New York, USA, July 05, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global mineral wool market is expected to generate a revenue of $16,031.8 million and grow at a CAGR of 6.6% during the analysis timeframe from 2019 to 2026.
As per our analysts, with the increasing use of mineral wool as one of the best insulators in the construction of residential and commercial buildings, the mineral wool market is predicted to witness exponential growth during the estimated period. Moreover, the increasing demand for mineral wools in construction industries for noise reduction, fire resistance, thermal protection, maintaining moderate temperature, and many more are expected to foster the growth of the market over the analysis timeframe. However, the lack of a skilled workforce for applying the mineral wool to the surface may hamper the growth of the market throughout the forecast period.
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Segments of the Mineral Wool Market
The report has divided the market into segments based on type, end-use, and region.
Type: Glass Wool Sub-Segment to be Most Productive
The glass wool sub-segment accounted for $5,634.1 million in 2018 and is projected to grow at a CAGR of 6.3% over the estimated timeframe. This is mainly because is mostly used as insulation material due to its fireproof property, low prices, and easy installation. Moreover, the increasing use of glass wools for easy cleaning, greater durability, and maintaining room temperature is expected to bolster the growth of the mineral wool market’s sub-segment during the forecast timeframe.
End-Use: Building and Construction Sub-Segment to be Most Lucrative
The building and construction sub-segment is projected to generate a revenue of $8,737.3 million and grow at a CAGR of 6.9% during the analysis period. This is mainly because mineral wool is the most cost-effective insulator used in construction industries. Furthermore, the growing urbanization, changes in social trends, and rising consumer spending on renewable construction are the factors expected to uplift the growth of the market sub-segment during the estimated period.
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Region: Asia-Pacific Region to Hold the Highest Share of the Market
The Asia-Pacific region of the mineral wool market is expected to grow at a CAGR of 7.7% during the analysis timeframe. This is mainly because of the rising industrial base, and increasing construction sector in this region. Furthermore, the increasing government initiatives in renovating the existing building are predicted to drive the regional growth of the market over the forecast period.
Key Players of the Market
The major players of the mineral wool market include
- Thermafiber, Inc.
- Knauf Insulation
- USG Interiors Inc.
- Saint-Gobain
- Johns Manville
- ROCKWOOL International A/S
- Roxul Inc.
- Maggard Insulators
- CertainTeed Corp
- Owens Corning, India Ltd.
These players are broadly working on the development of new business strategies and tactics such as partnerships and collaborations, mergers and acquisitions, and product development to attain a leading position in the global industry.
For instance, in February 2020, Rockwool International A/S, a Danish multinational manufacturer of mineral wool products, announced its acquisition of Parafon, a Sweden-based professional supplier of mineral wool acoustic ceilings and panels. With this acquisition, the companies aimed to expand their footprint in northern Europe by providing mineral wool acoustic solutions for the well-being of people in offices, hospitals, and schools in Europe. Grab Full Report Here - $2999 (Read-Only)
In addition, the report also summarizes other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Mineral Wool Market:
- Mineral Wool Industry Faces the Evil Effects of COVID-19 Pandemic
- How is Mineral Wool Gaining Popularity in the Building and Construction Industry?
- Wide Range Usage of Insulation in Several Industries to Escalate the Growth of Global Mineral Wool Market
