According to a new report published by Allied Market Research, titled, “Architectural Acoustic Panels Market,” The architectural acoustic panels market size was valued at $7.3 billion in 2021, and is estimated to reach $13.8 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.
Architectural acoustic panel is used to cut back noise and control sound in many alternative spaces. They are used to reduce noise and control sound, so they are an important building material. Currently, there are many types of architectural acoustic panels, including acoustic membranes, resonator panels, and porous material.
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Acoustic panel manufacturers are leading the way toward sustainability by adopting recyclable and eco-friendly materials. Baux, one of the leading manufacturers of acoustic panels, unveiled sustainable acoustic panels made out of chemical-free pulp sourced from sustainably harvested Swedish pine and fir trees. Moreover, these decorative panels are tested and are effective in the soundproofing of varied environments, including homes, restaurants, and office spaces. Audimute, one of the recognized players manufacturing “Green” acoustic products, launched its new products under the brand of eco-C-tex. These products are manufactured from recycled cotton and cellulose. Such factor is anticipated to boost the architectural acoustic panels market growth.
Major players have adopted product launches and acquisitions as a key strategy to sustain the competition and improve their product portfolio. For instance, in July 2020, Owens Corning launched a new product line, FORMULAR NGX. The proprietary blowing agent in this new line of extruded polystyrene (XPS) foam products delivers a 90% reduction in global warming potential (GWP) without sacrificing product performance.
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Europe accounted for the highest share of the global architectural acoustic panels market share in terms of revenue in 2021, owing to surge in number of infrastructure development and new construction activities, thus creating numerous opportunities for architectural acoustic panels for commercial buildings such as educational institutes, malls, and office buildings.
However, during the COVID-19 pandemic, various manufacturers in the architectural acoustic panels market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of architectural acoustic panels companies. Furthermore, lack of labor and raw materials limited the supply of architectural acoustic panels, which had a detrimental impact on the market growth. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of architectural acoustic panels market opportunities.
KEY FINDINGS OF THE STUDY
- The report provides an extensive analysis of the current and emerging global architectural acoustic panels market trends and dynamics.
- Depending on type, the verticals acoustic panel segment has dominated the architectural acoustic panels market in terms of revenue in 2021, while horizontal acoustic panels is projected to grow at a significant CAGR during the forecast period.
- By end-user, the commercial segment has registered the highest revenue in 2021.
- Europe is projected to register the highest growth rate in the coming years.
- The key players within the global architectural acoustic panels market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand competitive outlook of the architectural acoustic panels industry.
- The architectural acoustic panels market forecast analysis from 2022 to 2031 is included in the report.
- In-depth global architectural acoustic panels market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
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