The noise and vibration coatings can help protect industrial machinery from sound and vibration disruptions. The market is expected to rise due to the need of noise pollution and other factors driving the market.
The drivers of the Noise and Vibration Coatings Market are:
1. Increasing Use of Automobiles and Vehicles: The increasing use of automobiles and vehicles has led to the demand for noise and vibration coatings which help in controlling the sound and vibrations, thus making the ride smoother and quieter.
2. Growing Industrialization: With the rising industrialization, there is an increased demand for equipment that can reduce noise and vibration levels. This drives the growth of the market for such coatings as they provide a cost-effective solution to this problem.
3. Increasing Demand from Défense Sector: The defence sector is increasingly using these coatings as they provide effective soundproofing solutions to military vehicles, tanks, aircrafts, and submarines.
Some of the advantages of Noise and Vibration Coatings Market are as follows:
• It reduces the amount of sound and vibration that travels through walls, floors, and ceilings. This helps to reduce noise pollution in residential and commercial areas.
• Noise and vibration coatings can also improve air quality in buildings, as they contain no volatile organic compounds (VOCs). VOCs are released into the air by some paints and other building products, so using a noise or vibration coating can help to reduce indoor air pollution.
• The coatings can also provide additional thermal insulation for buildings, as they trap air within their layers. This helps to keep buildings cooler in summer and warmer in winter, reducing energy costs.
• The coatings are also resistant to mould and mildew, making them an ideal choice for damp or humid environments. They can even be applied in wet conditions, meaning they can be used in areas where other soundproofing materials would not be suitable.
Market value and CAGR of the Noise and Vibration Coatings Market
The Market value and CAGR of the Noise and Vibration Coatings Market is expected to reach US$ 2.2 Billion in 2032 and grow at a CAGR of 4.4% over the forecast period from 2021 to 2032.
The market has been driven by increasing demand from the automotive industry, stringent regulations regarding noise and vibration control in industrial infrastructure, industrialization and urbanization, high demand for lightweight materials with better performance capabilities and ease of installation, growing need for efficient energy conservation methods, and increased spending on infrastructure development worldwide. Moreover, rising environmental concerns coupled with the implementation of various government initiatives to promote eco-friendly products is further propelling the growth of the market.
Some of the challenges of the Noise and Vibration Coatings Market are as follows:
• High cost of raw materials: Raw materials are a major factor in the manufacturing of noise and vibration coatings. The cost of these raw materials can be high due to their rarity and complexity, making them expensive for manufacturers.
• Difficulty in application: The application process for noise and vibration coatings is complicated and time-consuming. This makes it difficult for some companies to use them, as they require skilled labour to apply the coatings correctly.
• Limited product availability: Noise and vibration coatings can be hard to find in certain areas due to limited supply or availability. This makes it difficult for companies looking to purchase these products for their projects.
Key players in the Noise and Vibration Coatings Market
Some of the key players in the Noise and Vibration Coatings Market are The Sherwin-Williams Company, BASF SE, PPG Industries Inc., 3M Company, Kansai Paint Co. Ltd., RPM International Inc., The Valspar Corporation, AkzoNobel N.V., KCC Corporation and Hempel A/S. These companies are focusing on expanding their business by adopting various strategies such as mergers & acquisitions, joint ventures, partnerships, expansion of production facilities and others. For instance, in 2017 AkzoNobel launched a new range of acoustic coatings called Soundest Acoustic Coatings which is specially designed to reduce the noise levels in buildings.
Segment Analysis into type, application, end users and region of Noise and Vibration Coatings Market
The most demanded product of the Noise and Vibration Coatings Market is expected to be the soundproof sealants.
By end user, the automotive industry is expected to be the largest end user of noise and vibration coatings products. Automotive OEMs are majorly utilizing these coatings to reduce noise levels in vehicles, as well as enhance the finish and look of the vehicles. The increasing demand for lightweight vehicles is expected to drive growth of the market for noise and vibration coatings over the forecast period. Other end users include aerospace, defence, industrial machinery and equipment, construction and infrastructure, medical device manufacturers, and other industries.
North America is expected to account for the largest share of the market during the forecast period, followed by Europe. This can be attributed to increasing demand for noise and vibration coatings from automotive OEMs and other industries such as aerospace and defence. In addition, presence of well-established automotive companies in these regions is also one of the key factors driving growth in these regions. Asia Pacific is expected to witness significant growth over the forecast period owing to increasing demand from automotive industry in countries such as China and India.
Impact of Covid-19 on the Noise and Vibration Coatings Market
The outbreak of the Covid-19 pandemic has had a significant impact on the noise and vibration coatings market. The automotive industry, one of the major end-users of noise and vibration coatings, has been severely impacted by the pandemic. Production cuts and plant shutdowns in the automotive sector have led to a decline in demand for noise and vibration coatings. The marine industry, another major end-user of noise and vibration coatings, has also been adversely affected by the Covid-19 pandemic. The decrease in maritime trade due to lockdown measures and restrictions on international travel has resulted in a slowdown in demand for noise and vibration coatings from the marine industry.
Key Developments in the Noise and Vibration Coatings Market
In January, 2021, the Imperial College London developed a new noise and vibration coating technology that can reduce the sound from car engines by up to 10 dB, which is equivalent to reducing engine noise by 50%. The coating is made up of a combination of nanomaterials that are applied to metal surfaces. The nanomaterials act as an acoustic absorber, which absorbs sound waves rather than reflecting them back into the environment. This technology has been tested in a range of different applications including automotive engines and aircraft engines
Noise and Vibration Coatings Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||US$ 2.2 Billion|
|Growth Rate||CAGR of 4.4 % during 2021-2030|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||The Sherwin-Williams Company, BASF SE, PPG Industries Inc., 3M Company, Kansai Paint Co. Ltd., RPM International Inc., The Valspar Corporation, AkzoNobel N.V., KCC Corporation and Hempel A/S.|
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• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa