February 15, 2023 11:30 ET | Source: Contrive Datum Insights Pvt Ltd Contrive Datum Insights Pvt Ltd
Farmington, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The Global Architectural Acoustic Panels Market Size Was Valued At USD 7.37 Billion In 2021. The Market Is Projected To Grow From USD 7.55 Billion In 2022 To USD 10.59 Billion By 2030, Exhibiting A CAGR Of 5.0% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. As a result, demand is lower than expected in all areas compared to what it was before the pandemic. From 2019 to 2020, the world market went down by 7.1%, according to our data. Fiber Diffuser Wood Studio Foam
Architectural acoustic panels are often used in commercial and industrial projects to control noise pollution caused by structures and to meet specific acoustic requirements. Concert halls, theatres, auditoriums, music studios, and other places use acoustic panels more than anywhere else in the world. These panels do a good job of controlling reverberation, which makes it easier for people to hear in general. You can change these panels to suit your tastes and use them to absorb certain frequencies to create a powerful musical experience.
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There are metal, plastic, wood, and other types of acoustic panels on the market. Most people choose wood acoustic panels first because they work well and last a long time. These panels are easy to change to fit the needs of the application and the client. In places where sound control is important, like concert halls and movie theatres, wooden acoustic panels are often used.
Most of these products are now being made to be environmentally friendly, so the use of plastic acoustic panels is likely to grow quickly. The low price of these panels is another reason why they are better than similar products.
Based on where the products are used, the market is split into three groups: residential, commercial, and industrial. The market is dominated by the commercial sector, which made up more than half of the global value of the market in 2021. Demand for these panels in the market is growing because of places like multinational offices, performance venues, restaurants, hotels, schools, auditoriums, and government buildings.
The industrial sector had the second-largest share of the market. Established economies have used these panels in this segment more often than emerging economies. Because more and more people work from home, especially in the developed economies of Europe and North America, the residential sector is likely to keep growing steadily.
Asia-Pacific was the biggest market in the world in 2021, with a size of USD 3.33 billion. Europe was a close second. The building business is growing quickly in China, India, and ASEAN countries. Foreign Direct Investment (FDI) is more important than ever for the economic growth of the region. This has directly and indirectly increased the demand for these panels in the area by boosting the infrastructure industry and the growth of the tourism industry.
Europe had the second-largest share of the world market in 2021. A lot of international companies have offices all over the continent, and they use acoustic panels to meet the high living standards and laws of the area. Demand in the region was mostly driven by building projects in Germany, France, the UK, Russia, and Italy, which were all Western European countries.
North America, which is the second-largest part, comes after Europe. The recovery of the U.S. building industry will help the acoustic panel industries in the area grow. Oxford Economics' Construction Outlook 2030 predicts that the U.S. construction industry will grow faster than China's over the next 15 years. This is likely to give market players good opportunities for growth in the near future.
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Sustainable acoustic panels are being used to help businesses grow.
Those who make architectural acoustic panels are paving the way for sustainability by using materials that can be recycled and are good for the environment. For example, in February 2019, one of the best companies that makes acoustic panels, Baux, showed off environmentally friendly acoustic panels made from chemical-free pulp made from Swedish pine and fir trees that were harvested in a responsible way. Also, these decorative panels have been tested and found to be effective at reducing noise in a wide range of places, such as homes, restaurants, offices, classrooms, and more. In November 2021, Troldtekt A/S planned to sell panels with low carbon footprints. The unique FUTURECEM greener cement made by the company is used to make these things. Instead of traditional cement-based panels, this product is a better choice.
Market growth will be driven by a rise in demand in the hospitality industry
When there are annoying sound patterns and sounds, restaurants and hotels lose money. In order to keep the hotel experience the same, these businesses have been focusing on making the lobby and rooms less noisy. When people stay at a hotel for the first time, if it is noisy and unsettling, they don't want to go back. Because noisy guests can be so bad for these businesses, hoteliers have been forced to use these panels. These businesses can be made better by improving the sound in convention centres and banquet halls and letting people know that hotels are great places to rent facilities. In March 2022, for example, sound-absorbing Caruso Acoustic panels were put in the restaurant and office of the JHD Dunant Hotel in Italy. As a result of the installation, the space now looks better, feels more upscale, and is more comfortable. Also, the Action on Hearing Loss Charity Reports and the Annual Zagat Survey both focus on the main causes of loud noises and how they affect the hospitality industries.
High prices for acoustic panels will stop people from buying them.
The high cost of architectural acoustic panels has been the biggest reason why they aren't used more often. Most businesses don't find them profitable or reasonable. Many businesses don't know how well these acoustic panels work or how much of a difference they might make for a company. Solar panels aren't used as much as they could be because some clients won't even try them because they think they won't be worth the money. The high price of these panels is due to their expensive development costs, research knowledge, specialised solutions, and the need for an aesthetically pleasing design. So, especially in developing countries, these problems make it hard for markets to grow.
Top Market Players: Saint-Gobain (France), Armstrong (U.S.), Knauf Insulation (U.S.), Beijing New Building Material (China), Jiangsu Burgeree New Technology Materials Co, LTD. (China), Beiyang (China), Greener Acoustics (South Africa), Leeyin Acoustic Panel (China), Hunter Douglas (Netherlands), Hebei Bo Run-de (China), G&S Acoustics (U.S.), Vicoustic (Portugal), STAR-USG (China), and others.
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