Mineral Wool Material Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Russia, China, Japan, India, Thailand, Indonesia, Malaysia, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Report ID: GMI1875
Mineral Wool Material Market size will witness a substantial growth in anticipated time period, with increasing demand of industrial appliances, fire protection and acoustic insulation. It is the common name for fiber substance which are made by spinning and drawing molten. The product are excellent insulators and sound absorbers. It is widely used in buildings and automobile equipment. It is highly reliable and cost effective. It contributes hugely in energy saving, combat climate change, prevents movement of air and provides long term stability.
Growth in construction industry will be over 6% CAGR in forecast time period. Increasing in construction spending including residential and commercial buildings and urbanization will boost demand for mineral wool material market. Every building needs electricity to run its day to day activities. The product is an insulator as well as it has a high sound absorbing quality. It is graded “A” in comparison to any other insulator in green guide to specification, this rating is done according to the environmental performance. The product generates very little waste, as it can be fed back into manufacturing process.
Product is used widely in electric power station as insulators. High growth in electric power sector and rising population will drive the product demand. New technique of generation of electricity including thermal, wind, solar and hydro has raised the consumption and production for electricity. It is extensively used as thermal insulation, filtration, soundproofing and hydroponic growth medium in both structural and pipe insulation.
Supply chain of mineral wool material market is initiated from factories. It is manufactured through steam. It contains a binder, Ter-polymer and oil to reduce dusting. After the production product is transported to various location for end use. The substance in also made available for its customer in the retail shops. The major customers of the good are architects and power stations.
Challenges of mineral wool material market are its safety issues. Protective gear must be worn while installing the insulator, the tiny silvers can lodge in skin and can be easily inhaled. Silvers if inhaled can cause irritation. The product can also cause lung cancer, by slicing DNA and cell mutation. The health issues can restrain the product growth.
Mineral wool material market is segmented based on product into stone and glass. They are made up of stone, glass or industrial waste. The area of application are power station, automobiles and buildings. In power station and buildings, it is used as an insulator while in automotive industry it is used as filler in brake pads, gaskets and filtering medium.
Europe led by Germany will witness substantial growth in forecast time period. Increasing automotive industry will make it contributor in mineral wool material market. Big players of automobile sector including BMW, Volkswagen and Volvo. Rise in automotive sector will boost the product demand.
China, India and Japan are major electricity producers of the world. It is highly used as an insulator in the electricity power station. Rising demand in power generation, Asia Pacific will significantly contribute in the product growth.
North America led by the U.S is the major country for construction particularly in-house building sector. It is one of the most developed economy in the world. Increasing construction activities will boost mineral wool material market growth.
Key players in mineral wool material market are R.S Enterprise, Minerex, Saint- Gobain, Knauf Insulation, Industrial Insulation Group, Guardian Fiberglass, Johns Manville, Owens Corning, Roxul Inc and USG Interiors. Trimo merged with Kovinsko to produce steel. The merger aimed business expansion and stability against the competitors. Trimo was the leader of producing the product, which subsequently helped Kovinsko to sustain against the competitors.
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