Asia Pacific accounted for over 40% of the global demand thus being the largest market for the product. Growing building and construction industry, as well as the booming automobile sector in Asia Pacific, is expected to trigger the regional growth over the forecasted period. Construction and building industry is expected to witness the highest penetration of product and is projected to dominate over the upcoming years. Furthermore, rising demand from the industry can lead to the substantial amount of product required to insulate the buildings.
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Acoustic insulation material has also remarkably penetrated the European markets. The stringent regulations and strict government policies on noise control for industrial equipment, transportation, and building acoustic isolation have contributed for the product’s penetration in the region. One of the restraints in the region can be the slowdown in the construction activities over the forecast period.
Competitive Insights
Saint-Gobain, Knauf Insulation, Rockwool International A/S, Johns Manville, Owens Corning, Armacell, Paroc, BASF SE, and others are some of the key players in the industry. Companies have adopted strategies such as expanding their product portfolio, increasing their geographical reach and continuous innovations for sustaining in the market. Some of the other approaches used are mergers and acquisitions to increase their market share and also the value chain integration.
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