LONDON--(BUSINESS WIRE)--The global acoustic damping tiles market is expected to post a CAGR of nearly 6% during 2019-2023, according to the latest market research report by Technavio.
One of the key growth drivers for the global acoustic damping tiles market is the increasing demand for acoustic damping tiles in the aerospace industry. The need for acoustic damping tiles is increasing in the commercial aircraft industry due to the rising orders and backlogs. However, increasing orders for new aircraft are primarily driving the use of acoustic damping tiles.
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As per Technavio, the rapid growth of online channel will significantly impact the market growth in a positive manner over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Acoustic Damping Tiles Market: Rapid growth of online channel
The rapid development of online channel has been considered as one of the critical trends of the global acoustic damping tiles market. The increasing internet penetration has been promoting online sales. E-commerce platforms offer a wide range of brands and provide the convenience of purchasing home insulation products online.
In emerging countries such as India and China, awareness about acoustic insulation is less among residential end-users. In this regard, the online channel has been helping vendors in expanding their global presence even in the emerging countries, which will boost the market growth over the forecast period.
“Apart from the rapid growth of online channel, the booming construction industry will be a major factor that will boost the market growth during the forecast period,” says a senior analyst at Technavio.
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Global Acoustic Damping Tiles Market: Segmentation Analysis
This market research report segments the global acoustic damping tiles market by end-user (construction, transportation, and industrial) and geographical regions (the Americas, APAC, and EMEA).
EMEA led the market in 2018, followed by the Americas and APAC. During the forecast period, EMEA is expected to maintain its dominance in the global market. This factor is owing to the rapid growth of the automotive sector and growing demand for commercial aircraft in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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