Mineral Wool Material Market- Growth, Trends, COVID-19 Impact and Forecasts (2023-2029)

Mineral Wool Material Market was valued at US$ 14.54 Bn. in 2022. The Mineral Wool Material Market size is estimated to grow at a CAGR of 6.7 % over the forecast period.
Mineral Wool Material Market Overview:
The report explores the Mineral Wool Material market's segments (Type, End-use, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2022. The report investigates the Mineral Wool Material market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Mineral Wool Material market's contemporary competitive scenario. To know about the Research Methodology :- Request Free Sample Report
Mineral Wool Material Market Dynamics:
Mineral wool is commonly used as an insulator and is regarded as one of the best insulators available. Because of the raw material's availability, ease of installation, durability, and recyclability, most construction companies utilize mineral wool as an insulator in the construction of houses or office buildings. It can resist fire, reduces noise, and gives thermal protection. It also helps in restricting air movement owing to climatic change, keeping the temperature in the region moderate. The need for mineral wool is expected to expand in the coming years as the building industry grows.

The mineral wool material market is believed to be limited by a lack of skilled labor for applying mineral wool to the surface. Although it may be simple to install mineral wool on the surface, it is the most dangerous thing that can harm a person's health. The small particles in the mineral wool may stick to the worker's skin and cause significant skin illness. Also, if inhaled, it can cause damage to the lungs, posing a major concern to the handlers. Mineral wool handling is not appealing to the workers for these reasons. The major constraint for the Rockwool market is this.

Increased demand for mineral wool-based insulation products such as thermal and acoustic insulation in residential and commercial buildings, as well as increased demand for heat insulation in industrial applications to prevent heat loss and conserve energy. The mechanical insulation market is expected to reach $12.4 billion in 2023, according to the National Insulation Association's 2018 inquiry results, compounding the projection for 2019 and 2020. Also, increased concerns about energy conservation in buildings, combined with rising power costs, have required the demand for mineral wool materials in residential, commercial, and industrial structures.

Mineral Wool Material Market Trends:

The mineral wool material market should rise as a result of government measures to boost foreign direct investment by supporting the industrialization process. These efforts provide significant benefits to manufacturers in terms of investments, taxes, and exports, making them a perfect platform for companies looking to expand internationally. Also, because these goods are readily available in the shape of a board, blankets, and panels, they are a viable solution for architects, contractors, and specifies during the design, construction, and installation stages.

Also, due to crucial properties such as lightweight, cheap costs, and high acoustic insulation, synthetic acoustic non-woven fabric is becoming a favored choice of producers. The government's Faster Adoption and Manufacturing of both (Hybrid) and Electric Vehicles in India (FAME) scheme will raise automobile production in India, driving up demand for mineral wool.

The global Mineral Wool Material market is expected to be driven by rising demand for better building safety and energy management, as well as increased government restrictions and rapid growth in the building and construction industry. Also, the need for insulated, air-conditioned offices, PEB constructions, power plants, oil refineries, and commercial environments is expanding. The need for mineral wool-based insulation goods is increasing due to rising population and economic development. Similarly, environmental concerns and a preference for climate policies are expected to boost the development of mineral wool materials in both developed and developing countries.

The sector will have new opportunities as it transitions from traditional insulation systems to mineral wool to meet construction regulations. One of the main elements driving demand for these materials is their ability to be recycled and their vast range of applications. However, health concerns about mineral wool material use, such as respiratory irritation, may hamper the global Mineral Wool Material market and drive the development of formaldehyde-free products.
Mineral Wool Material Market Segment Analysis:
Based on type, the mineral wool market can be divided into two types: rock wool and glass wool. Glass wool is used to insulate plane surfaces such as ceiling tiles, hollow wall insulation, curtain walls, ducting, piping, and soundproofing because of its low density. As a result, growing adoption of product makes glass wool segment dominated market share in 2022. Mineral wool can be molded into a variety of end products, including board, blankets, bespoke shapes, and panels. Because compressing the material decreases its efficiency, the blanket is considered the most effective result.

Mineral wool is primarily utilized as an insulator in end-user industries such as transportation, construction, industrial, and others. Building and construction resulted in a large portion of the mineral wool market in 2022. With the biggest market share, the Glass Wool sector is predicted to grow significantly and dominate the global market over the forecast period. The section displays each sort of production, as well as the revenue collected, market share, and growth rate.

Based on End-use Industry, the mineral wool market is segmented into Building & Construction, Industrial, Transportation, and Others. The building & construction industry was the largest end-use industry in 2022, and it is expected to continue to be the largest during the projection period. The global demand for mineral wool is being fueled by rapid industrialization and urbanization. Mineral wool is frequently used for insulation, acoustics, and fire protection.

Mineral wool market expansion is being fueled by rising demand from the construction industry in LAMEA and Asia-Pacific. In the global mineral wool market, building & construction has the greatest market share and growth rate, which is expected to continue throughout the forecast period. The global mineral wool market is growing because of the rising demand for keeping heat out and maintaining low temperatures in building infrastructures.
Mineral Wool Material Market Regional Insights:
The rock wool market in Europe is likely to see good growth during the forecast period. Increasing demand for rock wool in Germany as a result of enormous growth in the automotive industry is expected to drive the rock wool market in the forecast period. After the 2012 recession, Europe has been regaining economic strength, which has resulted in the widespread use of rock wool as superior insulating material in a variety of industries. Because the construction and housing industries account for over 9% of GDP in the ECU Union, the infrastructure sector is thought to have a key role in the development of the rock wool market. This factor is expected to boost the rock wool market's performance in the future.

With developing economies like China and India, as well as growing building and industrial operations, Asia-Pacific is the largest market for mineral wool. Lower production costs have given global players a wonderful chance to build up manufacturing facilities in the Asia-Pacific area, particularly in developing countries like China and India.

The objective of the report is to present a comprehensive analysis of the Mineral Wool Material Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear, futuristic view of the industry to the decision-makers.

The reports also help in understanding the Mineral Wool Material Market dynamic and structure by analyzing the market segments and projecting the Mineral Wool Material Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Mineral Wool Material Market make the report investor’s guide.
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Global Mineral Wool Material Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 14.54 Bn.


Forecast Period 2023 to 2029 CAGR:
6.7%
Market Size in 2029:
US $ 22.89 Bn.


 Segments Covered:
by Type
Glass Wool
Rock Wool
Others


by End-Use Industry
Building & Construction
Industrial
Transportation
Others



Mineral Wool Material Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Mineral Wool Material Market Key Players
1. USG Interiors Inc.
2. Saint- Gobain
3. Knauf Insulation
4. Johns Manville
5. Roxul Inc.
6. Certain Teed Corp
7. Thermafiber, Inc.
8. Maghard Insulators
9. Owens Corning, India Ltd.
10.ROCKWOOL International A/S
11.Cisco
12.Apcon
13.Viavi
14.Ixia
15.IBM
16.Gigamon
17.Broadcom
18.Big Switch Networks

Frequently Asked Questions:

1. Which region has the largest share in Global Mineral Wool Material Market?
Ans: Europe region held the highest share in 2022.

2. What is the growth rate of Global Mineral Wool Material Market?
Ans: The Global Mineral Wool Material Market is growing at a CAGR of 6.7% during forecasting period 2022-2029.

3. What is scope of the Global Mineral Wool Material Market report?
Ans: Global Mineral Wool Material Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Mineral Wool Material Market?
Ans: The important key players in the Global Mineral Wool Material Market are – USG Interiors Inc., Saint- Gobain, Knauf Insulation, Johns Manville, Roxul Inc., Certain Teed Corp, Thermafiber, Inc., Maghard Insulators, Owens Corning, India Ltd., ROCKWOOL International A/S, Cisco, Apcon, Viavi, Ixia, IBM, Gigamon, Broadcom, and Big Switch Networks

5. What is the study period of this Market?
Ans: The Global Mineral Wool Material Market is studied from 2022 to 2029.