Global Automotive Acoustic Material Market Analysis By Material Type (Rubber, Foam, Fibers, and Others), By Component Type (Dash insulators, Engine enclosures, Headliners, Door trims, and Others), By Vehicle Type (Passenger cars, Light commercial vehicles, and Heavy commercial vehicles) & Forecast
- PUBLISHED ON
- 2024-04-03
- NO OF PAGES
- 275
- CATEGORY
- Automotive & Transportation
The global automotive acoustic material market size was valued at around USD 3.8 billion in 2022 and expected to grow at a CAGR of 6.52% during the forecast period.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 3.8 Billion |
Market Forecast in 2031 | USD 6.3 Billion |
CAGR % 2023-2031 | 6.52% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2031 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | By material type, By vehicle type, By component type |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | BASF SE, 3M, Covestro AG, Henkel AG & Co. KGaA, Huntsman Corporation, DuPont, Owens Corning, Dow Inc., ExxonMobil Chemical, Sumitomo Riko Company Limited |
Covid-19 Impact:
The COVID-19 pandemic has had a significant impact on the global automotive acoustic material market. The automotive industry was one of the hardest hit industries due to the pandemic, with production and sales of vehicles declining sharply in many parts of the world. This has resulted in a decrease in demand for automotive acoustic materials.
The pandemic also disrupted supply chains, causing delays in the production and delivery of automotive acoustic materials. Many manufacturers had to shut down their operations temporarily, which further impacted the supply of these materials. However, with the easing of restrictions and resumption of economic activities, the market for automotive acoustic materials is gradually recovering.
In addition to the short-term impact on demand and supply, the pandemic has also highlighted the need for improved automotive acoustics. With more people working from home, the demand for quieter and more comfortable vehicles has increased. This has led to an increased focus on developing advanced acoustic materials that can provide superior noise reduction and vibration damping.
Overall, while the COVID-19 pandemic has had a negative impact on the global automotive acoustic material market, the long-term outlook remains positive, with growing demand for quieter and more comfortable vehicles driving innovation in the industry.
Market Dynamics:
Drivers:
Increasing demand for quieter and more comfortable vehicles: As consumers place greater emphasis on comfort and convenience, there is a growing demand for vehicles with superior noise reduction and vibration damping capabilities. This is driving the adoption of acoustic materials in automobiles.
Stringent regulations: Governments around the world are implementing strict regulations aimed at reducing noise pollution. This is leading automakers to incorporate acoustic materials into their vehicles in order to comply with these regulations.
Growing preference for electric vehicles: Electric vehicles are typically quieter than traditional internal combustion engine vehicles. However, the high-frequency noises generated by electric vehicles can be particularly annoying. This is driving the adoption of specialized acoustic materials in electric vehicles to reduce noise.
Advancements in technology: The development of new and advanced materials, such as lightweight and high-performance composites, is driving innovation in the automotive acoustic material market. These materials offer superior noise reduction and vibration damping capabilities while also being lightweight and environmentally friendly.
Increasing demand for fuel-efficient vehicles: Automotive acoustic materials not only reduce noise and vibrations but also help to improve fuel efficiency by reducing the weight of the vehicle. This is particularly important in the context of growing concerns around climate change and the need to reduce carbon emissions.
Restraints:
High cost: The cost of acoustic materials is typically higher than traditional materials used in automotive manufacturing. This can make it challenging for automakers to incorporate acoustic materials into their vehicles, particularly in price-sensitive markets.
Limited availability of raw materials: Many acoustic materials require specialized raw materials that may not be readily available in all regions. This can lead to supply chain disruptions and price volatility, which can impact the growth of the market.
Complexity of manufacturing: Acoustic materials can be complex to manufacture and require specialized equipment and expertise. This can increase the cost of production and impact the profitability of manufacturers.
Regional Analysis:
North America: North America is a significant market for automotive acoustic materials, with the United States being a major contributor to the market's growth. The increasing demand for fuel-efficient vehicles and electric vehicles, coupled with stringent regulations around noise pollution, is driving the adoption of acoustic materials in the region.
Europe: Europe is another significant market for automotive acoustic materials. The European Union has implemented strict regulations around noise pollution, which is driving the adoption of acoustic materials in vehicles. Additionally, the growing demand for luxury and high-end vehicles in the region is further fuelling the growth of the market.
Asia Pacific: The Asia Pacific region is expected to experience significant growth in the automotive acoustic material market in the coming years. The region is home to several major automotive manufacturers, and the growing demand for electric vehicles and fuel-efficient vehicles is driving the adoption of acoustic materials in the region.
Latin America: The Latin America region is also expected to experience growth in the automotive acoustic material market. The region's automotive industry is growing rapidly, and the demand for quieter and more comfortable vehicles is driving the adoption of acoustic materials.
Middle East and Africa: The Middle East and Africa region is expected to experience moderate growth in the automotive acoustic material market. The region's automotive industry is relatively small compared to other regions, and the demand for acoustic materials is limited to high-end luxury vehicles.
Market Segmentation:
Material Type: The market can be segmented based on the type of material used in acoustic components. The major material types used in automotive acoustic components include rubber, foam, fibers, and others.
Component Type: The market can also be segmented based on the type of component used in acoustic systems. The major components used in automotive acoustic systems include dash insulators, engine enclosures, headliners, door trims, and others.
Vehicle Type: The market can also be segmented based on the type of vehicle. The major vehicle types include passenger cars, light commercial vehicles, and heavy commercial vehicles.
Region: The market can be segmented based on geography, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape:
The global automotive acoustic material market is highly competitive, with several players operating in the market.
BASF SE
3M
Covestro AG
Henkel AG & Co. KGaA
Huntsman Corporation
DuPont
Owens Corning
Dow Inc.
ExxonMobil Chemical
Sumitomo Riko Company Limited
These companies are focusing on expanding their product portfolios and improving their existing product offerings to gain a competitive edge in the market. They are also investing in research and development activities to develop innovative and eco-friendly acoustic materials. Additionally, collaborations and partnerships with other players in the market are also common strategies adopted by these companies to enhance their market position.
The market is also characterized by the presence of several regional players, particularly in the Asia Pacific region, who are offering low-cost alternatives to global players. As a result, the competition in the market is intense, and players are constantly seeking ways to differentiate themselves through innovative product offerings, competitive pricing, and strong distribution networks.
Why to buy this Report?
The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:
• Business Model
• Production Capacity, Revenue, Sales, Gross Margin
• Key Business Strategy
• SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
• Company Share Analysis from 2018-2022
• Company Analysis by Revenue and Sales
• Company Production Capacity, Gross Margin
• Company Share Analysis by Application/End Use
• Company Share Analysis by Product/Specification
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
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In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
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Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
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Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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