Government initiatives, during the COVID-19 pandemic to promote the development of Global Mineral Wool Market

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COVID-19 outbreak has marginal impact on the global mineral wool market. Because the COVID-19 crisis, construction & engineering projects across the globe are being massively impacted by the coronavirus pandemic in several ways and most of the projected kept on hold during this crisis. Also, except food and pharmaceutical industries all other industrial activities are partially lockdown and usage of non-food products has decline suddenly due to coronavirus emergency lockdown. These factors are negatively impacting the growth of the mineral wool market. However, to recover from this situation, many government bodies are implementing several strategies to help to sustain during the COVID-19 pandemic.  For instance, government of Australia has announced tax liability for construction industry up to six months. Also, no interest will be changed for construction business from April to September 2020.

During this unpredicted situation, we are helping our clients in understanding the impact of COVID19 on the volumetric display market.

Our report includes:

• Technological Impact
• Social Impact
• Investment Opportunity Analysis
• Pre- & Post-COVID Market Scenario
• Infrastructure Analysis
• Supply Side & Demand Side Impact

According to study conducted by Research Dive, the global mineral wool market is projected to account for $15,662.3 million by 2026, increasing at a CAGR of 6.2% during the forecast period from 2019-2026. The global market segmentation is done on the basis of type, end use and region. The study provides complete overview of drivers, opportunities, restraints, segmentation and major participants of the global market. 

Factors affecting the market growth

According to our analysts, rapid growth in the construction sector is increasing usage of mineral wool in pre-engineering buildings is significantly driving the market growth. However, dearth of professional for applying mineral wool products to the surface is major restraint for the growth of the market.

Glass wool type has dominant market share

The global market is categorized on the basis of type into rock wool, glass wool and others. Among these, glass wool segment accounted for the highest mineral wool market size in 2018, it was valued over $5,634.1 million and is projected to continue its growth throughout the forecast years. This command in the global market attributed to wide utilization of glass wool in several industrial and residential applications such as industrial roof insulation, pipe insulation, drywall insulation and other applications due to its cost effective. Along with glass wool, the market for rock wool will experience a significant growth and is expected to grow at a healthy CAGR of 6.9% during the projected period. Growing demand for rock wool from industries to use in thermal insulation of large vessels and sound insulation at compressors are expressively increasing demand for rock wool materials, which is expected to fuel the market growth.

Building & construction end use holds highest market share in previous years

By on end use, the global market is categorized into building & construction, industrial & appliances, transportation and others. Among these, building & construction is the largest consumer of mineral wool and is anticipated to generate a revenue of $8,535.9 million by 2026. Increasing construction activities due to rapid growth in urbanization and growing trend for green building construction are eventually enhancing demand for mineral wool, which will boost the market growth. Transportation end use accounted for second highest market size in the previous years and is estimated to reach up to $3,899.9 million by the end of 2026. This growth is majorly owing to wide utilization of mineral wool products as a sound-proof material in automobiles. 

Regional insights 

Asia-Pacific region accounted for evident market share in 2018, which was about 35.2% and is projected to reach up to $6,092.6 million by the end of 2026. This dominance is majorly because huge growth in urbanization and vast industrialization rate are significantly impacting the construction activities are impacting demand for mineral wool, which will drive the market growth in Asia-Pacific. North America accounted for second majority of the market share and is anticipated to reach up to $4,576.5 million by the end of 2026. Growing demand from transportation sector to make sound-proof vehicles for better driving experience is projected to accelerate the market growth.

Significant manufacturers in the market

The significant manufacturers in the global mineral wool market are Maghard Insulators, Owens Corning India Ltd., Saint-Gobain, Rockwool International, Thermafiber, Inc., Knauf Insulation, Johns Manville, USG Interiors Inc, CertainTeed Corp and Roxul Inc. among others.