The global Mineral Wool Market is estimated to be valued at US$ 15,661.22 Mn in 2021 and is expected to exhibit a 6.06% CAGR over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
· Strengths: Mineral wool offers high fire resistance and thermal insulation. It is cost-effective and environment-friendly.
· Weaknesses: Mineral wool products contain tiny glass fibers that can cause irritation. The material degrades over time requiring periodic replacement.
· Opportunities: Growing construction industry in emerging nations presents significant growth opportunities. Also, increasing focus on green buildings is expected to drive demand.
· Threats: Availability of substitute products like plastic foam poses threat. Stringent environmental regulations can increase production costs.
Key Takeaways:
The Global Mineral Wool Market Growth is expected to witness high, exhibiting CAGR of 6.06% over the forecast period of 2022 to 2030, due to increasing construction activities worldwide. The market was valued at US$ 15,661.22 Mn in 2021.
Regional analysis: North America dominates the global market currently owing to high demand from the US. Asia Pacific is expected to be the fastest growing market during the forecast period with China and India being the major contributors. This can be attributed to increasing population, rapid urbanization, and growing infrastructure development activities in the region.
Key players: Key players operating in the mineral wool market include Byucksan, Great Lakes Textiles, ISOVER (Saint Gobain), Johns Manville, Knauf Insulation, National Industrial Co., NTN OOD, Owens Corning, PGF Insulation, Rockwool International AS, Kingspan Group, and Rosewool Insulation Refractory Co. Ltd. Players are focusing on expanding their production facilities and offering innovative products to strengthen market presence.
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