This fibrous material is created by drawing or spinning a molten rock. Mineral wool exhibits low thermal conductivity due to its open cell structure. Thermal performance is influenced by outside climate, so moisture content is a negative factor. The material's moisture content should be low for most applications, so most manufacturers provide hydrophobic additives to improve thermal performance. Although there is no known way to prevent moisture from escaping, water content can be a factor in determining mineral wool's thermal performance.
Market Statistics:
The global mineral wool market was valued at US$ 15,661.22 Mn in 2021 and is forecast to reach a value of US$ 25670 Mn by 2030 at a CAGR of 6.6% between 2022 and 2030.
Asia Pacific held dominant position in the global mineral wool market in 2021, accounting for 41.7% share in terms of volume, followed by Europe and North America, respectively.
Figure 1. Global Mineral Wool Market Value Share (%), By Region, 2021
To learn more about this report, request sample copy
Recent Developments:
Market Drivers:
Rise in building and construction industry where it is used as an insulating material is expected to foster the mineral wool market. According to the European Insulation Manufacturers Association (EIMA), mineral wool is one of the most closely inspected products among building materials. Over the last five decades, prominent experts in the United States and Europe conducted over 1,000 studies to ensure that the material is safe for use in all projects.
Growing implementation of regulation that promote the development of energy efficiency. For instance, the European Commission adopted a set of proposals to reform climate, energy, transportation, and taxation policies to reduce net greenhouse gas emissions by a minimum of 55% by 2030, compared to 1990 levels.
Mineral Wool Market Report Coverage
Report Coverage | Details | ||
---|---|---|---|
Base Year: | 2021 | Market Size in 2021: | US$ 15,661.22 Mn |
Historical Data for: | 2017 to 2021 | Forecast Period: | 2022 to 2030 |
Forecast Period 2022 to 2030 CAGR: | 6.06% | 2030 Value Projection: | US$ 25,670 Mn |
Geographies covered: |
|
||
Segments covered: |
|
||
Companies covered: |
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 |
||
Growth Drivers: |
|
||
Restraints & Challenges: |
|
Uncover macros and micros vetted on 75+ parameters: Get instant access to report
Figure 2. Global Mineral Wool Market Value Share (%), By Type, 2021
To learn more about this report, request sample copy
Market Restraints:
Health hazard associated with the mineral wool is expected to restrict the market growth. For instance, in 2019, a report published by EU highlighted these concerns in terms of health risks to homeowners and anyone working to install, remove, or dispose of mineral wool as a building insulation material. Protests in the United States and France over new mineral wool factories drew attention to yet another set of problems, this time related to the health risks for those who live near mineral wool manufacturers
Easy availability of substitute insulating material is also expected to hinder the market growth. With an 85 percent recycled material content, cellulose spray is the most environmentally friendly insulation alternative available. It is created from recycled paper products, principally newspaper, and is the most environmentally friendly insulation option on the market. Its small, fibrous components may fit into even the smallest of areas.
Market Opportunities:
Rise in number of power plant in Asia Pacific is projected to provide lucrative growth opportunities in the market. Renewable investments in Asia-Pacific are predicted to double to USD 1.3 trillion by 2030. Solar and wind energy are estimated to account for 66% of the region's investment opportunity until 2030, with fossil fuels, mostly coal and gas, accounting for the remaining USD 500 billion.
Recyclability of glass mineral wools is again expected to offer significant growth opportunities in the market. The building sector accounts for more than 35% of all waste in Europe and consumes more than 50% of all recovered raw materials. The overall amount of insulation waste produced by European countries is substantial. In France, for example, the volume of glass mineral wool waste is 85,000 tons per year, which is predicted to increase as rehabilitation projects accelerate as part of the European Green Recovery.
Market Trends/Key Takeaways:
New product launch is expected to be major trend in the market. For instance, in July 2021, Johns Manville (JM), a global manufacturer of energy-efficient building and industrial insulation products and a Berkshire Hathaway company, announced the launch of a complete portfolio of water-repellent, mineral wool industrial insulation materials, adding v-groove pipe, industrial board, blankets and fittings.
Growing adoption of business strategies such as merger and acquisition among key players is expected to uplift the market growth. For instance, in May 2021, SPI acquires Bigham Insulation Supply, GLT, NewStar, Rocky Mountain Construction Wholesale, and Thermaxx Jackets. SPI invests in infrastructure and digital platforms to serve the customer how, when, and where they want to be served.
Competitive Landscape:
Share
Missing comfort of reading report in your local language? Find your preferred language :
Transform your Strategy with Exclusive Trending Reports :
Frequently Asked Questions
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients