Mineral Wool Material Market Outlook, Opportunity, Demand Analysis and Forecast 2021- 2026
Global Market Insights, Inc., estimates that the mineral wool material market could reach USD 22.5 billion by the year 2026.
Delaware, United States – July 23, 2021 /MarketersMedia/ —
The mineral wool material market is anticipated to accrue considerable gains on account of rising product usage as a standard material for insulation in high-temperature marine applications and in industrial furnaces, ovens, and boilers. Remarkable qualities of mineral wool such as a high strength, impact resistance, and chemical inertness make it ideal for diverse applications across the automotive, industrial, and construction sectors.
In terms of products, the mineral wool material market is mainly divided into glass wool and rock wool. Growing consumer inclination towards eco-friendly materials across diverse industry verticals such as construction, manufacturing, automotive and industrial sectors could propel the demand for rock wool material.
Being a eco-friendly raw material, rock wool is used to support sustainable manufacturing processes, and is preferred by numerous manufacturing companies that adhere to stringent environmental norms. Besides, the production cost of rock wool is low owing to presence of numerous counts of basalt rock reserves.
Mineral wool, especially rock wool, finds immense application in solar systems as it composes moisture-resistant properties that enable it to retain insulating qualities while being wet. Other benefits like remarkable sound cancellation properties and high-temperature resistance could further enhance its functionality in solar systems. Mineral wool can help buildings suffer minimal acoustic invasion. Moreover, the material can tolerate temperatures above 1,800°F (1,000°C), acting as a fire barrier in slowing down the spread of fire in case of house fires.
Growth drivers of mineral wool material market are
• Strong growth in the Pre-Engineered Buildings (PEB) industry
• Booming transportation sector
• Environment-friendly nature and positive outlook in acoustic insulation applications
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On the regional forefront, Asia Pacific is considered to be a lucrative market for mineral wool material manufacturers. Rapidly developing industrial and construction sectors of the region has incited manufacturers to boost production capacity. These sectors usually have heavy insulation demand. Several prominent countries across APAC like India, China, Australia, and Japan are adopting modern design standards for energy efficiency of residential, sustainable and commercial buildings. Such initiatives could massively benefit businesses in the APAC mineral wool material market.
Companies operating in the mineral wool material landscape are looking out for strategic collaborations and partnerships to enhance their geographical reach and production capabilities. Varied innovation opportunities to enhance the quality of the product along with the integration of advanced materials could boost the functionality of mineral wool materials, helping companies expand their customer base. Moreover, the option of availing customized products according to versatile requirements might broaden business horizon for manufacturers.
Taking June 2020 for instance, CanWel Building Materials Group Ltd announced that it has inked a multi-year partnership deal with CertainTeed Canada to facilitate the supply of glass mineral wool insulation products across Canada. This will help CanWel building materials to expand its presence in Canada and nearby regions.
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 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.
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights Inc.
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/mineral-wool-material-market
Source: MarketersMedia
Release ID: 89038190
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