Market Dynamics
Global mineral wool market drivers:
Expanding industry for buildings and construction
Mineral wool is a versatile, unique commodity frequently used in buildings as insulation. The superior thermal properties of mineral wool significantly aid in energy conservation and coping with climate change. Mineral wool's structure also gives it the ability to increase safety by reducing the risk of fire. The European Insulation Manufacturers Association (EIMA) claims that mineral wool is one of the building materials that are most thoroughly tested.
To ensure the substance is safe for all projects, eminent experts from the U.S. and Europe carried out more than 1,000 research over the previous 50 years. One of the critical reasons propelling market expansion is the rising demand for mineral wool-based insulation materials for thermal and acoustic insulation in residential and commercial buildings.
Global mineral wool market restraint:
Health risks from mineral wool
The development of safer substitutes is being pushed by growing public awareness about the health dangers associated with mineral wool, which could hinder the market for mineral wool in the upcoming years. In-home and commercial insulation applications, mineral wool is a typical material. Building contractors like mineral wool and glass wool products for various reasons, such as their lightweight, low-density structure, simplicity of installation, and capacity for fire protection. Natural insulation has, nevertheless, ascended to the top of the market due to the increased focus in recent years on health, environmental issues, and material recycling. One of the most well-known examples is sheep's wool, a substance used for eons in textiles and other purposes. Sheep's wool does not itch, making installation easy and completely safe without personal protective clothing.
Since fiberglass insulation is less expensive, mineral wool has lost a significant portion of its market share. Despite not necessarily being the most effective, fiberglass is the most common form of insulation used in homes. Many various forms of insulation are more energy-efficient and may even pay for themselves through decreased heating and cooling costs, despite being less expensive.
Global mineral wool market opportunities:
Growth in pre-engineered building industry
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). In 2020, prefabricated building areas were projected to begin at a rate of 630 million square meters, or 20.5% of China's total new construction area for the year. This means that the pre-engineered/prefabricated building industry will be a significant growth driver for the mineral wool market.
Regional Analysis
Asia-Pacific Dominates the Global Market
The global mineral wool market is divided into four regions: North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is the most significant revenue contributor and is expected to exhibit a CAGR of 7.10% during the forecast period. The world's largest building market is in China. China's construction industry is also set to maintain its position as the largest for the foreseeable future, with several significant projects now under construction. Smart city development, humanistic city development, and new-type city development are all part of the National New-type Urbanization Plan (which includes green buildings, green traffic, etc.) The robust growth of China's residential and commercial building industries, supported by the country's expanding economy, has been a primary driving force. Hong Kong's housing authority initiated several initiatives in China to jump-start affordable housing development.
Europe is expected to exhibit a CAGR of 5.50% during the forecast period. Europe's largest construction market is in Germany. The country's construction industry has been expanding slowly due to increased residential construction operations. With 41 assembly and engine production facilities, Germany dominates the European automotive market and produces one-third of all the cars sold on the continent.
In Saudi Arabia, numerous residential and commercial projects are anticipated to boost the nation's building industry. The demand for mineral wool is projected to increase due to these initiatives for various applications in the building industry. Investments in several fields, including healthcare and education, have expanded due to the introduction of Vision 2030 and the National Transformation Plan (NTP) that goes along with it. The country's social infrastructure is the subject of extensive government plans. Commercial building construction activities in the nation are anticipated to increase due to government and private investments in various sectors of the economy.
Segmental Analysis
The global mineral wool market is segmented by product type and end-user industry.
Based on type, the global mineral wool market is bifurcated into glass wool, stone wool, and slag wool.
The glass wool segment is the major contributor to the market and is estimated to exhibit a CAGR of 6.60% during the forecast period. Glass strands that have been linked together with a binder to form a texture resembling that of wool are used to make glass wool, an insulating material. With the use of fixing agents, recycled glass, and silica sand, it provides excellent insulation and covering for homes. The primary advantage of glass wool is that it reduces energy use by delaying the rate at which heat is transferred through the house's structure. Maintaining a refrigerated system's exposed surface above the dew point prevents corrosion in a refrigerator. At its glass wool insulation factory in Bernburg, Saxony-Anhalt, Knauf Insulation planned to increase manufacturing capacity in February 2022.
Stone wool, also known as mineral wool, is produced using basalt rock that is found naturally and recovered slag (a mineral by-product of smelted ore). It can tolerate mold, fire, and water, among other characteristics that make it a valuable and durable building material. Additionally, it does not release harmful chemicals when fire comes into contact with its fibers. Stone wool appears to be more sound-absorbing and thermally insulating than regular fiberglass, which is even better. It is a multipurpose repellant made from one of the most common minerals on earth. Stone wool may considerably delay the spread of flames inside building walls in terms of fire resistance, and in an emergency, every second matters. Stone wool insulation is non-combustible and resistant to heat up to 1,177 degrees Celsius.
Slag wool insulation is primarily formed of fibers created by melting blast furnace slag, the main component, with a variety of natural rock and binders, depending on the product. Blast furnace slag makes up around 70% of slag wool insulation, with natural stone making up the rest of the raw materials. The ability of slag wool insulation to increase a building's energy efficiency is one of its most significant environmental advantages. A thermally efficient structure reduces the energy needed to maintain a comfortable indoor atmosphere. Less energy reduces air pollution and greenhouse gas emissions like CO2 and NOx and helps conserve the supply of non-renewable fuels. A Harvard University of Public Health study found that public health benefits and lives were saved from the emissions reduction caused by energy efficiency and the usage of thermal insulation.
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 highest contributor to the market and is estimated to exhibit a CAGR of 6.65% during the forecast period. Mineral wool throws A high-temperature thermosetting glue is used to bind together chemically inert mineral fibers to create versatile, cost-effective mineral fiber insulation. Commercial blanket The nominal densities of insulation range from 4 to 10 lb/cu ft, and it can sustain temperatures of up to or more than 1200°F (650°C). Mineral wool blanket insulation lowers noise transmission and emission in hot and cold applications, maintains process temperatures, safeguards workers, avoids condensation, and conserves energy. Mineral wool blankets insulate mechanical equipment such as boilers, furnaces, ovens, ducts, precipitators, tanks, and other plant machinery that work at consistent temperatures.
High-temperature insulation, known as the mineral wool board, is constructed from inorganic fibers from volcanic rock. Mineral wool board's hydrophobic properties prevent decay, rust, and mildew. Additionally, it can endure temperatures of more than 1,900°F in firestop applications, making it fire-resistant. Due to its many benefits, including great insulating effectiveness and strength, low thermal conductivity and asbestos-free, zero water absorption and moisture retention, and dependability in use, the mineral wool board is growing in popularity. Wool board insulation can be used in basement walls, commercial roofing, and other building envelope applications.
Small fibers taken from molten basalt rocks make up loose mineral wool. Mineral wool is an excellent option for most insulation applications due to its outstanding handling and application qualities. It is not flammable, soiled, or susceptible to moisture. Chemically, it neither reacts with rust nor speeds up corrosion. It is durable, smell-free, and easy to handle and store. Loose mineral wool and granulated wool have limited thermal conductivity. They can be used in a range of temperatures from -50°C to 750°C because of the enormous minute air cells created by the delicate fiber. It doesn't contain any oil and has a very low heat conductivity.
The other segments include spray, mineral wool pipe, and other things. Mineral fibers used to make non-combustible rock wool pipe coating are used. It can be used in piping and process systems that operate at temperatures of 650°C or higher because it is sturdy and rigid. Rock wool Pipe can be easily installed because each segment can be split on one side and hinged on the other. Due to its excellent fiber strength, low shot content, non-toxic, waterproof fire resistance, simple and quick installation, and low heat conductivity, a mineral wool pipe is widely used in a variety of high-temperature pipe, tank, and equipment insulation in the domains of oil, chemical, metal, and so forth. Additionally, it can be used for sound absorption, wall and ceiling insulation, and thermal insulation in boats.
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. There are now several materials available in the industry that can be used to insulate the walls of residential or commercial constructions. Over the past few decades, interest in mineral wool has increased. As the name suggests, mineral wool is a mixture of stone, molten gas, or industrial waste. Mineral wool is a versatile, unique product frequently used as insulation. The exceptional thermal properties of mineral wool contribute to the fight against global warming and energy efficiency.
A vehicle's noise and vibrations might be uncomfortable for passengers, locals, and employees who live or work close to busy roads. The user's car may suffer catastrophic consequences from overheating, including component damage and the evaporation of essential fluids. It all boils down to having the proper automobile insulation, which may help soundproof the car and reduce emissions of outside noise while enhancing driver comfort and actively reducing the adverse effects of heat. Since a long time ago, mineral wool has worked with the automotive sector to create innovative automobile insulation products that raise the acoustic and thermal performance of your cars, lorries, and buses.
High-temperature mineral wool, sometimes rock wool, slag wool, or stone wool, is primarily used in industrial furnaces and foundries to increase productivity and safety. Mineral wool is frequently sold in the form of batts and loose-fill. Industrial insulation needs to be durable, low-maintenance, and fire-resistant. Products made of mineral wool for insulation reduce energy loss, noise, and the danger of burns from hot items. Better process control means more work gets done, people are more comfortable, and businesses make more money. Mineral wool can block noise and keep heat in (pipe insulation). In the auto industry, polymers are used as filter media, hydroponic growing medium, brake pads, resin-bonded panels, filler in gasket compounds, and gasket compounds.
For acoustic, fire, and thermal insulation, mineral wool materials are frequently used to wrap ship decks, bulkheads, and walls. For ships or other marine transport vehicles to comply with the stricter Emission Control Area (ECA) regulations or the global marine engine requirements set forth by the International Maritime Organization (IMO), thermal insulation is essential. Frequently, producing more heat is necessary to comply with emission restrictions. Sometimes the process calls for heat, like regenerating a Diesel Particulate Filter (DPF). Sometimes it's merely an outcome. In either scenario, more robust thermal insulation is needed for engines that create more heat.
