Market Leaders - Automotive Acoustic Materials Market
The global automotive acoustic materials market is projected to grow from USD 2.4 billion in 2019 to USD 3.5 billion by 2027, at a CAGR of 4.79%. The introduction of enhanced comfort and safety features in automobiles, especially premium vehicles and government regulations pertaining to vehicle noise are expected to drive the automotive acoustic materials market.
The key strategy adopted by the major players in the automotive acoustic materials market from 2014 to 2018 was new product developments. Acoustic materials manufacturers and Tier I suppliers are focusing on the development of technology and different composition of materials. OEMs increasingly prefer domestic players to supply acoustic materials such as fibers and foams. For instance, in August 2017, Dow Chemical introduced SPECFLEX, a polyurethane system for passenger cars. SPECFLEX is an acoustical foam used for hood liners and can be used for air intakes, engine side dashboards, transmission tunnel insulators, and water boxes. This would provide improved sound absorption along with damping qualities. Also, in January 2017, Sika expanded its product portfolio with the introduction of SIKABAFFLE-230 high-expanding acoustic tape for body shop applications. It is a rubber-based acoustic product used for insulation and improved noise vibration and harshness features for automotive body shop applications.
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The automotive acoustic materials market is dominated by a few global players and comprises several regional players. BASF (Germany) is identified as the leading player in the acoustic materials market. The company is one of the established players and a globally renowned supplier of acoustic materials. The company follows the strategy of new product developments to gain a competitive edge in the acoustic materials market. In July 2017, BASF upgraded the manufacturing process of Lupranol, which is basically a part of polyurethane systems. Along with reduced emission levels, it is helpful in improving the acoustical characteristics of vehicles. The upgrading process had been initiated in the Asian production units from 2017 onward and will be modified in European and US manufacturing units in the coming future
Dow Chemical (US) is also one of the leading players in the automotive acoustic materials market. The company invests heavily in R&D activities. It also plans to enlarge its acoustic materials portfolio to cater to its various customers all around the world while establishing itself as a strong player in the market. It has adopted the strategy of partnerships/collaborations/joint ventures/agreements/supply contracts to increase its presence in the acoustic materials market. In March 2015, Dow Chemical entered into a joint venture with Coastal Automotive (US) for licensing the BETAFOAM acoustical foam technology used in the automotive industry. This enabled Dow Chemical to offer its products to the automotive manufacturers and suppliers across North America.
Related Reports:
Automotive Acoustic Materials Market by Type (ABS, Fiberglass, PP, PU, PVC & Textile), Component (Arch Liner, Dash, Fender & Floor Insulator, Door, Head & Bonnet Liner, Engine Cover, Trunk Trim, Parcel Tray), ICE & EV, and Region - Forecast to 2027
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