Mineral wool is a type of insulation material made from
fibres of rock, slag or glass and is available in various forms such as slag
wool, rock wool and glass wool. It functions as an excellent thermal and
acoustic insulator given its closed cell structure which allows it to trap air
and resists heat transfer. Mineral wool is widely used in insulated
formwork/panels for walls, roofs and attic rooms in both residential and
commercial construction owing to its fire resistance, durability and moisture
resistance. It is a sustainable alternative to plastic insulations and also
acts as a sound barrier.
The Mineral
Wool Market is estimated to be valued at USD 15.22 Bn in 2024 and is expected
to reach USD 21.33 Bn by 2031, exhibiting a compound annual growth rate (CAGR)
of 4.9% from 2024 to 2031.
Key Takeaways
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. These players
are focusing on capacity expansion and new product launches to consolidate
their market position.
The Mineral
Wool Market Trends for energy efficient and green buildings is a key
factor driving the growth of the mineral wool market. Stringent regulations
regarding reduction of carbon emissions from buildings has compelled builders to
use highly insulated materials like mineral wool.
Technological advancements have allowed mineral wool manufacturers to develop
products for niche application areas. Introduction of thin insulation boards
and flexible insulation mats have expanded the end uses of mineral wool.
Development of high performance non-combustible products is helping mineral
wool gain acceptance in industrial sectors.
Market Trends
Rising Focus on Green Buildings: With growing environmental concerns, builders
are increasingly demanding sustainable insulation materials like mineral wool
to enable efficient thermal performance of buildings and reduce energy costs.
This will strengthen the demand for mineral wool over the forecast period.
Growing Renovation and Infrastructure Spending: Infrastructure projects and
renovation of existing buildings provide significant growth opportunities for
insulation materials. The recovery of construction sector post-pandemic will
drive higher consumption of mineral wool going forward.
Market Opportunities
Development of Bio-Based Mineral Wool: Manufacturers investing in R&D of
bio-based mineral wool using agricultural waste as raw material to develop
truly sustainable insulation products.
Demand in Developing Regions: Countries in Asia Pacific and Middle East
witnessing rapid urbanization and infrastructure growth rendering sizable
opportunities for mineral wool players to expand operations and product
offering.
Impact of COVID-19 on Mineral Wool Market:
The COVID-19 pandemic negatively impacted the mineral wool market in 2020.
During the early stages of the pandemic, worldwide lockdowns and supply chain
disruptions led to decreased demand and production of mineral wool insulation.
Many construction projects were halted or postponed during this period due to
obstacles in procuring materials and labor shortages. However, with easing of
restrictions and resumption of construction activities from mid-2020, the
demand for mineral wool started recovering. The residential construction sector
gained momentum as people preferred home renovation and refurbishing projects
during the pandemic. Government stimulus packages also boosted infrastructure
development and industrial activities post lockdowns, fueling demand to some
extent. Going forward, the market is expected to grow at a steady pace with
recovery in key end use industries. However, future outbreaks or containment
measures may pose challenges. Sustained demand from insulation and industrial
applications is projected to support market expansion in the coming years.
Regional concentrations in Mineral Wool Market:
Europe accounts for the largest value share in the global mineral wool market,
fuelled by stringent energy efficiency regulations and demand from residential
and industrial sectors. Countries like Germany, U.K., France, Italy are major
European markets. Asia Pacific is the fastest growing region supported by
ongoing infrastructure developments, rising construction spending and conducive
government policies in China, India. Growing industrial and building
construction activities along with building codes and guidelines on insulation
are driving the mineral wool market growth across emerging nations. North
America holds significant revenue share led by the U.S. backed by building renovation
projects and ongoing infrastructure works. High focus on energy efficiency
standards in residential, commercial and industrial construction is positively
impacting the regional demand.
Fastest growing region in Mineral Wool Market:
Asia Pacific region is projected to be the fastest growing market for mineral
wool during the forecast period from 2024 to 2031. Rapid urbanization,
population growth and rising disposable incomes are fueling residential and
commercial building construction in Asia Pacific. Several government
initiatives to develop smart cities and promote green buildings are boosting
the insulation industry and mineral wool demand across India, China, Japan,
South Korea and other developing countries. Ongoing infrastructure
modernization projects related to transportation, energy and utilities will
further drive the mineral wool market growth. Increasing awareness about energy
efficient construction coupled with implementation of new guidelines and norms
are expected to drive the regional market expansion through 2031.
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Author:
Money
Singh is a seasoned
content writer with over four years of experience in the market research
sector. Her expertise spans various industries, including food and beverages,
biotechnology, chemical and materials, defense and aerospace, consumer goods,
etc. (https://www.linkedin.com/in/money-singh-590844163)
