The Mineral Wool Material Market Will Grow at a 5% CAGR Up to 2026, Says Global Market Insights Inc.
The growth of the mineral wool material market is driven by strong demand in industrial applications, the growing adoption of eco-friendly materials in industries, increasing R&D investments from manufacturers, and booming industrial and construction sectors in the Asia-Pacific, says this report.
SELBYVILLE, Del., January 27, 2020 (Newswire.com) - According to the report published by Global Market Insights Inc., the global Mineral Wool Material Market size was valued at US $14.5 billion in 2018 and is estimated to be worth more than $22.5 billion by 2026, registering a CAGR of 5% from 2019 to 2026. The report provides a comprehensive analysis of the market size and estimations, drivers and opportunities, wavering market trends, top winning strategies major investment pockets, and competitive scenario.
The global mineral wool material market forecast will be mainly driven by the positive application outlook in the automotive, construction, and industrial sectors. This can be attributed to characteristics such as excellent chemical inertness, impact resistance, fire resistance, and the robust strength of mineral wool material. The product finds widespread use as a standard insulation material in high-temperature applications such as boilers, vessels, industrial furnaces, and industrial ovens.
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Mineral wool materials can be categorized into rock wool and glass wool. The rock wool segment is anticipated to experience strong demand in automotive, construction, manufacturing, and industrial applications, mainly due to a growing focus on the adoption of eco-friendly products. On the other hand, the glass wool segment will face increased demand in acoustic applications in the residential and commercial construction sectors.
Based on form, the industry share is segmented into boards, blankets, and panels. The blanket form segment is largely used in industrial furnaces and ovens where flexible and lightweight high-temperature insulation is required. Rising government expenditure in a range of industrial and commercial projects regarding fire and sound insulation will certainly boost the demand for board and panel forms of the product. Manufacturers are heavily investing in R&D to enhance the capabilities of mineral wool materials, which will augment the overall mineral wool material market share.
On the basis of applications, the industry share is segmented into building and construction, industrial, and transportation. Strong demand for fire resistance, mold resistance, moisture control, and acoustical control will drive the mineral wool material market for industrial, HVAC, and OEM applications. In the building and construction sector, the insulation of roofs and walls helps minimize heating and cooling costs, which will accelerate the product's demand.
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Key drivers for mineral wool material market growth:
- Strong demand in industrial applications
- Growing adoption of eco-friendly materials in industries
- Increasing R&D investments from manufacturers
- Booming industrial and construction sectors in the Asia-Pacific
The rapid expansion of industrial and construction businesses will foster the market in the Asia-Pacific. Prominent factors will be the introduction of various energy efficiency standards in many countries including China, Japan, India, and Australia for residential and commercial infrastructure and green buildings. A booming construction sector, along with strict regulatory frameworks in the U.S., will drive the mineral wool material market in North America.
Mineral wool material industry participants like Saint-Gobain, Lloyd Rockfibres Limited, Rockwool Group, and Armacell India are engaged in partnerships and collaborations to enhance their product portfolio. Many companies are significantly investing in R&D to enhance product quality and offer customized products that are versatile and support many different applications.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: Global Market Insights Inc.
