The Automotive Acoustic Materials Market is projected to grow at a CAGR of 4.79% from USD 2.4 billion in 2019 to USD 3.5 billion by 2027. The increasing requirement for acoustic efficiency in automobiles for enhanced cabin comfort is the major factor which will drive the acoustic materials market.
BEV is expected to be the fastest growing segment in the automotive acoustic materials market, by electric vehicle type, during the forecast period.
Battery electric vehicle (BEV) is projected to be the fastest growing segment in the automotive acoustic materials market by 2027. The battery used in a BEV is rechargeable and accounts for about 70% weight of the electric vehicle. OEMs are investing heavily in R&D to reduce the noise created through motors in BEVs. With increasing vehicle production and focus on cabin comfort, the demand for acoustic materials will grow in the near future. For instance, Autoneum has expanded its product portfolio for electric vehicles with Hybrid-Acoustics ECO+ for carpet systems, inner dashes, and floor insulators.
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HCV segment of the automotive acoustic materials market is estimated to be the fastest during the forecast period.
The global market for automotive acoustic materials has the fastest projection for HCVs in the vehicle type segment. The vehicle industry is segmented into passenger car, HCV, and LCV. According to MarketsandMarkets analysis, the production of HCVs is estimated to grow from 5.1 million units in 2018 to 6.2 million units by 2025. The components covered in HCVs for the automotive acoustic material market are door trim, headliners, cabin rear trim, engine encapsulation, and wheel arch liners. According to industry insights, the demand for acoustic materials in a region follows the trend of vehicle production. Hence, the HCV segment of the automotive acoustic materials market is estimated to be the fastest.
Door trim is projected to be the largest contributor during the forecast period, by component
Door trim is projected to be the largest market when it comes to the component segment. It attracts many suppliers and manufacturers for business investments. This market is exponentially increasing because of its good strength and better aesthetical properties. ABS, polypropylene, and polyurethane are the key materials used for this component.
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The door trim is one of the essential interior applications used in all vehicle categories. Thus, OEMs focus on its toughness, higher strength, design flexibility, and cost competitiveness. The mixture of different materials offers significant acoustic performance in automobiles. Hence, it is projected to be the largest contributor to the automotive acoustic materials market.
Key Market Players
Some of the key players in the automotive acoustic materials market are Dow Chemical (US), BASF (Germany), 3M (US), Covestro (Germany), Henkel (Germany), and LyondellBasell (US). BASF (Germany) is identified as a leading player in the acoustic materials market.
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