MINERAL WOOL MARKET ANALYSIS

Mineral Wool MarketSize and Trends

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.

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.