(MENAFN- America News Hour) Global glass wool composite panel
market is presumed to gain escalated revenues by the year 2026, on account of
burgeoning demand from Asia Pacific region.
Booming construction industry,
along with rising government focus towards promoting green building is fueling
the demand for glass wool composite panels. These panels are used for thermal
and electric insulation across commercial and residential spaces.
According to the reliable
estimates, the global glass wool composite panel market is estimated to register
lucrative gains by the end of 2026. The growth can be attributed to surging use
of these panels for acoustic insulation in buildings across manufacturing and
industrial facilities. These areas are constantly exposed to high noise and
heat levels. In a bid to enhance workplace safety, industrial establishments are
increasingly incorporating glass wool composite panels in the factory
infrastructure, thereby boosting the market growth.
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Light weight, easy
transportability, and availability in varied shapes & sizes are some of the
parameters linked with the high demand for global glass wool composite panels.
Moreover, surging deployment of solar power plants, increasing adoption of HVAC
systems, and growing LNG conversions plants are stimulating the industry
outlook.
Speaking of the product terrain,
the global glass wool composite panel market is bifurcated into 150mm, 120mm,
100mm, 75mm, and 50mm. As per trusted sources, the 100mm panel segment is
anticipated to register modest growth over the forecast period, owing to its
application in schools, offices, hospitals, and industrial buildings to aid in acoustic
insulation.
With regards to the application
scope, the industry is divided into building, ship, and others. The global
glass wool composite panel market from building applications is projected to hold
significant revenue share during the analysis timeframe. Booming global
population is favoring new housing development projects, moreover, inflowing
investments by government towards renovation and remodeling of the existing
buildings are fostering the demand for glass wool composite panels, hence
positively influencing the segmental size.
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Elaborating on the regional
landscape, Europe, North America, Asia Pacific, and Latin America combinedly
capture majority share of the global glass wool composite panel market. Asia
Pacific market is expected to amass decent traction in the upcoming years, pertaining
to the expansion of automotive industry and rapid industrialization across the
region. Emerging nations like India and China are witnessing an upswing in construction
activities aimed at satisfying the ever-growing housing demand in the nations.
Rising tropical temperature and increasing preference for green building
solutions will further prompt the demand for glass wool composite panels across
Asia Pacific.
Some of the leading players of
the global glass wool composite panel market are Byucksan, Wiskind, Hangzhou
Guanqiong (Kinzip), Kingting, EPACK, Tianfon Assembly Group, Panel Tech, K
Industrial, and Shijiazhuang Sanhe Steel Structure among others. The market
behemoths are undertaking strategic collaborations and focusing on expanding
their distribution channels to improve their market position.
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