Press release
Glass Wool Market to receive overwhelming hike in Revenues by 2025
The glass wool market offers products in different types of shapes and designs depending on the methodology and application, such as glass wool rolls, boards, panels, pipe covers, mats, sound absorption boards and others. Thus, facilitating consumers to install glass insulating material in any form, with respect to the requirement. Demand for glass wool is expected to increase over the forecast period due to the rapid growth of its usage in factory infrastructure, such as in the interior of a chemical factory, textile factory, power plant, etc.
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A renowned technology of producing glass wool is expected to enhance market acknowledgment, as it promotes green application of glass wool for its thermal efficiency, durability and longevity. Thus, growth of the glass wool market can be observed to a great extent in a varied range of industrial, commercial and MCE (mechanical, chemical and environment) sectors over the forecast period.
With rapid development in technology, several industries are adopting glass wool products as these are light weight and easy to transport. Increasing focus towards solar power plants is expected to boost demand for glass wool in thermal insulation. Similarly, increasing LNG conversion plants and application of HVAC systems are expected to drive growth of the glass wool market over the forecast period. Renovation and remodeling of old buildings, along with new housing construction projects are some of the factors driving market growth of the glass wool market over the forecast period.
However, lack of awareness regarding the benefits of installing glass wool products is observed on the end user side, which can affect progress of the glass wool market. Also, the installation of glass wool products is expensive, which may obstruct growth of the market over the forecast period.
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Based on geographic segmentation, the glass wool market is anticipated to remain prevalent in nations, such as India, Russia and China. This can be attributed to increasing construction activities and the adoption of new standard regulations to implement green building schemes in the region. Also, temperature rise is a problem in tropical areas where thermal insulation could be the solution for green buildings and houses. Thus, such regions are anticipated to emerge as lucrative prospects for the glass wool market over the forecast period.
North America is expected to hold significant opportunities for the glass wool market. European nations are expected to account for a relatively high market share as they strive to reduce carbon di oxide emissions and build energy efficient buildings to cut down the pollution rate. Therefore, the glass wool market is expected to witness remarkable growth in this region over the forecast period.
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