The mineral wool market is estimated to be valued at US$ 15,661.22 Mn in 2022 and is expected to exhibit a CAGR of 6.06% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Mineral wool is a versatile insulation material made from naturally occurring rocks or synthetic slag. It is available as rigid boards, rolls, batts or loose-fill. Mineral wool helps control heat gain and loss by trapping small pockets of air between the fibers. Some common applications include thermal and acoustic insulation for walls, attics, pipes, HVAC ducts and industrial equipment. Its fire resistant properties also make it suitable for commercial and industrial buildings.

Market Dynamics:

Rising residential construction activities across developing nations is a major driver for the mineral wool market. According to estimates, residential construction spending worldwide is expected to grow over 5% between 2022-2025. Mineral wool offers an affordable yet highly effective solution for insulation needs in homes. Another key factor is the expanding industrial sector which requires insulation to maintain consistent temperatures in manufacturing facilities, warehouses and cold storage units. Mineral wool is durable and damage-resistant making it suitable for harsh industrial environments.

Segment Analysis

The mineral wool market is dominated by the residential segment. About 43% of mineral wool is consumed by the residential segment for insulation in walls, lofts, ceilings and roofing. The demand from this segment is expected to grow further with rising construction activities and increasing consumer preference for energy efficient residential buildings across the globe.

PEST Analysis

• Political: Stringent government regulations regarding energy conservation and carbon emission reduction are driving the demand for mineral wool as an insulation material in various end use industries.
• Economic: Growing construction industry coupled with rising disposable income is expected to boost the sales of mineral wool in both residential and commercial & industrial segments.
• Social: Increasing consumer awareness about green construction materials and sustainability is fueling the preference for mineral wool insulation over traditional insulation materials.
• Technological: Advancements in manufacturing technologies are helping manufacturers to introduce high performance mineral wool products with improved fire resistance, moisture resistance and noise reduction properties.

Key Takeaways

The Global Mineral Wool Market Size is expected to witness high growth, exhibiting CAGR of 6.06% over the forecast period, due to increasing infrastructure development and construction activities globally.

Regional analysis: North America dominates the mineral wool market with a share of over 30% owing to large construction industry in the US and Canada. Asia Pacific is projected to be the fastest growing market for mineral wool, driven by rapid urbanization and growing building & construction industry in China and India.

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. Key players are focusing on offering advanced insulation solutions to gain higher market share.

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