Global Mineral Wool Material Market Insights Forecasts to 2030
- The global mineral wool material market was valued at USD 14.27 Billion in 2021.
- The Market is growing at a CAGR of 4.0% from 2021 to 2030
- The global mineral wool material market is expected to reach USD 20.31 Billion by 2030
- The Asia Pacific is expected to grow the fastest during the forecast period.
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The global mineral wool material market is expected to reach USD 20.31 Billion by 2030, at a CAGR of 4.0% during the forecast period 2021 to 2030. Global mineral wool material market demand is expected to increase due to environmental tolerance, potential prospects for acoustic insulation applications, quickly expanding urbanisation, and rising construction activity.
The mineral wool market comprises companies (organisations, sole traders, and partnerships) that sell mineral wool, which is used as an insulator to endure intense heat. A controlled mixture of raw materials, including stone or silica, is used to create this fibrous material, which is then melted at a specific temperature to create a flexible fibrous mat. Mineral wool is an inorganic, non-metallic product that may be shaped into various shapes and covered with various sheet materials. Rolls of mineral wool, which are used for loft insulation of pre-formed and faced pipe sections, acoustic panels, and ceiling tiles, contain loose granular material used for blown insulation of wall slabs, cavity walls, and slabs for walls. The market is anticipated to see significant growth opportunities due to the recyclable nature of glass mineral wools. More than 25% of all garbage in Europe comes from the building industry, which also uses more than 60% of all raw materials that have been recycled. European nations create a sizable amount of insulating trash overall. New product launches are anticipated to be a significant market trend. Key players' increasing use of commercial tactics, including merger and acquisition, is expected to increase market expansion. The market expansion is anticipated to be constrained by the health risk associated with mineral wool. For example, a report released by the EU in 2019 emphasised these worries over health dangers to homeowners and anyone working to install, remove, or dispose of mineral wool as a building insulation material. New mineral wool factories sparked protests in France and the United States, drawing attention to yet another set of issues, this time concerning the health dangers for individuals who live close to mineral wool producers. Easy access to replacement insulating materials is also anticipated to restrain market expansion. The eco-friendly insulation alternative on the market is cellulose spray, which contains 85% recycled material. It is the most environmentally friendly insulation alternative and is made from recycled paper goods, primarily newspaper. Even the smallest spaces could accommodate its tiny, fibrous components.
This research report categorizes the market for global mineral wool material based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global mineral wool material market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global mineral wool material market sub-segments.
Global Mineral Wool Material Market Report Coverage
|Market Size in 2021:||USD 14.27 Billion|
|Forecast Period 2021-2030 CAGR:||4.0%|
|2030 Value Projection:||USD 20.31 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||206|
|Tables, Charts & Figures:||133|
|Segments covered:||By Product, By Application, By Form, By Region, COVID-19 Impact Analysis|
|Companies Covered:||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, Rosewool Insulation Refractory Co. Ltd|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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- In 2021, the Glass Wool segment dominated the Market with the largest Market share of 51.1% and Market revenue of 7.29 Billion.
Based on the Product, the global mineral wool material market is categorized into glass wool and rock wool. In 2021, the Glass Wool segment dominated the Market with the largest Market share of 51.1% and Market revenue of 7.29 Billion. The Glass Wool market is anticipated to rise significantly throughout the forecasted period because glass wool is non-combustible, it is regarded as the most efficient and environmentally friendly product. Additionally, glass wool satisfies all specifications for ideal thermal and acoustic insulation performance demanded by the application sectors. It is created by mixing up to 80% recycled glass, fluxing agents, and silica sand from nature, which results in a product with no ozone depleting potential (ODP) and no CFCs or HFCs. Additionally, due to the significant contribution of Glass Wool investment from large nations like China, India, and Brazil, the Glass Wool market generates significant amounts of income, the Glass Wool market is anticipated to rise significantly throughout the forecasted period.
- In 2021, the Transportation segment accounted for the largest share of the Market, with 23.3% and a Market revenue of 3.32 Billion.
Based on the Application, the Mineral Wool Material Market is categorized into Industrial, Transportation, Building & Blanket and Others. In 2021, the Transportation segment accounted for the largest share of the Market, with 23.3% and a Market revenue of 3.32 Billion. Due to the growing demand for Transportation the number of vehicles on the road, the increase in the vehicle population, and the number of new cars being sold all directly affect the demand for the Transportation segment in the market. It is anticipated that increased consumer money and desires for comfort and luxury will drive the expansion of the transportation segment.
- In 2021, the Panel segment accounted for the largest share of the Market, with 35.7% and a Market revenue of 5.09 Billion.
Based on the Form, the Mineral Wool Material Market is categorized into Board, Blanket, Panel and Others. In 2021, the Panel segment accounted for the largest share of the Market, with 35.7% and a Market revenue of 5.09 Billion. The widespread demand of the Panel segment is primarily responsible for the market growth. Industrial heating applications such high-temperature panel systems for boilers, precipitators and ducts, H-Bar systems, containers, and industrial ovens use insulating materials in panel form. Panel segment is perfect for usage in hot ducting, metal mesh blankets, boiler walls, cylinder tanks, prefabricated panel systems, towers, and stacks and is anticipated to rise significantly throughout the forecasted period.
Regional Segment Analysis of the Mineral Wool Material Market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America emerged as the largest Market for the global Mineral Wool Material Market, with a Market share of around 13.3% and 1.89 Billion of the Market revenue in 2021.
- North America emerged as the largest Market for the global mineral wool material market, with a market share of around 13.3% and 1.89 Billion of the Market revenue in 2021. The demand for mineral wool materials s is driven by the market's rising acceptance. mineral wool material resins are being used more frequently in residential and commercial construction due to technological advances and materials that provide long-lasting and creative storage solutions. Due to their rapid adhesive and bonding qualities, urea mineral wool substance resins are also utilised to restore vintage Victorian furniture. Additionally, due to their compatibility with many types of steel and wood and their great durability in moist environments, manufacturers are turning more and more toward mineral wool resins based on urea; the North American region is anticipated to lead the market throughout the anticipated period.
- Asia Pacific Market is expected to grow at the fastest CAGR between 2021 and 2030, owing to the increasing encouragement and benefits for foreign businesses to enter the region. Due to the region's growing infrastructural development, construction and restoration activities are increasing; mineral wool substance resins are being used more frequently, and North America is predicted to grow rapidly. Formaldehyde-based resins are used in residential buildings to create medium-density fibreboards, plywood panels, and particleboards. The rising demand for long-lasting and environmentally friendly construction materials, supportive government initiatives and advantageous economic policies for residential and commercial projects are expected to increase the market share for mineral wool materials.
The report offers the appropriate analysis of the key organizations/companies involved within the global mineral wool material market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment Market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- Great Lakes Textiles
- ISOVER (Saint Gobain)
- Johns Manville
- Knauf Insulation
- National Industrial Co.
- NTN OOD
- Owens Corning
- PGF Insulation
- Rockwool International AS
- Kingspan Group
- Rosewool Insulation Refractory Co. Ltd
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In September 2021, In Central Texas, Knauf Insulation, Inc., erected a new fibreglass manufacturing facility. The business will be able to do this to expand production capacity and strengthen its position in the market.
- In May 2021, Thermaxx Jackets, Rocky Mountain Construction Wholesale, GLT, NewStar, and Bigham Insulation Supply were all owned by SPI. SPI develops investments in digital platforms and infrastructure to provide services to customers when, how, and where they want them.
- In July 2021, The launch of a full line of water-repellent mineral wool industrial insulation materials, including v-groove pipe, industrial board, blankets, and fittings, was announced by Johns Manville (JM), a global producer of energy-efficient building and industrial insulation products and a Berkshire Hathaway company.
This study forecasts global, regional, and country revenue from 2020 to 2030. Spherical Insights has segmented the global mineral wool material market based on the below-mentioned segments:
Global Mineral Wool Material Market, By Product
- Glass Wool
- Rock Wool
Global Mineral Wool Material Market, By Application
- Building & Blanket
Global Mineral Wool Material Market, By Form
Global Mineral Wool Material Market, Regional Analysis
- North America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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