The global mineral wool market is anticipated to reach a valuation of US$ 15.1 billion in 2023, driven by rising demand from industrial applications. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 4.3% between 2023 and 2033, and reaching a total valuation of approximately US$ 23.0 billion by 2033.
The increasing demand from the construction industry is a major factor that is expected to boost the growth of the mineral wool market. Mineral wool, including stone wool and glass wool, is extensively used as an insulation material in the construction of residential, commercial, and industrial buildings.
One of the key drivers for the use of mineral wool in the construction industry is its ability to enhance energy efficiency. There is a growing emphasis on constructing energy-efficient buildings, as energy costs continue to rise and concerns about environmental sustainability increase. Mineral wool insulation provides excellent thermal insulation properties, effectively reducing heat transfer through walls, roofs, and floors.
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Advancements in manufacturing technologies are expected to propel market growth. Innovations such as advanced fiberizing techniques and binder formulations have led to the development of high-quality mineral wool with improved thermal insulation and fire resistance properties. The advancements have resulted in enhanced product performance, better energy efficiency, and increased durability, thereby driving the adoption of mineral wool in various applications.
The rising awareness of environmental sustainability has fueled the demand for eco-friendly construction materials. Mineral wool is considered a sustainable option as it is made from natural or recycled materials. It is non-combustible, has low VOC emissions, and can be recycled at the end of its lifecycle. The demand for eco-friendly and sustainable insulation materials is expected to drive the growth of the mineral wool market.
Mineral wool finds extensive use in various industries such as automotive, aerospace, and manufacturing. In automotive applications, mineral wool is used for acoustic insulation, reducing noise and vibrations in vehicles. In the aerospace industry, it is used for thermal insulation in aircraft. The increasing industrial applications of mineral wool are expected to contribute to its market growth.
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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)
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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