Selbyville, Delaware, Feb. 07 2022 (GLOBE NEWSWIRE) — According to a latest report from Global Market Insights Inc., the mineral wool materials market was valued at USD 16.5 billion in 2020 and is expected to exceed a valuation of $23.5 billion by 2027, register with a 5% CAGR from 2021-2027. The report offers a comprehensive study of market estimates and size, key winning strategies, market drivers and trends, latest opportunities, and a strong competitive landscape.
The minimal costs of the mineral wool material, its increased cost effectiveness, and its ability to eliminate the drying and curing time required during installation would complete the market outlook over 2021-2027. In addition, increase in production activities supported by increase in demand for HVAC is expected to support the expansion of the insulation market. The demand for mineral wool materials will likely be fueled by increased investment opportunities subject to government initiatives to increase FDI inflows credited to urbanization and labor force expansion.
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Mineral wool materials are widely used in the building and construction industry to reduce energy consumption in cold and hot climatic conditions. Growing consumer concerns regarding the protection of commercial spaces and homes from the harmful effects of loud noises would propel the demand for the products in the coming years. Moreover, mineral wool materials would gain popularity in other application areas such as transportation, industry and others.
Key Reasons for Mineral Wool Materials Market Expansion:
- Growing demand in offshore defense and marine applications.
- Increase in greenhouse construction projects in North American economies.
- Increased acceptance of biodegradable insulation materials for noise reduction.
The glass wool segment will gain ground by 2027:
Based on the product, the glass wool segment would exhibit a CAGR of 4.5% through 2027 considering the material’s non-combustibility and eco-friendly properties to meet thermal insulation and acoustic performance requirements .
Estimates for 2027 predict a notable expansion of the mineral wool blanket segment:
Considering the increasing use of mineral wool blankets in industrial furnaces, which require flexible, lightweight and high-temperature insulation, the segment is expected to represent a global earnings of $9.5 billion by 2027.
Europe leading the mineral wool materials industry:
The European mineral wool materials market is expected to grow at a CAGR of 4.5% over the forecast period, driven by growing demand for green buildings to reduce carbon emissions, improve thermal comfort and increase productivity At work. Moreover, the growing integration of acoustic environment in industries as well as residential areas, to control noise pollution levels, provides ample opportunities for market growth.
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Major Industry Players
Knauf Insulation, Inc., Armacell India Private Limited, UPTwiga Fiberglass Limited, Gyptech Systems Pvt. ltd. Lloyd Insulations (India) Limited, Saint Gobain India Pvt. Ltd., Rockwool India Pvt. ltd. are among the eminent players in the mineral wool materials industry.
Impact of COVID-19 Pandemic on Mineral Wool Materials Market Growth:
the mineral wool materials industry saw a slump in 2020, primarily due to movement restrictions, decline in building and construction activities, and unavailability of raw materials due to supply chain disruptions. However, the easing of lockdown restrictions and positive growth in construction and other industrial sectors have given the industry a significant boost.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services. Offering syndicated and custom research reports, growth advisory and business intelligence services, Global Market Insights Inc. aims to help clients with penetrating insights and actionable market data that facilitates strategic decision-making.