The global Mineral Wool Market is estimated to be valued at US$ 15,661.22 Mn in 2021 and is expected to exhibit a 6.06% CAGR over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mineral wool is a generic term for fiber materials which are formed by spinning or weaving slag or rock wool, with several advantages such as acoustic insulation, thermal insulation, fire resistance as well as moisture resistance properties. It is commonly used as insulation material in construction, industrial and automobile industries.
Market key trends:
One of the key trends in the mineral wool market is the growing commercial and residential construction activities in developing economies of Asia Pacific and Latin America. Rapid urbanization and rising disposable income has increased the demand for residential and commercial construction in these regions. According to India Brand Equity Foundation (IBEF), India is expected to become the third largest construction market globally by 2025. This growing construction industry will augment the demand for insulation materials like mineral wool for achieving energy efficiency in buildings.
Segment Analysis:
The global mineral wool market is segmented by type, application, and region. By type, the stone wool segment dominated the market and accounted for around 55% share of the overall market in 2021 owing to its superior properties such as high-temperature resistance, excellent sound absorption, and moisture resistance. Stone wool finds widespread application in construction industry for use as thermal and acoustic insulation in walls, roofs, and other areas.
Key Takeaways:
The Global Mineral Wool Market Size was valued at US$ 15,661.22 Mn in 2021 and is expected to reach US$ 25,524.50 Mn by 2030, exhibiting a CAGR of 6.06% during the forecast period (2023 to 2030). Rapid growth in construction activity worldwide owing to rising urbanization and increasing investments in infrastructure development is expected to drive the demand for mineral wool significantly.
The Asia Pacific region dominated the mineral wool market in 2021 and accounted for around 35% of the global revenue share. Rise in population, rapid urbanization, and growing construction spending in China and India are some of the major factors contributing to the dominance of Asia Pacific region.
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. These players are focused on increasing their production capacities and integrating their business operations vertically to gain higher profit margins.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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