DUBLIN--(BUSINESS WIRE)--The "Mineral Wool Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Mineral Wool Market is projected to register a CAGR of over 4% during the forecast period (2021-2026).
Companies Mentioned
- BYUCKSAN
- EcoTherm Insulation (UK) Limited
- Fabricating Services, Inc
- IZOCAM
- Johns Manville (Berkshire Hathaway Inc.)
- Knauf Insulation
- National Industrial Co,
- NTN OOD
- Owens Corning
- PGF
- ROCKWOOL International A/S
- Saint-Gobain ISOVER
- USG Corporation
Key Market Trends
Building and Construction Industry to Dominate the Market
- Construction Industry stands to be the dominating segment owing to stringent regulations mandating the use of mineral wool to conserve energy and achieve efficiency.
- Mineral wool is fibrous, spun yarn material that is used for thermal, fire, and acoustic insulation in the construction industry. It is used in stud-partition walls, masonry cavity walls, roofs, pipes, and ductwork, and in timber frame construction for thermal insulation purposes. Mineral wool is also applied in floors and partition walls to resist the transmission of sound.
- Properties such as lightweight, high strength, heat shielding, easy installation, and excellent resiliency to noise, heat, and fire, resistant refractory properties make it best compatible for the construction industry.
- The global construction industry was valued at about USD 12 trillion in 2019 and is estimated to reach about USD 14.3 trillion by 2024, with a CAGR of about 3.5%, thus stimulating the demand for the mineral wool market.
- Asia-Pacific countries like China, India, and Vietnam have been registering strong growth in construction activities, which is expected to drive the consumption of mineral wool in the region over the forecast period. For instance, in 2019, China had around 238 civil airports and is estimated that around 450 airports will be needed across the country by 2035, which is expected to stimulate the demand of mineral wool for insulation applications in the construction sector.
- North American countries like United States and Canada have been recording a rise in residential construction projects, which is likely to enhance the consumption of mineral wool in the region. Moreover, in 2019, the total value of new construction put in place was about USD 1365 billion in the United States and reached about USD 1430 billion in 2020, with a growth rate of about 4.5%, which is likely to stimulate the market demand.
- Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region stands to be the largest and fastest-growing market for the construction and power generation industry. Factors, such as the growing need for energy conservation and ensuring stringent regulatory norms by the International Green Construction Code (IgCC) standards, have been driving the mineral wool requirements in Asia-Pacific.
- Mineral wool consumption witnesses a rapid growth on account of increasing utilization in gasketing, water and boiler linings used in combustion areas, heat shielding, pipe insulation, fire protection, and others.
- In 2020, the Chinese construction industry was valued at about USD 1,049.2 billion and is estimated to reach about USD 1,117.4 billion by 2021, with a growth rate of about 6.5%, thus led to an increase in the consumption of mineral wool from the construction industry for various applications including insulation, shielding, and others, thereby increasing the demand for the studied market.
- Furthermore, the total new construction in Japan was accounted for about 127.55 million square meters in 2019 and reached about 113.74 million square meters in 2020, with a decline rate of about 10.5%, thus led to a decrease in consumption of mineral wool used in the construction sector of the country.
- Furthermore, increasing investment in the renewable energy sector in countries like Japan, India, China, and Indonesia has been further driving the demand for mineral wool.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Construction Industry
4.1.2 Regulatory Support to Increase Energy Efficiency
4.2 Restraints
4.2.1 Health Hazards related to Mineral Wool
4.2.2 Availability of Cheap Insulating Materials
4.2.3 Unfavorable Conditions Arising Due to COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Type
5.2 Product Type
5.3 End-User Industry
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Number of Power Plants in Asia-Pacific
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/s9j0p7
