoustics remains unchallenged in the current scenario.
Despite the solidified growth of the leading vendors, the market for acoustics has been witnessing the entry of newbie vendors over the past few years. Although these small vendors have failed to challenge the position of the leading market players, the former have set their roots in local and regional markets. It is expected that the leading vendors in the global market for acoustics would avert the entry of new players by forming strategic partnerships. Furthermore, the strong position of these vendors gives them the option of exerting pressure on industries and government to impose restrictions on the entry of new vendors.
Global Acoustics Market – Key Developments
- In February 2020, ROCKWOOL Group announced that the company has acquired Paroc’s acoustic ceilings business, which operates under the sub-brand of Parafon. Paroc is a subsidiary of Owens Corning. Parafon also manufactures stone wool-based acoustic solutions for walls and ceilings like ROCKWOOL Group, and its acquisition would create even better opportunities for the company to serve a broad range of customers and segments.