Selbyville, Delaware, Feb. 07, 2022 (GLOBE NEWSWIRE) -- As per a latest Global Market Insights Inc., report, the Mineral Wool Material Market was valued at USD 16.5 billion in 2020 and is slated to exceed a valuation of USD 23.5 billion by 2027, registering with a CAGR of 5% from 2021-2027. The report offers a comprehensive study of the market estimations and size, top winning strategies, market drivers and trends, latest opportunities, and robust competitive landscape.
Mineral wool material’s minimal costs, increased profitability, and its ability to eliminate the drying and curing time required during the installation would complement the market prospects over 2021-2027. Furthermore, surge in the production activities supported by elevating HVAC demand is anticipated to foster the insulation market expansion. The demand for mineral wool material is likely to be fueled by increased investment opportunities subject to the government initiatives to enhance FDI inflows credited to the urbanization and workforce expansion.
Request for Sample Report: https://www.gminsights.com/request-sample/detail/1875
Mineral wool materials are being largely used in the building and construction industry to reduce energy consumption in both cold and warm climatic conditions. Increasing consumer concerns for securing commercial spaces and houses from the adverse impact of loud noises would propel the product demand in the upcoming years. Additionally, mineral wool materials would gain massive attraction across other application areas like transportation, industrial, and others.
Fundamental reasons for mineral wool material market expansion:
- Growing demand across defense and marine offshore applications.
- Rising greenhouse building projects across North American economies.
- Surge in acceptance of biodegradable insulation materials for noise reduction.
Glass wool segment to gain traction by 2027:
Based on the product, glass wool segment would depict a CAGR of 4.5% through 2027 given the material’s non-combustibility and eco-friendly properties to meet requirements for thermal insulation and acoustic performance.
2027 estimates predict the mineral wool blankets segment to expand notably:
Given the mineral wool blankets’ expansive use in industrial ovens and furnaces, which require flexible, lightweight, and high-temperature insulation, the segment is slated to account for an overall remuneration of USD 9.5 billion by 2027.
Europe to lead the mineral wool material industry:
Europe mineral wool material market would grow at a CAGR of 4.5% over the forecast period, ascribed to the rising demand for green building to reduce carbon emissions, enhance thermal comfort, and increase workplace productivity. Additionally, increasing incorporation of acoustical environment within industries as well as residential areas, so as to control the levels of noise pollution, is offering ample opportunities for market growth.
Request for the customization of this report: https://www.gminsights.com/roc/1875
Prominent industry players
Knauf Insulation, Inc., Armacell India Private Limited, U.P.Twiga Fiberglass Limited, Gyptech Systems Pvt. Ltd. Lloyd Insulations (India) Limited, Saint Gobain India Pvt. Ltd., Rockwool India Pvt. Ltd. are some of the eminent players partaking in the mineral wool material industry.
COVID-19 pandemic impact on mineral wool material market growth:
The mineral wool material industry witnessed a downfall during 2020, majorly due to restrictions in movement, decline in the building and construction activities, and unavailability of raw material due to disruptions in supply chain. However, easing lockdown restrictions and positive growth in the construction and other industrial sectors have offered a significant push to the industry.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
