COVID-19 Impact on Wood Wool Insulation Market
- The COVID-19 pandemic has significantly affected the global wood wool market. Lockdowns were enforced throughout the world to stop the spread of the Covid-19 disease. Because of this, manufacturing of wood wool insulation halted abruptly. Furthermore, supply chain of various resources were affected due to lockdowns.
- Manufacture and supply chain facilities of the key manufacturers are spread across various countries in regions such as Europe, North America, and Asia Pacific. These were the majorly affected regions with rapid infection of COVID-19. Many companies in these regions halted their production output for months due to the COVID-19 pandemic. Thus, the pandemic has negatively impacted the demand and supply chain of the market.
- The COVID-19 outbreak has directly affected construction and infrastructure development businesses. Construction businesses are the major customers of insulation. Therefore, the slowdown has directly affected the wood wool insulation market.
Key Drivers of Wood Wool Insulation Market
- Continuous development of energy efficient buildings has boosted the demand for insulation materials in colder regions. Demand for wood wool insulation is expected to increase during the forecast period due to the rise in focus on sustainability.
- Many governments are striving to reduce energy consumption and emissions. Insulation helps reduce energy consumption of heaters. Wood wool insulation needs less energy for production compared to other insulation methods. It also releases less CO2 emission. This is driving the wood wool insulation market.
Restraints of Wood Wool Insulation Market
- Availability of various other insulating materials can challenge the wood wool insulation market. Furthermore, high cost of installation over the conventional heating equipment is likely to negatively affect the market. Availability of substitutes is also estimated to restrain the market during the forecast period.
Asia Pacific to Contribute Large Share of Wood Wool Insulation Market
- In terms of region, the global wood wool insulation market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2020, led by major industrial development in countries such as China and India. Key consumers of insulation, other than the construction sector, are energy and oil & gas sectors. Increase in investments in these sectors in Asia Pacific is likely to boost the demand for wood wool insulation in the region in the near future. India and China possess a rapidly expanding construction market. Thus, demand for sustainable insulation is likely to rise in these countries during the forecast period.
- Europe and North America are the key consumers of wood wool insulation. These are traditionally colder regions and thus have a high requirement of housing insulation. Increase in focus on sustainability and energy efficiency is projected to boost the market in these regions during the forecast period.
Key Players in Wood Wool Insulation Market
Key players operating the wood wool insulation market are as follows:
- Knauf Insulation
- Hush Acoustics
- Saint Gobain
- Johns Manville
- Acoustical Surfaces, Inc.
- Liyin Acoustics
- Mantex Acoustic
- Genesis Acoustics
Global Wood Wool Insulation Market: Research Scope
Global Wood Wool Insulation Market, by Product Type
Global Wood Wool Insulation Market, by Application
- Thermal Insulation
- Acoustic Insulation
- Electrical Insulation
Global Wood Wool Insulation Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Wood Wool Insulation Market: Introduction
- Wood wool insulation is one of the most ecological ways of conducting insulation due to its source being sustainable forests and ability to be fully recyclable. It is one of the highly popular types of insulation, as it is made from completely natural resources.
- Wood wool insulation provides significant moisture regulation and is vapor permeable. It also has high heat storage capacity. It also offers good acoustic insulation properties. Apart from being easy to install, it offers a good insulation value of 0.038-0.045 W/mK.
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