Driver and Restraint for Mineral Wool Market
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The global mineral wool market registered a revenue of $9,614.5 in 2018 and is expected to reach up to $16,031.8 million by 2026, growing at a CAGR of 6.6% from 2019 to 2026. The enormous growth of the global market can be mainly attributed to the rapid growth in the construction of the commercial and residential buildings across the globe. Mineral wool is majorly used as the insulator, and is the most preferred insulators as compared to others. Besides, due to easy availability of the raw material, durable and recycle property, and ease of installation, mineral wool is being used by a number of construction companies as an insulator for construction purposes. Moreover, the mineral wool helps in preventing the air flow during climatic changes and maintains moderate temperature in the area. This benefit of mineral wool is also predicted to accelerate the growth of the global market in the coming years. However, the lack of skilled workers for the application of mineral wool to the surface is projected to restrict the market growth by 2026.
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Regional Outlook
The Asia Pacific region accounted for the largest market share in 2018 by generating $3,383.3 million and is expected to witness lucrative growth during the forecast period. The regional market is projected to rise at a CAGR of 7.7% in the analysis period, owing to growing economy of various countries and a rise in industrial bases & rapid growth in the construction sector in the region. Besides, the governments of various countries are taking initiatives in renovating the existing building, which is anticipated to fuel the growth of the Asia Pacific wool market in the upcoming years.
Major Market Players and Recent Developments
Research Dive has listed some of the key players in the report that are operating in the global mineral wool market. These players include Owens Corning India Ltd., CertainTeed Corp, Rockwool International, Johns Manville, Maghard Insulators, Roxul Inc., Saint-Gobain, USG Interiors Inc, Knauf Insulation, and Thermafiber, Inc. These key players are implementing numerous strategies such as mergers & acquisitions, investments in R&D activities, and product launches to gain a competitive edge in the global industry.
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