New York, USA, July 06, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global mineral wool market is projected to register a revenue of $16,031.8 million at a CAGR of 6.6% during the forecast period (2019-2026), increasing from $9,614.5 million in 2018. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Mineral wool is considered as the best insulator for its multifold benefits. These benefits include hassle-free installation, durability, and feasibility of fire resistance, noise reduction, and thermal safety. These are main driving factors fueling the growth of the market during the forecast period.
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Restraint: The restraining factor behind the growth of this market is the lack of technically skilled workers as the application of mineral tool needs technical expertise.
Key Segments of the Market
The report has divided the market into different segments based on type, end-use, and regional outlook.
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Type: Glass Wool Sub-Segment Expected to be the Most Lucrative
Glass wool sub-segment garnered a revenue of $5,634.1 million in 2018 and is further expected to grow at a CAGR of 6.3% during the upcoming years. Many beneficial properties of the glass wool is the main reason behind this growth. These properties include easy installation, fire proof, cost-effective, and it includes as an excellent sound barrier. These are the major driving factors behind the growth of this market segment.
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End-User: Building and Construction Sub-Segment Expected to be the Most Profitable
Building & construction sub-segment is expected to garner a revenue of $8,737.3 million at a CAGR of 6.9% during the analysis period. Increasing urbanization and changing social norms and demand of renewable construction or green buildings are going to enhance the growth of the market segment during the forecast period.
Regional Outlook: Asia-Pacific Expected to Dominate the Market
Asia-Pacific recorded a revenue of $3,383.3 in 2018 and is further expected to grow at a CAGR of 7.7% during the analysis period. Asia pacific regional countries are mostly developing countries where urbanization is still growing. Construction projects are increasing day by day in these countries and hence the demand of mineral wool. This is the main reason behind the growth of the market.
Key Market Players
1. Owens Corning, India Ltd.
2. Maghard Insulators
3. ROCKWOOL International A/S
4. Saint-Gobain
5. Knauf Insulation
6. Thermafiber, Inc.
7. USG Interiors Inc.
8. Johns Manville
9. Roxul Inc.
10. CertainTeed Corp
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In November 2019, Johns Manville (JM), a Berkshire Hathaway company and leading building products manufacturer, signed an agreement to acquire ITW Insulation Systems, a business owned by Illinois Tool Works Inc.
The report summarizes various aspects of all the prominent players functioning in the market such as financial performance, recent strategic moves & developments, product portfolio, and SWOT analysis. Click Here To Get Absolute Top Companies Development Strategies Summary Report
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