by The mineral wool market is estimated to be valued at US$ 15,661.22 Mn in 2022 and is expected to exhibit a CAGR of 6.06% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mineral wool is a versatile and cost-effective material that is widely used in construction applications for thermal and acoustic insulation. It is made from natural rock and slag and is dimensionally stable with good handling strength. Mineral wool products come as boards, rolls, and batts and are used to insulate walls, ceilings, pitched roofs, and floors against heat, cold, noise, and fire. Its excellent insulation capabilities make it suitable for residential and commercial buildings.
Market Dynamics:
The mineral wool market is driven by the rising construction activities around the world. According to studies, the global construction industry output is projected to grow by 85% to reach US$ 15.5 trillion by 2030. Moreover, mineral wool offers several advantages over other insulation materials such as fiberglass, including resistance to fire, heat and moisture. It does not support bacterial or fungal growth even when wet. These favorable properties are boosting its use in insulation applications in industrial, residential and commercial buildings. In addition, stringent energy efficiency regulations in countries are promoting the adoption of highly efficient insulation solutions like mineral wool to reduce heat transfer and lower energy consumption of buildings.
SWOT Analysis:
- Strength: Mineral wool has excellent acoustic and thermal insulation properties. Its durability and resistance to moisture, chemicals and fire makes it suitable for various end-use industries. It is recyclable and environment friendly.
- Weakness: Mineral wool requires careful handling during installation as shards and fibers can cause irritation. It is heavier than fiberglass insulation and may settle over time losing its intended density and R-value.
- Opportunity: Growing construction industry in emerging nations fueled by rapid urbanization is driving the demand for mineral wool insulation. Rising awareness about energy efficiency and green building is expanding its use in various renovations and refurbishment projects.
- Threats: Strict environmental regulations pertaining to use of synthetic fibers pose challenges. Price fluctuations in raw materials impact the production cost. Substitution threat from emerging sustainable insulation materials.
Key Takeaways:
The Global Mineral Wool Market Growth is expected to witness high, exhibiting CAGR of 6.06% over the forecast period, due to increasing construction activities worldwide driven by rising investments in infrastructure development projects. Rapid urbanization and growing population are fueling the demand for residential and commercial construction in developing nations.
Regional analysis – North America dominated the global market in 2021 with a share of over 30%, owing to stringent energy conservation policies and codes in countries like the US and Canada. Asia Pacific is anticipated to witness fastest growth due to high construction spending, expanding manufacturing sector and rising disposable income in China, India and other developing Asian countries.
Key players – Key players operating in the mineral wool market are Byucksan, Great Lakes Textiles, ISOVER (Saint Gobain), mJohns Manville, Knauf Insulation, National Industrial Co., NTN OOD, Owens Corning, PGF Insulation, Rockwool International AS, Kingspan Group, and Rosewool Insulation Refractory Co. Ltd. Market leaders are focused on developing innovative products with enhanced thermal and acoustic efficiencies to strengthen their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
