HOME Research Insight New Product Development and Expansion Strategies to Retain Its Position in the Acoustic Materials Market

New Product Development and Expansion Strategies to Retain Its Position in the Acoustic Materials Market

The acoustic materials market is projected to grow at a CAGR of 6.99% from 2017 to 2022 during the forecast period, to reach a market size of USD 2.93 Billion by 2022. Increasing demand for cabin comfort, rising premium vehicle demand, and growing improvisation in vehicular noise regulations are the key drivers for the growth of the acoustic materials market.

The acoustic materials market is dominated by a few global players and comprises several regional players. Some of the key acoustic material suppliers are BASF (Germany), The Dow Chemical Company (US), 3M (US), Henkel (Germany), Covestro (Germany), DuPont (US), Toray Industries, Huntsman International (US), and Sika (Switzerland). Collaborations, partnerships, and expansions are the key strategies adopted by these players to gain traction in the acoustic materials market. For instance, in June 2016, Covestro planned to expand the production capacity of its Brunsbüttel (Germany) plant. The expansion doubled the production of Diphenylmethane Diisocyanate (MDI) per year with an approximate production of 400,000 metric tons. In January 2016, DuPont started a new production plant in Hamm (Germany) for the manufacturing of Zytel HTN PPA polymer. Alternatively, the key suppliers of acoustic materials have also adopted new product development as a strategy to sustain competition in the market. In January 2017, Sika AG troduced SIKABAFFLE-230, a high-expanding acoustic tape for body shop applications with better insulation and improved noise absorption features.

BASF has adopted a mix of new product development and expansion strategies to retain its position in the acoustic materials market. For instance, in July 2017, the company upgraded the manufacturing process of Lupranol, a part of polyurethane materials. The upgradation process had been initiated in production units of Asian countries from 2017 onwards and will be modified in European and the US manufacturing units in the coming year. It would help to produce improved polyurethane materials that provide enhanced acoustical characteristics for the vehicles. Further, as a part of the expansion strategy in June 2016, BASF planned to expand the Schwarzheide, Germany plant of the compound for engineering plastics. The company will produce more than 70,000 tons of Ultramid (polyamide (PA)) and Ultradur (polybutylene terephthalate (PBT)) which are used in the manufacturing of various automotive acoustical components.

The Dow Chemical Company (US) also adopted a mix of strategies such as new product development and joint ventures to strengthen its market position. In June 2017, the company introduced SPECFLEX, a polyurethane material for passenger cars. This SPECFLEX is an acoustical foam used for hood liner and can be useful in air intakes, engine side dashboards, transmission tunnel insulators, and water boxes. This would allow the improved sound absorption feature along with damping properties. Also, 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 applications. This joint venture enabled the company to expand its regional presence within the North American region and offers extensive product portfolio to automotive component manufacturers and suppliers.

Related Reports:

Acoustic Materials Market by Type (ABS, Fiberglass, PP, PU, PVC & Textile), Component (Arch Liner, Outer & Inner Dash, Fender & Floor Insulator, Door Trim, Head & Bonnet Liner, Engine Cover, Trunk Trim, Parcel Tray), ICE & EV, and Region - Forecast to 2022

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