Overview and Scope
Mineral wool refers to a non-metallic, inorganic product made primarily of either stone or silica that has been heated to a high temperature and made molten. The raw ingredients are carefully curated. Excellent thermal insulation provided by mineral wool helps to prevent heat transmission through building envelopes, which lowers the need for energy for room heating and cooling.
Sizing and Forecast
The mineral wool market size has grown strongly in recent years. It will grow from $13.77 billion in 2023 to $14.84 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to construction industry, energy efficiency regulations, industrial applications, renovation and retrofitting.
The mineral wool market size is expected to see strong growth in the next few years. It will grow to $20.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to sustainable building materials, urbanization and construction growth, energy efficiency targets, increased awareness. Major trends in the forecast period include technological advancements, innovation in product development, stringent building codes and standards, digitalization and smart construction, customization and modular construction, e-commerce and online distribution.
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Segmentation & Regional Insights
The mineral wool market covered in this report is segmented –
1) By Type: Glass Wool, Rock Wool, Other Types
2) By Form: Board, Blanket, Panel
3) By End Use Industry: Building And Construction, Industrial, Transportation, Other End Use
Asia-Pacific was the largest region in the mineral wool market in 2023. The regions covered in the mineral wool market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand in the construction is expected to propel the growth of the mineral wool market going forward. Construction is the process of planning, designing, and building physical structures, infrastructure, or facilities. Mineral wool improves energy efficiency, fire safety, durability, chemical resistance, indoor comfort, and overall building performance. For instance, in September 2021, according to a report published by Oxford Economics, a UK-based economic information services company, by 2030, the global construction output is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, the increasing demand for construction is driving the growth of the mineral wool market .
Key Industry Players
Major companies operating in the mineral wool market report are Compagnie de Saint-Gobain SA, Johns Manville International Inc., Knauf Insulation Inc., Owens Corning Sales LLC, Rockwool International A/S, Saint-Gobain ISOVER, Uralita Holdings S. A., Paroc Group Oy, Armacell International S. A., GAF Materials Corporation, Kingspan Group plc, Ursa Insulation S. A., Thermafiber Inc., Unifrax I LLC, Guardian Building Products Distribution Inc., Shandong Luyang Share Co. Ltd., Beijing New Building Material Co. Ltd., Hebei Huaneng Zhongtian Hi-Tech Co. Ltd., Hengxiang Insulation Materials Co. Ltd., Changzhou Tianqi Rockwool Co. Ltd., Jinan Shengquan Group Share Holding Co., Langfang Juheng Building Materials Co. Ltd., ODE Industry and Trade Limited Company, Changchun ShiLu Insulation Materials Co. Ltd., Byucksan Corporation, Rock Wool Manufacturing Company, OJSC Gomelglass, Sager AG, ISOMAT S. A., Stepan Company
The mineral wool market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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