The market for glass wool is expected to witness robust growth, due to rise in applications of glass wool at residential and commercial level in various industries. The glass wool products are widely used to provide thermal and acoustic insulation in various work environments. The industry provides glass wool across various fields depending on the use, including refineries, process plants, chemical units, thermal power stations, and pre- engineered metal houses. Glass wool is considered as one of the most versatile and environmental-friendly insulating materials on demand. Enhanced thermal properties of glass wool help to conserve energy and reduce the impact on the atmosphere. Depending on the technique and use, the glass wool industry provides products in different types of shapes and sizes, such as glass wool sheets, frames, boards, pipe coverings, pads, and sound absorption frames. Thus, it facilitates the installation of glass insulating material in any form, in relation to the requirement.
Key Drivers of the Global Glass Wool Market
The major factors driving the demand for glass wool (or fiberglass) include recovery of the construction activity, stringent building standards, improved energy quality requirements in industrialized regions, rise in building activity worldwide, and improvement in production activities in developing countries. Owing to the need for impact resistant and lightweight materials, the marine and automotive industries are among the key users of glass wool. Continuous investments in the infrastructure sector is expected to significantly boost the consumption of glass wool, thereby supplementing the growth of the market. Glass wool is designed and merchandised with natural raw materials, including sand and recycled glass, and hence prevent the growth of vermin and fungi. Thus, glass wool finds its application across a varied range of industrial; commercial; and mechanical, chemical, and environmental (MCE) sectors, which is projected to drive the growth of the global market during the forecast period.
Market Scenario: Opportunities and Challenges
The acceptance of the glass wool processing technology is expected to boost among consumers, owing to its thermal effectiveness, resilience, and longevity, thereby encouraging green application. With rapid development in technology, several industries are adopting glass wool products as these are lightweight and easy to transport. Increase in focus on thermal insulation in solar power plants is expected to fuel the demand for glass fiber. In addition, it is expected that increase in number of LNG conversion plants and rise in deployment of HVAC systems are expected to fuel the growth of the glass wool market during forecast period. Increase in renovation & refurbishing of historic buildings along with new residential projects significantly contributes toward the growth of the overall market. However, lack of know-how toward the benefits offered by glass wool products negatively impacts the development of the global market. In addition, high cost of glass wool hinders the growth of the market.
COVID-19 scenario analysis
Owing to the outbreak of the COVID-19 pandemic, the global glass wool market is expected to witness a slowdown during the next couple of years. This is attributed to the shutdown of factories across all cities and provinces, globally, leading to predictions of a sharp slowdown. Recent decline in construction activities is one of the key factors that is likely to negatively impact the growth the glass wool market. Thus, companies are dealing with missing sales and disrupted supply chains, as production activities are shutdown.
Key benefits of the report
This study presents the analytical depiction of the global glass wool industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global glass wool market share.
The current market is quantitatively analyzed to highlight the global glass wool market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global glass wool market analysis on the basis of competitive intensity and how the competition will take shape in coming years.
Questions answered in the glass wool market research report
What are the leading market players active in the glass wool market?
What the current trends will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What are the projections for the future that would help in taking further strategic steps?
Glass Wool Market Report Highlights
By Glass Type
Key Market Players
Armacell International S.A., CSR Limited, Fletcher Insulation., Johns Manville Corporation, Kingspan Group Plc., Knauf Insulation, Owens Corning, Rockwool International A/S, Roxul Inc., Saint Gobain S.A.
Other Key Market Players
Glava, Exeed Industries