by The global Mineral Wool Market is estimated to be valued at US$ 17616.87 Mn 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 synthetic non-crystalline fibrous material formed by spinning or blowing molten mineral fibers, commonly consisting of silica, calcium oxide and magnesium oxide along with other materials. It has high fire resistance, excellent thermal insulation, good sound absorption and moisture resistance. Mineral wool products come in various forms such as batts, blankets and boards. The material is widely used in construction for applications such as insulation in walls and roofs, fire protection, acoustic insulation and thermal insulation in industries and building construction. Rapid industrialization and urbanization are fuelling demand for residential and commercial buildings globally. This is driving the need for effective insulation materials to optimize energy usage and reduce carbon footprint of buildings. Mineral wool offers an effective and affordable solution, supporting its increasing adoption.
Market key trends:
One key trend in the market is the development of new product varieties with improved characteristics. Manufacturers are focused on developing thin mineral wool boards and rolls for cavity wall and loft insulation. These thin products offer easier and faster installation compared to thick boards. Another notable trend is the introduction of mineral wool insulation with enhanced moisture resistance and mold resistance for damp locations. Demand is also growing for mineral wool composite panels that combine insulation and fire protection in one composite material. Eco-friendly production methods with lower carbon footprint during manufacturing are gaining importance. Leading players are investing in R&D to expand their green mineral wool portfolios and gain an edge in the rising sustainable construction industry.
Porter’s Analysis
Threat of new entrants: High fixed costs of setting up production facilities and competitive pressures from existing players make the threat of new entrants moderate.
Bargaining power of buyers: Large number of buyers allows them to negotiate prices. However, differentiated products provide some pricing power to suppliers.
Bargaining power of suppliers: Few number of raw material suppliers that can influence prices. However, easy availability of raw materials from various sources mitigates this threat.
Threat of new substitutes: Rising awareness about eco-friendly options like cellulose fibers may pose substitution threat in future. However, superior thermal insulation properties of mineral wool keep this threat moderate.
Competitive rivalry: Large number of players with low switching costs increases competitive rivalry. However, product differentiation and quality standards reduce price wars.
Key Takeaways
The Global Mineral Wool Market Size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period 2023 to 2030, due to increasing demand for thermal and acoustic insulation from residential and commercial buildings.
The Asia Pacific region dominated the global mineral wool market in 2022 accounting for around 40% of overall market share. Strong growth in construction activities in China and India is expected to fuel the demand in the region.
Europe is also a significant market for mineral wool insulation owing to stringent energy efficiency regulations. The demand in the region is projected to register a CAGR of over 5% during the forecast period.
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. These players are focusing on new product launches and expansion in emerging regions to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
