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 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mineral wool is a fibrous material formed by spinning or drawing molten mineral or rock materials such as slag and furnace scum. Mineral wool provides thermal and acoustic insulation for external walls, partitions, ceilings, roofs and pipes. The material is hydrophobic, resilient, fire resistant and easily handled and installed.
Market key trends:
One of the key trends in the mineral wool market is the rising demand for green building materials. Green building materials help reduce the environmental impact of buildings and promote sustainability. Mineral wool provides great benefits for green building as it has high recyclability, good thermal insulation which leads to energy savings, and is made from abundant natural resources. It also has excellent fire resistance which enhances safety. The growing popularity of green construction driven by stringent regulations is expected to support the demand for mineral wool over the forecast period.
SWOT Analysis
Strength: Mineral wool possesses excellent thermal insulation properties and helps resist the spread of fire. It is also moisture resistant, making it a durable option.
Weakness: Mineral wool may release tiny glass fibers if damaged that could potentially be inhaled if proper protective equipment is not used during installation. It also has a higher density compared to other insulation materials.
Opportunity: Growing construction industry in emerging economies such as Asia Pacific and Latin America due to rapid urbanization presents an opportunity for mineral wool market growth. Also, stringent fire safety regulations will drive the demand.
Threats: Availability of substitute insulation materials like fiberglass and foam poses a threat to mineral wool market. Fluctuations in raw material prices also impact the overall costs.
Key Takeaways
The Global Mineral Wool Market Size is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period, due to increasing infrastructure development activities worldwide. The construction industry has also adopted various green building codes and standards which favor the use of environment-friendly insulation materials like mineral wool.
Regional analysis: Asia Pacific dominates the global mineral wool market and is expected to grow at the fastest rate during the forecast period. This can be attributed to ongoing infrastructure development projects and improving economic conditions in the region’s emerging economies like China and India. Europe is another major regional market for mineral wool owing to stringent energy efficiency regulations for buildings.
Key players operating in the mineral wool market are Byucksan, Great Lakes Textiles, ISOVER (Saint Gobain), Johns Manville, Knauf Insulation, National Industrial Co., NTN OOD, Owens Corning, PGF Insulation, Rockwool International AS, Kingspan Group, and Rosewool Insulation Refractory Co. Ltd. The industry players are focused on geographic and capacity expansions as well as new product launches to strengthen their market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
