According to the MRFR analysis, the global Mineral Wool Insulation Market size 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 for Mineral wool insulation hampers the development of the market.
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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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