The global architectural acoustic panels market size is projected to reach USD 9,752.8 million by 2027, exhibiting a CAGR of 4.1% during the forecast period. Development of acoustic panels made from eco-friendly and recycled organic waste will be a prime growth determinant for this market, states Fortune Business Insights™ in its report, titled “Architectural Acoustic Panels Market Size, Share & Industry Analysis, By Product Type (Metal Acoustic Panels, Plastic Acoustic Panels, Wood Acoustic Panels and Others), By Application (Residential, Commercial and Industrial) and Regional Forecast, 2020-2027”. The construction industry predominantly relies on synthetic and inorganic materials such as polystyrene and glass wool for thermal insulation and noise reduction. However, these materials are known to have significant environmental impacts and as a result, acoustic panel manufacturers are showing increasing interest in utilizing biodegradable materials for making soundproofing solutions. For example, Soundproof Cow has engineered the Quiet Batt™ 30 Soundproofing Insulation, which is made from 80% recycled cotton and is non-toxic as well as itch-free. Similarly, Audimute has developed its green sound absorption solution, the eco-C-tex, which has been produced from recycled cotton and cellulose. With regulatory bodies emphasizing on reducing pollution from buildings, the demand for green architectural acoustic panels is expected to rise in the coming years.
Massive Investments in Infrastructure to Propel the Asia Pacific Market
Asia Pacific is expected to dominate the architectural acoustic panels market share during the forecast period on account of the massive public and private investments infrastructure development in the region. The region is also witnessing a huge influx of foreign investments in the construction sector, which also favors the growth of the market. In 2019, the Asia Pacific market size stood at USD 3,533.4 million.
Europe is predicted to hold the second-largest position in the global market as a large number of multinational companies in the region are rapidly adoption architectural acoustic panels to comply with the green building regulations set by the European Union (EU). Robust growth of the construction industry in the US will accelerate the growth of the North America market in the forthcoming years.
Apex Players to Implement Aggressive Expansion Strategies
With the intent to capture a larger market share, key players in this market are aggressively implementing strategies to entrench their position. Chief among these is the launch of sound-absorbing solutions made from sustainable materials as the emphasis on green buildings is rising worldwide. The other strategy adopted by the leading companies is acquisition of regional players to deepen their presence in regional markets.