Automotive Acoustic Material Market to Reach $6.6 Billion by 2031
The global automotive acoustic material market is projected to experience substantial growth, reaching $6.6 billion by 2031, driven primarily by the increasing demand for electric vehicles (EVs) and luxury cars. According to a recent report by Allied Market Research, the market was valued at $3.6 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2031.
Europe is anticipated to witness exceptional growth during the forecast period, primarily due to the burgeoning automotive sector, rising sales of premium and luxury vehicles, and the presence of key players in the region. The adoption of advanced manufacturing technologies is further expected to enhance the market space.
Key Drivers of Growth
- Increasing Demand for EVs: The rise in electric vehicle sales is a significant factor driving the demand for automotive acoustic materials. EVs require specialized materials to reduce noise and enhance the overall driving experience.
- Luxury Car Sales: The growing sales of luxury vehicles are also contributing to the market growth, as these vehicles often incorporate advanced acoustic materials for improved comfort.
- Technological Advancements: Innovations in acoustic materials, such as nonwoven materials and advanced damping technologies, are providing new opportunities for market expansion.
- Regulatory Compliance: Stringent government regulations aimed at reducing vehicle noise are further propelling the demand for effective acoustic materials.
Market Segmentation
The report highlights key findings by various market segments:
- By Material Type: The ‘others’ segment dominated the market in terms of growth rate.
- By Application: The underbody and engine bay acoustic segment led the market.
- By Component: The engine cover segment was the most significant contributor.
- By Vehicle Type: Commercial vehicles dominated the market in terms of growth rate.
Key Players
Major companies operating in the automotive acoustic material market include:
- 3M Acoustics
- BASF SE
- Covestro
- Freudenberg Group
- Henkel Adhesive Technologies
- Huntsman
- Lyondellbasell
- Sika
- Sumitomo Riko
- Toray Industries
These companies are adopting strategies such as partnerships, research and development (R&D), and new product launches to expand their market share and geographical presence.
The growth of the automotive acoustic material market is expected to be sustained by ongoing innovations and the increasing focus on vehicle comfort and regulatory compliance. As the automotive industry continues to evolve, the demand for advanced acoustic materials is likely to remain a critical component of vehicle design and manufacturing.
