The global mineral wool market forecast will surpass $15,662.3 million by 2026, growing at a CAGR of 6.2% and has been increasing from $9,614.5 million in 2018.
The global market has witnessed a remarkable growth in the previous times, owing to increasing demand from construction and industrial sectors. But, because of the unexpected coronavirus emergency, the global mineral wool market will witness a sudden decline in the growth in 2020. Due to the complete lockdown, the product demand has been witnessed to decrease since all construction projects and industrial activities have been partially stopped. This is attributed to government regulations to curb the spread of the virus. Also, unavailability of the raw materials along with finished goods due to lockdown has affected the market drastically. During this crisis, our analysts have predicted the behavior of the global mineral wool market in the COVID-19 emergency, and have mentioned below conclusions.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|6.6%||6.2%||Q3/Q4 2022||35||USD 10,925.5 Million||USD 7,101.5 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Mineral wool is an inorganic and non-metallic product made of glass, slag or stone (industrial waste). This material is widely used for filtration, sound proofing, thermal insulation and other applications. Due to these benefits, the growing demand for mineral wool products as an insulating material in residential and commercial buildings will boost the market growth in the forecast years. In addition, mineral insulating products are versatile fibrous materials having properties like fire resistance, noise reduction and thermal protection, and thereby they are widely used in industries for insulation of boilers & turbines, large reactors, cold & hot pipes and in many other applications. This factor is significantly driving the demand for mineral wool for industrial application. Furthermore, rising demand for acoustic insulation in commercial and residential buildings due to mineral wool materials helps to minimize the unwanted disturbance because of sounds; this aspect is further estimated to propel the market growth.
However, dearth of skilled professionals for the utilization of mineral wool along with adverse effects of these products on workers’ health are major restraints for the growth of the market. Similarly, huge availability of the alternative products are further expected to limit the mineral wool market growth. Also, proper disposal and difficulties in recycling technics are still a challenge for manufacturers and may hinder the market growth
The COVID-19 emergency has predicted to obstruct the global mineral wool market in a negative way. During the coronavirus outbreak, World Health Organization (WHO) has presented operational advices to break the chain of coronavirus. As per these advices, more than 50% of the global industries and all transportation facilities are under a complete lockdown. Due to this lockdown, the unavailability of raw materials for production and transport of finished products are completely shut down. These factors are adversely impacting the demand for mineral wool products since the operations of most end use industries have completely stopped, which is expected to limit the market growth during this emergency.
However, the significant market players are implementing business growth strategies to strengthen their footprint in the global market. For example, Saint-Gobain has donated ISOVER glass mineral wool insulation for use in the construction of the coronavirus field hospital with the help of Clairwood Hospital.
MANAGING SUCCESS AMDIST
THE PANDEMIC STRESS
Due to COVID-19 outbreak, an unpredicted downfall in market growth was experienced in 2020. But, according to study conducted by Research Dive, the market will recover and experience a significant growth by the end of Q4 2022. It is estimated to continue its tendency in the market growth by resuming all construction and industrial activities.
In addition, growing trend for green building and energy efficient building is projected to drive the demand for mineral wool products. This is majorly because such buildings are designated to minimize the energy consumption for heating and cooling applications. This factor is estimated to create enormous growth opportunities in terms of generating revenue in the coming years. Moreover, growing demand for pre-engineered buildings is expected to propel demand for mineral wool insulation products because these buildings have properties like fire insulation and sound proofing. Furthermore, growing demand for mineral wool in automobile application to provide thermal and acoustic performance by minimizing vibration, heat and noise to improve better driving experience is estimated to drive the market growth in the near future.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Mineral Wool Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity