October 08, 2021
According to the recent research report titled ‘Global Mineral Wool Material Market Size Study by Product (Rock Wool, Glass Wool), By Application (Building & Construction, Industrial, Transportation), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global mineral wool material market is expected to record considerable growth over 2021-2027.
As per the report findings, surging demand for energy efficient buildings, booming transportation sector, and rising number of pre-engineered buildings (PEB) are primarily fueling global mineral wool material market growth.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/4219761/
For the unversed, mineral wool is a non-metallic, inorganic product made from a controlled mixture of raw materials, primarily stone or silica, heated to a high temperature until molten.
Leading organizations in the domain are implementing strategic moves to gain a competitive edge and maintain market share. Citing an instance, Owens Corning revealed it completed acquisition of mineral wool maker Guangde SKD Rock Wool Manufacture Co. Ltd. in April 2018. The company, through this deal, would expand its portfolio and strengthen its position in the worldwide market, subsequently attracting new customers.
Apart from this, customers are lately inclined towards reducing their energy expenditures by retrofitting the product in walls, ceilings, and attics. Worldwide mineral wool material market trends are shifting towards upgrading current insulation systems to meet building regulations, which will provide profitable prospects for industry participants.
Considering factors restraining the industry expansion, low awareness about green building norms is likely to negatively impact the business scenario.
Based on product type, the market is split into glass wool and rock wool. As per application spectrum, the industry segmentation is comprised of transportation, industrial, and building & construction.
Elaborating on geographical ambit, Latin America, Europe, North America, and Asia Pacific are the key regions studied for the analysis of the industry. The report cites that Asia Pacific currently accounts for significant market share, creditable to rising construction activities and rapid urbanization.
On the other hand, Europe market is anticipated to witness an uptrend over 2021-2027, owing to rising development in sound-proof vehicles in the region.
Top companies profiled in global mineral wool material market report are Owens Corning, Guardian Fiberglass Inc., Johns Manville, Industrial Insulation Group LLC, Compagnie de Saint-Gobain S.A., CertainTeed Corporation, Knauf Insulation, and Rockwool International A/S.