CLEVELAND, Nov. 25, 2019 /PRNewswire/ — Demand for mineral wool insulation is expected to rise 3.6% annually through 2023 to 1.6 million pounds valued at $755 million.
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Demand growth will be the fastest of any material type due to:
- increasingly stringent fire safety codes, which mineral wool is better able to accommodate than other materials
- its cost effectiveness relative to several more widely used materials
- rising interest in installing acoustic insulation in the interior of residential homes and in new hospitals, offices, high rises, and educational facilities
The commercial market accounts for the largest share of mineral wool insulation demand and is expected to account for the majority of demand gains through 2023, bolstered by:
- the use of mineral wool insulation with ceiling tiles to provide both thermal and sound-dampening qualities, driving the increased use of the material in concert venues, hospitals, libraries, and manufacturing plants
- mineral wool earning LEED credits for the structures in which it is installed because of its high recycled content, which ranges from 70% to 90%
In the residential market, mineral wool insulation demand will be driven by the need to meet fire safety codes in single-family residences and high-rise apartment buildings, as well as the increased use of loose fill product forms in attic applications.
Further boosting demand will be rising shipments of industrial and HVAC equipment, where mineral wool is commonly specified because of the importance of fire safety in these applications. These trends and more are analyzed in Insulation published by The Freedonia Group.
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About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group
