by Mineral wool is a versatile insulation material used across various end-use industries such as building and construction, transportation, industrial and consumer appliances owing to its superior properties such as lightweight, resilience to fire, moisture resistance and cost-effectiveness. It is manufactured by spinning or blowing mineral fibers consisting of rock wool or slag wool. Mineral wool provides both thermal and acoustic insulation, protects from fire and has high recyclability.
The global Mineral Wool Market is estimated to be valued at US$ 17616.87 Million in 2023 and is expected to exhibit a CAGR Of 5.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends witnessed in the mineral wool market is the increasing use of recycled materials in production. Manufacturers are focusing on reducing the environmental footprint of mineral wool production by utilizing recovered scrap or post-industrial/post-consumer waste streams as raw materials. This helps divert waste from landfills while lowering energy consumption and emissions in manufacturing. Some players have planned to source over 90% of raw materials from recycled content by 2030. Sourcing recycled materials locally also provides sustainability benefits by reducing transportation requirements. The adoption of recycling practices is expected to gain more traction in the coming years, supporting the growth of the mineral wool market.
Porter’s Analysis
Threat of new entrants: Low. High capital requirement and economies of scale needed to be competitive in production act as entry barriers.
Bargaining power of buyers: Moderate. Buyers have some influence due to the availability of substitute products. However, switching costs are involved.
Bargaining power of suppliers: Low. Raw materials required are commonly available and there are many suppliers.
Threat of new substitutes: Moderate. Other insulation materials like fiberglass pose competition but each has advantages over others for specific applications.
Competitive rivalry: High. Market has many global and regional players competing on basis of innovation, quality, and pricing.
Key Takeaways
The Global Mineral Wool Market Demand is expected to witness high growth. Factors such as increasing construction activities and adoption of energy efficient buildings are driving the demand. The global mineral wool market is estimated to be valued at US$ 17616.87 million in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis –
Asia Pacific reigns the market and is expected to grow at the fastest rate during the forecast period. Rising construction spending in China and India is a key factor supplementing regional growth. Growing awareness about energy savings is also propelling the uptake of mineral wool in the region.
Key players operating in the mineral wool market are Ancol Pet Products Limited, Blue Buffalo Co., Ltd., Champion Petfoods LP, Hill`s Pet Nutrition, Inc., and Mars, Incorporated. Key players are focused on new product launches catering to emerging application segments. They are investing in automation and R&D to ensure high quality standards and compliance with statutory regulations. Collaboration with construction giants and engineering partners is another area in focus.
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.
