Global Mineral Wool Market Worth USD 16,080.10 million With a CAGR of 6.35%

Introduction

Mineral wool is a substance that acts as insulation and is naturally very fibrous. The molten material is spun and dragged to produce it. Mineral wool's excellent thermal and acoustic properties prevent energy transfer from the exterior to the interior of homes. Since the mineral wool business is currently in a growing stage of development, there is significant potential for expansion within the anticipated time frame. This is highly credible given the low cost of mineral wool and the advancement of insulating technologies globally.

Market Dynamics

Expanding Buildings and Construction Industry Drives the Global Market

Mineral wool is a versatile, distinctive product commonly used for structural insulation. Mineral wool's exceptional thermal qualities are vital in adaptation to energy efficiency and climate change. The mineral wool's structure also promotes safety by lowering the possibility of fire. According to the European Insulation Manufacturers Association (EIMA), mineral wool is one of the construction materials that has undergone the most extensive testing.

Eminent scientists from the U.S. and Europe conducted more than 1,000 studies over the last 50 years to ensure that the chemical was safe for all projects. The increasing demand for mineral wool-based insulation materials for thermal and acoustic insulation in residential and commercial buildings is one of the major factors driving market expansion.

Growth in Pre-Engineered Building Industry Creates Tremendous Opportunities

Mineral wool is a composite material made from various recycled materials and various types of mineral or gaseous waste. Mineral wool is a unique and adaptable material frequently utilized in the insulation industry. It is anticipated that the pre-engineered construction industry's rapid expansion will serve as a driving force for the development of the mineral wool market. Components of pre-engineered and prefabricated buildings are produced in factories and then transported to construction sites for final assembly. Often, these structures serve as storage sheds and manufacturing facilities. There is a high fire and sound resistance level in pre-engineered structures because of the mineral wool insulation employed in them. The mineral wools are utilized as insulation in the buildings' floors, walls, and ceilings. As the market for prefabricated structures develops, there will be a substantial increase in the need for mineral wool. Examples include China, where the average annual growth rate of new prefabricated building areas reached over 50% during the 13th Five-Year Plan period (2016-2020).

Regional Analysis 

Asia-Pacific is the highest revenue contributor and is anticipated to exhibit a CAGR of 7.10% during the projection period. China has the most significant construction market in the world. Given the number of essential projects now being built, China's construction industry is expected to remain the largest for the foreseeable future. The National New-type Urbanization Plan includes the creation of smart cities, humanistic cities, and new types of cities (which provides for green buildings, green traffic, etc.) The country's booming economy has played a vital role in the steady growth of China's residential and commercial building sectors. The housing administration of Hong Kong launched several projects in China to spur the construction of inexpensive housing.

Europe is anticipated to develop at a CAGR of 5.50% during the forecast period. Germany has the most significant construction market in all of Europe. Due to a rise in residential construction activities, the construction sector has been progressively growing nationwide. Germany has the most significant construction market in all of Europe. Due to increased residential construction activities—Germany is Europe's largest auto producer—the country's construction industry has been quietly growing. Germany dominates the European automotive market, producing one-third of all the vehicles sold, with 41 assembly and engine production facilities.

Key Highlights

• The global mineral wool market size was valued at USD 16,080.10 million in 2022. It is projected to reach USD 27,985.06 million by 2031, growing at a CAGR of 6.35% during the forecast period (2023-2031).
• Based on type, the global mineral wool market is bifurcated into glass wool, stone wool, and slag wool. The glass wool segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.60% during the forecast period.
• Based on product type, the global mineral wool market is bifurcated into board, blanket, loose wool, and other product type. The blanket segment is the major contributor to the market and is estimated to exhibit a CAGR of 6.65% during the forecast period.
• Based on the end-user industry, the global mineral wool market is bifurcated into automotive and transportation, building and construction, industrial and consumer appliances, and other end-user industries. The building and construction segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.55% during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is expected to exhibit a CAGR of 7.10% during the forecast period.

Competitive Players

Competitive Players

The global mineral wool market's major key players are Owens Corning, IZOCAM, John Manville, Knauf Insulation, Korff Isolmatic GmbH, TechnoNICOL, Poly Glass Fiber Insulation, Rockwool International, Compagnie de Saint-Gobain S.A., and URSA Insulation S.A.

Recent Developments

Market News

• In January 2022, Knauf Insulation announced that it would purchase a facility in Romania to address the growing regional demand.
• In May 2021, SPI acquired Bigham Insulation Supply, GLT, NewStar, Rocky Mountain Construction Wholesale, and Thermaxx Jackets.

Segmentation

Global Mineral Wool Market: Segmentation

By Type

• Glass Wool
• Stone Wool
• Slag Wool

By Product Type

• Board
• Blanket
• Loose Wool
• Other Product Type

By End-user Industry

• Automotive and Transportation
• Building and Construction
• Industrial and Consumer Appliances
• Other End-user Industries

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA