Comprehension: COVID-19 Impact analysis on the Global Mineral Wool Market
Pune, New York, USA, November 18 2020 (Wiredrelease) Research Dive –:Market Insights Before and After COVID-19 Pandemic:
A meticulous report published by Research Dive on the global mineral wool market states the impact of the COVID-19 pandemic on the industry growth. Before the outbreak of the pandemic, the market was anticipated to rise at 6.6% CAGR from 2019 to 2026. However, the unexpected rise of the COVID-19 pandemic has hindered the market growth to a certain magnitude. Analysts have projected that the market will grow with a CAGR of 6.2% after the end of the COVID-19 pandemic. Presently, the market is witnessing a decline in the growth rate owing to the stoppage of industrial and construction projects owing to the implementation of lockdown is numerous countries across the globe.
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Market Circumstances amidst COVID-19 Pandemic:
The global mineral wool market was estimated to gather a revenue of $10,925.5 million in 2020. However, in the current circumstances, i.e., in 2020, the market size has stretched up to $7,101.5 million. The key reason for the decline in the growth of the mineral wool market is the enforcement of lockdown in various COVID-19 infected countries, restriction in the transport of goods, and inaccessibility of the raw materials and finished goods; due to all these factors several construction projects and industrial activities have been temporarily ceased. Moreover, the lockdown has also disturbed the supply chains of the mineral wool industry by impacting the demand and production of mineral wool during the crisis period.
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Post COVID-19 Scenario of the Market:
As per experts, the global mineral wool market is anticipated to recuperate from the incurred losses by the third or fourth quarter of 2022. In the future, the rising trend for energy-efficient buildings and green buildings, pre-engineered buildings with fire insulation and soundproofing features, and growing demand for mineral wool in the automobile sector for thermal and acoustic performance to provide a better driving experience are expected to create profitable opportunities for the market growth.
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