According to the MRFR analysis, the global Mineral Wool Insulation Market was valued at around USD 14billion in 2019. It is expected to reach around USD 22 billion by the end of 2030 at a CAGR of around 5%.
Mineral wool insulation is rock, slag, or glass produced from a molten state into fibrous form; it is divided into two types. It possesses several properties, including good thermal resistance, fire protection, water repellency, noise reduction, and energy efficiency. High demand from building and construction and favorable government regulations are expected to propel the growth of the global mineral wool insulation market. Furthermore, the advancement in mineral wool insulation and the widening scope of applications in diverse end-use industries further fuel the growth of the global market. However, the presence of potential substitutes of Mineral wool insulation hampers the development of the market.
The global mineral wool insulation market is consolidated with numerous global, regional, and local players, with prominent players holding the majority share. Some of the major players include Saint-Gobain, Rockwool International, Knauf Insulation, Johns Manville Inc., and Owens Corning. Manufacturers focus mainly on acquisitions, joint ventures, and partnerships with key stakeholders to gain a competitive advantage over other players.Furthermore, producers are increasingly focusing on a strategic alliance with stakeholders and expansion of production capacities to gain a maximum share of the global market. For instance, in July 2017, Knauf Insulation, a global manufacturer of insulation products, announced the expansion of its Rock Mineral Wool production facility to 110 kilotons, located in the border region of Luxembourg and the Moselle. Moreover, due to the coronavirus outbreak globally, the global market has witnessed a decline in demand.
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- This segment has been further divided into glass wool, rock wool, and others.
- The glass wool segment accounts for the largest market and is expected to registerthe fastest growth during the forecast period in terms of volume. This growth is attributed to the increased demand for mineral wool insulation from buildings, HVAC plants, and industries.
- The rock wool segmentis expected to witness healthy growth during the forecast period due to its outstanding fire performance characteristics and excellent thermal and acoustic properties.
- The others segment include mineral wool insulation types such as wood wool, ceramic fiber wool, and blowing wool.
- This segment is further segmented intoboard, blanket, panel, and others.
- The board segment accounted for the largest market and is expected to witness the fastest growth during the forecast period. The growth is mainly attributed to the increasing consumption of Mineral wool insulation boards in building and industrial insulation.
- The blanket segment witnessed significant growth during the forecast period due to its growing roof insulation, interior building insulation, and HVAC insulation.
- Panels are used where for high fire safety, soundproofing, and high thermal insulation.
- The others segment include products such as rolls, slabs, and pipes.
- This segment is further segmented into building & construction, industrial, transportation, and others.
- The building & Construction segment holds the largest market share due to the high usage of mineral wool insulation in interior and exterior building insulation such as roof insulation, wall insulation, floor insulation, ceiling insulation. Further, this segment has also reported the fastest growth throughout the forecast period.
- The industrial segmentis expected to witness healthy growth in the global mineral wool insulation market owing to the growing demand from industrial applications such as insulation for boilers and turbines; and critical marine and offshore installations, including fire and acoustic insulation in ships and oil rigs, amongst others.
- The transportation segmentis expected to witness notable growth in the global mineral wool insulation market owing to the growing demand for insulation material to provide thermal and acoustic insulation for vehicle passengers.
- The others segment includes industries such as horticulture and landscaping.
- North America: Market growth is driven by large-scale manufacturers in the region and established end-use industries.
- Europe: Large-scale automotive producers, stringent building regulations, and increased demand for green buildings drive the region’s market.
- Asia-Pacific: This is the largest and fastest-growing regional market owing to the established growing urbanization, high industrialization rates, surge in construction spending, and growing demand for automotive in the region.
- Latin America: The growing demand from end-use industries, especially from building & construction, and expanding industrialization,is fueling the market growth in the region.
- Middle East & Africa: Growing demand from the advanced building material and rising industrialization are fueling the demand for mineral wool insulation in the region.
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