The global mineral wool market is projected to grow from USD 15.1 billion in 2023 to USD 23.0 billion by 2033, expanding at a CAGR of 4.3% over the next decade. The increasing demand for sustainable insulation materials and heightened awareness of fire safety are key factors driving this growth.
The mineral wool market is poised for significant growth in the coming years, driven by a variety of key factors. Increasing demand for energy-efficient building materials is a primary driver, as mineral wool offers superior thermal insulation properties. This makes it an ideal choice for reducing energy consumption in residential, commercial, and industrial buildings. Additionally, growing awareness about fire safety has boosted the demand for mineral wool, which is known for its excellent fire-resistant characteristics.
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The construction industry’s expansion, particularly in emerging economies, is another major factor propelling market growth. Urbanization and industrialization in countries like China and India are leading to a surge in construction activities, thereby increasing the need for high-quality insulation materials. Furthermore, stringent government regulations and building codes aimed at improving energy efficiency and fire safety standards are compelling builders to adopt mineral wool.
Key Takeaways from the Market Study
- Global mineral wool market was valued at US$ 14.5 billion by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 2.3%.
- China is expected to hold a dominant CAGR of 4.2% during the forecast period.
- By Type, the rock segment is expected to constitute a CAGR of 4.2% in 2033.
- On the basis of Application, the construction segment is expected to dominate the market with a CAGR of 4.1% in 2033.
- From 2023 to 2033, mineral wool market is expected to flourish at a CAGR of 4.3%.
- By 2033, the market value of mineral wool is expected to reach US$ 23.0 billion.
Expansion of the automotive industry, across the globe is a major factor that is expected to propel the growth of the mineral wool market in the near future, remarks an FMI analyst.
Competitive Landscape
Prominent players in the mineral wool market are Compagnie de Saint-Gobain S.A., Johns Manville, Knauf Insulation, Korff Isolmatic GmbH, Owens Corning, Poly Glass Fibre Insulation, Rockwool International A/S, TechnoNICOL, URSA Insulation S.A, and ROXUL ROCKWOOL Technical Insulation, among others.
Recent Developments
- In 2023, Uralita introduced a new range of mineral wool products with enhanced fire resistance properties. The products are designed to provide effective fire protection in various applications, including commercial buildings, industrial facilities, and transportation.
- In 2022, Owens Corning introduced a new mineral wool insulation product called Thermafiber RainBarrier HD. The product is designed to provide enhanced thermal and moisture management performance in exterior wall systems, offering improved energy efficiency and water resistance.
- In the same year, Rockwool invested in the construction of a new manufacturing facility in Romania. The facility is expected to support the company’s growth strategy and cater to the increasing demand for mineral wool insulation in the Eastern European market.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global mineral wool market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the mineral wool market, the market is segmented on the basis of type (glass, rock, and slag), and by application (construction, transportation, industrial, residential, sound absorbers, emission control, acoustical, and fire-proofing), across five major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
Key Segments Profiled In The Global Mineral Wool Market
By Type:
- Glass
- Rock
- Slag
By Application:
- Construction
- Transportation
- Industrial
- Residential
- Sound Absorbers
- Emission Control
- Acoustical
- Fire-Proofing
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa (MEA)
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