Architectural Acoustic Panels Market Size, Share, Growth 2027
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.
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.
Subdued Construction Activities amid COVID-19 to Stifle Market Growth
A major challenge impeding the architectural acoustic panels market growth is the on-going and the steadily intensifying COVID-19 pandemic that has caused unprecedented damage to the global construction industry. A recent survey by the London-based Royal Institute of Chartered Surveyors (RICS) found that construction activity contracted across the globe in the second quarter of 2020. With 25% of projects coming to a standstill and on-site productivity falling by 12%, the escalating costs are anticipated to exert tremendous pressure on the construction industry over the next twelve months. The adoption of architectural acoustic panels will be inevitably affected due to the sudden decline in constructions as these panels are widely utilized for noise control in this industry. Moreover, disrupted investment plans will further hamper the market as acoustic panels are expensive.