April 20, 2022 10:06 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, April 20, 2022 (GLOBE NEWSWIRE) -- The global architectural acoustic panels market size was USD 7.37 billion in 2021. The market is projected to grow from USD 7.55 billion in 2022 to USD 10.59 billion in 2029 at a CAGR of 5.0% during the 2022-2029 period. This information is provided by Fortune Business Insights, in its report, titled, “Architectural Acoustic Panels Market, 2022-2029.”
List of Key Players Mentioned in the Architectural Acoustic Panels Market Report:
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On the basis of product type, the market is segmented into metal acoustic panels, plastic acoustic panels, wood acoustic panels, and others.
On the basis of application, the market is segmented into residential, commercial, and industrial. The market is dominated by the commercial segment, which accounted for more than half of the global market value in 2021.
Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Our researchers have applied thorough data extracting methods. They have also used various trending tools to gain information on the current market scenario. A detailed research was followed to offer the planned size of the market. The material utilized to predict the shares for numerous segments at the national, domestic, and global levels is gained from detailed discussions with various stakeholders. Additionally, we have also gained admission to multiple global and regional paid lists to provide specific information to make business investment judgements stress-free for our clients.
Intensifying Demand from Hospitality Industry to Thrust Market Growth
Unfavorable sound configurations and noises generate an undesirable consequence on restaurant and hotel businesses. As a consequence, these businesses have been concentrating on decreasing noises in lobbies and rooms so that the hoteling experience is not impacted. Guests desire to not arrive back to their accommodation if their first stay experience is not impressive. Noisy rooms can impact businesses adversely, which in turn has mandated hoteliers to implement these panels.
Moreover, architectural acoustic panels are huge on cost factor, which has been the prime aspect for their plummeted implementation, and most commercial businesses find them non-profitable or expensive.
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Asia Pacific to Dominate Backed by Rapid Expansion in Construction Industry
Asia Pacific market size was USD 3.33 billion in 2021 and the region dominated the global market and is narrowly followed by Europe. Nations such as India, China, and ASEAN nations are observing prompt development of the construction industry.
Europe was responsible for the second-largest architectural acoustic panels market share in the global market in 2021. This continent is home to frequent multinationals that have been actively utilizing acoustic panels in their offices and other infrastructures to satisfy the strict regulations and principles of living in the region.
North America is predicted to hold the third-largest share during the forecast period. The increasing construction industry in the U.S. is likely to support the growth of acoustic panel businesses in the region.
Players Announce Inventive Product Launches to Gain Superior Position in Market
The pioneering companies embrace numerous beneficial stratagems to boost their position in the market as dominating companies. One such prime notion is purchasing companies to boost the brand value among users. Another vital idea is to introduce novel products after a certain period of time along with a comprehensive examination of the market and its target audience.
October 2021: Armstrong Ceiling and Wall Solutions unveiled texture-rich ‘New Tectum Create! Direct-Attach panels, which combines printed images as well as acoustical assets to refine the beautification of interior space. These 0.85 NRC graded products were introduced with diverse designs known as Textured Hex, Rustic Plank, Exposed Brick as well as Steady Wave.
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