Global Mineral Wool Market Is Expected to Reach above USD 14.65 billion in 2022
Sarasota, FL -- (SBWIRE) -- 01/16/2018 -- Mineral wool is a fiber material formed by spinning or drawing molten minerals. It can be produced from natural and synthetic minerals. Mineral wool acts as heat insulators in automotive industries; hence, rapidly growing automotive sector across the globe is expected to bolster the demand for mineral wool in the coming years.
Mineral wool offers thermal insulation, structural insulation as well as pipe insulation. They are also used in soundproofing, filtration, and hydroponic growth medium. Demand from various end users of mineral wool is expected to boost the market growth in the coming years. Increasing trend for energy saving insulations is likely to propel the mineral wool market in the future. Moreover, rising demand from ends-user industries such as industrial, building & construction and transportation are expected to propel the growth of the mineral wool market in the coming years. However, lack of awareness may restrain the growth of the mineral wool market. Nevertheless, growing demand from emerging economies and increasing end-user applications could provide a lump of opportunities to the mineral wool market in the forecast period.
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On the basis of types, the mineral wool market can be segmented as stone wool and glass wool. Glass wool possesses low density and is often used to insulate plane surfaces such as ceiling tiles, cavity wall insulation, curtain walls as well as ducting, piping and soundproofing. Therefore, glass wool accounted for the largest market share in 2016. The mineral wool can be molded into certain types to obtain end products such as board, blanket, customized shape, and panel. The blanket is considered as the most effective end product due to the fact that compressing the material reduces its efficiency. Mineral wool is majorly used as insulators in the end user industries such as transportation, building & construction, industrial and other end users. Building & construction was the leading segment of the mineral wool market in 2016 with noteworthy market share.
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Asia Pacific held the largest market share for mineral wool followed by North America in 2016. A large number of consumers from India and China along with rapidly growing automotive industry is expected to boost the growth of the mineral wool market. Rising government initiatives to accomplish the development in the industrial sector is likely to assist the growth of the mineral wool market in this region. North America is expected to experience lucrative growth in the coming years owing to the growing construction industry. Escalating investments in Europe by the leading automotive manufacturers along with growing automotive OEM market is likely to boost the mineral wool market in the coming years. Latin America is likely to witness decent growth in the forecast period owing to the growing infrastructure sector in Brazil. The Middle East and Africa is expected to exhibit moderate growth over the coming years.
The mineral wool market is fragmented into major and medium players such as Owens Corning, Johns Manville Inc., Izocam, Knauf Insulation GmbH, Saint-Gobain, Paroc, Uralita SA, Rockwool International A/S, USG, Poly Glass Fiber Insulation, CertainTeed Corp and Guardian Fiberglass Inc. among others. Growing demand for mineral wool from various sectors may provide scope for new entrants in the market.
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