PET Felt Panels Market Report Overview
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The PET Felt Panels Market size was USD 147.4 million in 2021 & the market is projected grow exponentially USD 289.96 million by 2031, exhibiting a CAGR of 7.0% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the Global PET Felt Panels Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
PET felt is created by turning recycled PET (the plastic used in water and soda bottles) into a soft but durable felt material. PET felt is strong by nature, has excellent acoustic properties, and can be recycled at the end of its useful life. Acoustic panels composed of PET felt are referred to as PEF felt panels. A variety of architectural and interior design applications use PET Felt panels, which are created from recycled plastic bottles. The efficiency and durability of the PET felt panels are significantly influenced by their thickness. While thicker panels can be utilised for insulation and soundproofing, thinner panels work well as wall dividers and ceiling panels.
COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market
The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.
LATEST TRENDS
"Wall coverings use in furniture to Grow as a Market Trend"
Due to its distinctive characteristics, PET Felt Panels are used in a variety of sectors. PET Felt Panels are utilised in furniture, wall coverings, and decorative items in the home application market. They are used for sound absorption in movie theatres, music venues, and recording studios in entertainment applications. These panels are utilised in office settings to soundproof call centres, conference rooms, and offices. PET Felt panels are used in the industrial sector to soundproof machinery and equipment. These businesses play a significant role in the recycling of aluminium, always pushing the boundaries of innovation and technology to boost recycling productivity and output. They support numerous worldwide industries' efforts to be more sustainable.
PET Felt Panels Market Segmentation
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By Type
Based on type the Global PET Felt Panels Market share is classified as Below 7 mm, 7-10 mm, 10-15 mm, 15-25 mm, Above 25 mm.
By Application
Based on application the Global PET Felt Panels Market is classified as Home Application, Entertainment Application, Workplace Application, Industrial Application, Other.
DRIVING FACTORS
"The Utilization as a Catalyst to Boost the Market Growth"
Restaurant and hotel businesses suffer when there are unpleasant sound patterns and sounds. In order to preserve the hotel experience, these businesses have been concentrating on lowering noise levels in lobbies and rooms. If a hotel is noisy and unsettling during their first stay, guests prefer not to return. These businesses can suffer greatly from noisy guests, which is why hoteliers have been forced to use these panels. These companies can be improved by upgrading the sound in convention centres and function halls and establishing hotels as prominent locations for facility rentals. For instance, the Caruso Acoustic sound-absorbing panels were put in the restaurant and office of the JHD Dunant Hotel in Italy in March 2022.
"Extensive Application in Laundering Process to Multiply the Production and Market Growth"
A more aesthetically pleasing, upscale, and comfortable environment has been transformed as a result of the installation. Additionally, the Action on Hearing Loss Charity Reports and the Annual Zagat Survey both emphasise the main causes of excessive noises and their effects on the hospitality industries. The lockdown provided many customers with an opportunity to update their business spaces, which contributed in the market's revival. Additionally, the culture of working from home is projected to last for a sizable amount of time, which is anticipated to increase demand for acoustic panels in residential applications.
RESTRAINING FACTORS
"High Costs associated with the Product to Restrain the Market"
The greatest barrier to widespread adoption of architectural acoustic panels has been their high cost, which prevents most commercial enterprises from finding them to be lucrative or reasonable. The effectiveness of these acoustic panels and the difference it may make to a corporation are also unknown to many commercial enterprises. Another reason for the low adoption of solar panels is that some clients refuse to even try them because they believe they won't be cost-effective. These panels' expensive development expenses, research knowledge, specialised solutions, and requirement for aesthetically pleasing design are the causes of their high price. Thus, especially in developing nations, these obstacles significantly restrain market expansion.
PET Felt Panels Market Regional Insights
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"Asia Pacific to Hold The Major Share Of The Market Owing To Rise Of Automotive Industries"
PET Felt Panels market is anticipated to be dominated by the Asia-Pacific region. This is brought on by the region's rising need for environmentally friendly and sustainable materials, as well as the expanding construction and automotive industries. By 2026, the Asia-Pacific region is projected to hold the major percentage of the global market share.
KEY INDUSTRY PLAYERS
"Financial Players to Contribute Towards Expansion of Market"
This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.
List of Market Players Profiled
- De Vorm (Netherlands)
- Woven Image (Australia)
- 3 Form LLC (US)
- Silent PET (Denmark)
- Soften Oy (US)
- Ideal Felt (US)
- Unika VAEV (US)
- Echo Jazz (US)
- Intermedius (US)
- Avenue Interior Systems (Australia)
- Feltkutur (Finland)
- Kingkus (US)
- Suzhou Greenish New Material Technology (China)
- Nantong Ofisolution New Material (China)
- Shenzhen Vinco Soudproofing Materials (China)
REPORT COVERAGE
The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 147.4 Million in 2021 |
Market Size Value By |
US$ 289.96 Million by 2031 |
Growth Rate |
CAGR of 7% from 2021 to 2031 |
Forecast Period |
2021-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type & Application |
Frequently Asked Questions
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What CAGR is the market expected to exhibit by 2031?
The market is expected to exhibit a CAGR of 7.0% by 2031.
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Which are the driving factors of the market?
Restaurant and hotel businesses suffer when there are unpleasant sound patterns and sounds.
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Which are the key players functioning in the market?
De Vorm, Woven Image, 3 Form LLC, Silent PET, Soften Oy, Ideal Felt, Unika VAEV, Echo Jazz, Intermedius, Avenue Interior Systems, Feltkutur, Kingkus, Suzhou Greenish New Material Technology, Nantong Ofisolution New Material, Shenzhen Vinco Soudproofing Materials.
