Glass Wool Composite Panel Market Size, Share | Industry Trend Report 2020 - 2026
Going by the analysis from reliable sources, the global glass wool composite panel market is slated to gain modest traction by the year 2026, on account of increasing use of these panels across automotive industry. Glass wool composite panels are known for their lightweight, durability, longevity, and the ability to provide insulation from heat, electricity, and noise. Rising awareness regarding emission mitigation, coupled with surging demand for lightweight and fuel efficient vehicles is fostering the adoption of glass wool composite panels, hence augmenting the market share.
Glass wool composite panels are also used for manufacturing aircraft and ship parts. Furthermore, these panels are deployed across building and construction sector to provide electric and thermal insulation. In industrial buildings and offices, they are used as acoustic insulators to ensure peaceful working environment. Rising focus towards green building solutions, adoption of HVAC systems, and numerous new construction projects, along with renovation of existing buildings are stimulating the business outlook.
However, glass wool is known to contain carcinogens. Rising concerns regarding human health and availability of high performance substitutes like aerogels will hamper the growth of the global glass wool composite panel market in the coming years. Moreover, proper disposal and recycling of glass wool is also a major concern. This factor, coupled with high installation cost, and lack of awareness regarding product benefits are restraining the industry share.
On the basis of the product type, the market is segmented into 50mm, 75mm, 100mm, 120mm, and 150mm. The 50mm segment of the global glass wool composite panel market is expected to register decent growth over the forecast timeframe, owing to its use across an array of applications.
Elaborating on the application outlook, the global glass wool composite panel market is categorized into ship, building, and others. The ship application segment is predicted to hold considerable market share over the analysis period, attributed to extensive use of glass wool for hull insulation in ships.
The geographical landscape of the global glass wool composite panel market is divided into Asia Pacific, North America, Europe, and Latin America, with key focus on Southeast Asia, Brazil, Mexico, Japan, Taiwan, South Korea, Italy, China, Russia, Germany, U.K., France, U.S., and Canada. Europe market is anticipated to grow modestly over the forecast timeline, pertaining to constant efforts towards reducing carbon dioxide emissions. Rising concerns regarding environment pollution and development of energy efficient buildings across the region are impelling the demand for glass wool composite panel in Europe.
K Industrial, Shijiazhuang Sanhe Steel Structure, Tianfon Assembly Group, Panel Tech, Hangzhou Guanqiong (Kinzip), Kingting, EPACK, Byucksan, and Wiskind are the major contenders of the global glass wool composite panel market. These industry players are investing heavily towards research & development to improve product features. Established distribution channels, effective marketing strategies, and fruitful alliances are helping these companies to win their spurs in the global market.
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