Mineral Wool Market to Witness 6.0% Growth owing to Increasing Demand for Energy-Efficient Insulation Materials
Mineral Wool Market to Witness 6.0% Growth owing to Increasing Demand for Energy-Efficient Insulation Materials
Blog Article
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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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) Report this page