New York, USA, Oct. 25, 2021 (GLOBE NEWSWIRE) -- According to the latest report by Research Dive, the global mineral wool market is predicted to witness a significant surge in revenue from $9,614.5 million in 2018 to over $15,662.3 million by 2026 at a CAGR of 6.2% from 2019-2026.
The in-depth report contains a brief overview of the current scenario of the market, including other aspects such as growth and restraining factors, dynamics of the market, challenges, and opportunities during the forecast period. The report also provides an estimate of the market figures, which makes it easier and simplifies the process for the new participants to understand the real-time scenario of the market.
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Market Dynamics
Insulation wool is a material that provides several benefits due to which there has been a tremendous surge in the demand for it to be used in commercial as well as residential buildings. These materials also contain a vast array of properties which include noise reduction, resistance to fire as well as thermal protection. As a result of these factors, insulation wool today is used in various industries as well, such as cold and hot piped, large reactors as well as boilers and turbines for insulation purposes. These factors are expected to further boost the growth of the market in the forecast period.
On the other hand, the mineral wool market has been experiencing a shortfall in the number of skilled workers to carry out the functions. To add further, the lockdown and travel ban, severely affected the supply chain which led to a shortage in the availability of raw materials.
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This resulted in the production process being affected immensely which in turn led to a shortage in the availability of finished goods. This is further predicted to hamper the growth of the market in the analysis period.
Factors Affecting the CAGR Figures Pre and Post the Pandemic
The mineral wool market report also provides a glimpse of how the market faced adversities in its growth due to the coronavirus pandemic. The expected revenue before the pandemic was predicted to stand at over $10,925.5 million in 2020 while the expected CAGR was 6.6% but, it is set to drop to $7,101.5 million in the post-pandemic timeline. The efforts by healthcare professionals and governments to slow down the spread of the virus led to regulations and temporary restrictions put in place. This also included the lockdowns which led to people staying indoors for months. This also resulted in a closure of industries that affected the market which is predicted to recover by the 3rd or 4th quarter of 2022.
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Key Players of the Market
The report also provides a list of key players whose various initiatives have been contributing to the growth of the global mineral wool market. These include
- Owens Corning India, Ltd
- Rockwool International
- Knauf Insulation
- USG Interiors, Inc
- Roxul, Inc
- Maghard Insulators
- Saint-Gobain
- Thermafiber, Inc
- Johns Manville
- CertainTeed Corp.
For instance, in July 2020, Johns Manville, an organization known for its efforts in creating energy-efficient industrial insulation material, launched a series of products that are water repellent. This was done by combining an industrial board, blankets, v-groove pipes, and fittings. This product inventory is a step further towards innovation, especially in the industrial insulation sector.
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