December 01, 2020
According to the recent research report titled ‘Global Mineral Wool Material Market Size By Product, By Form, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, global mineral wool material market is expected to grow substantially and reach a valuation of USD 22.5 billion by the year 2026.
Environment-friendly nature and positive outlook in acoustic insulation applications, flourishing transportation sector and growing pre-engineered buildings (PEB) sector are primarily driving the growth of global mineral wool material market.
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Apart from offering significant strength and impact resistance, mineral wool also offers a robust chemical inertness of mineral wool, and hence is widely adopted in construction, industrial, and automotive sectors. Moreover, mineral wool material's acoustic and fire-resistant abilities is propelling the product demand over the predicted timeline.
On the downside, easily availability of alternatives and lack of awareness regarding green building norms are likely to hamper global mineral wool material industry expansion over the study period.
Based on product landscape, rock wool segment of global mineral wool material market is expected to accrue notable gains through 2026, owing to high inclination towards use of eco-friendly materials across various sectors such as construction, manufacturing, automotive, and industrial.
Speaking of form type, worldwide mineral wool material industry share from blankets segment is expected to record a decent growth over the analysis period, on account of the product’s extensive usage in furnaces and industrial ovens.
Major industry partakers are investing in research & development activities to improve comprehensive strength of the product in order to maintain flexibility for easy installation is also contributing to the segmental growth. Furthermore, increasing government investments in several industrial and commercial projects pertaining to sound and fire insulation will add momentum to blankets segmental growth.
From the regional perspective, Asia Pacific mineral wool material industry is slated to grow substantially through 2026, attributable to growing industrial and construction sectors. Various countries such as Australia, China, India, and Japan are adhering to design standards for effective energy usage of commercial, residential, and green buildings, which in turn is favoring to the regional market outlook.
Major contenders impacting global mineral wool material market dynamics are Owens Corning India Ltd., Mag Hard Insulators, Metecno Group, Jamshedpur Mineral Wool Mfg. Co. Pvt. Ltd., Dhanbad Rockwool Insulation Private Limited, Shreeram Equitech Pvt. Ltd., Punjstar Industries Pvt. Ltd., Minwool Rock Fibres Limited, Goenka Rockwool (India) Pvt. Ltd., Polybond Insulation Private Limited, Gyptech Systems Pvt. Ltd., Rockwool India Pvt. Ltd., Saint Gobain S.A., Lloyd Insulations Limited, U.P. Twiga Fiberglass Limited, Armacell India Private Limited, and Knauf Insulation Inc.