by Mineral wool is a form of insulation made from slag and volcanic rock. It is produced by melting natural rocks and minerals with wood or plant fiber. Mineral wool insulation provides sound absorption, fire resistance, thermal insulation, and moisture resistance. It is used as insulation in walls, roofs, attics, and other parts of residential and commercial buildings. Types of mineral wool insulation include stone wool and slag wool. Stone wool is made from basalt rock and slag wool is produced from furnace slag and recycled material such as steel slag and volcanic slag. Mineral wool finds wide application in attic, cavity wall, and basement insulation in homes, offices, shopping malls, hotels, warehouses, and industrial facilities.
The global Mineral Wool Market is estimated to be valued at Us$ 17616.87 Mn in 2023 and is expected to exhibit a CAGR Of 5.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Construction Industry (as highlighted in heading): The growing construction industry globally has increased the demand for insulation material like mineral wool for use in residential, commercial, and industrial construction. Mineral wool provides excellent protection against heat transfer. Its efficient thermal and sound insulation properties make it ideal for use in walls, rooftops, attics, and other parts of the building. According to United Nations statistics, around 80% of global waste is produced during new building construction or renovation activities. The increasing construction of new residential and commercial buildings to accommodate the rising global population will drive the growth of the mineral wool market over the forecast period.
Environmental Regulations: Stringent environmental regulations regarding energy efficiency in buildings are promoting the use of high-performance insulation materials like mineral wool. Mineral wool aids in reducing greenhouse gas emissions and electricity bills by decreasing energy losses through walls and attics. Many countries offer subsidies to construction firms using sustainable insulation materials like mineral wool that comply with eco-friendly norms. This is further augmenting the demand for mineral wool in the construction sector.
Segment Analysis
The mineral wool market is dominated by the residential segment which accounts for more than 40% share of the global market. Mineral wool is widely used in residential applications for thermal and acoustic insulation in walls, roofs and attics. Rising residential construction activities across developing nations and remodeling projects in developed regions is driving the demand for mineral wool in the residential segment.
PEST Analysis
Political: Fluctuations in import duties and regulations related to energy efficiency in different countries impacts the demand for mineral wool insulation. Growing support from various governments for green buildings offers opportunities for market growth.
Economic: A stable economic outlook especially in developing markets augurs well for the construction industry which spurs mineral wool consumption. However, rising raw material prices poses a challenge.
Social: Increasing consumer awareness about energy savings and sustainability is encouraging the use of mineral wool for its eco-friendly properties. Rapid urbanization enlarges the housing sector.
Technological: Advanced manufacturing techniques help produce mineral wool with improved performance characteristics. Investments in R&D aims at developing innovative solutions to cater to diversified end-use applications.
Key Takeaways
The Global Mineral Wool Market Demand was valued at US$ 17616.87 Mn in 2023 and is expected to reach US$ 25953.39 Mn by 2030, expanding at a CAGR of 5.9% during the forecast period. The rising energy costs is compelling building owners and homeowners to adopt highly insulated constructions using mineral wool thereby driving the market.
Regional analysis:
Asia Pacific led by China currently holds around 35% share of the overall mineral wool market and is estimated to maintain its dominance due to rising construction spending. Government measures to develop green buildings in India and Indonesia offers lucrative prospects.
Key players operating in the mineral wool market are Ancol Pet Products Limited, Blue Buffalo Co., Ltd., Champion Petfoods LP, Hill`s Pet Nutrition, Inc., and Mars, Incorporated. Key players focus on capacity expansions and new product launches catering to industrial and commercial sectors for improved functionality and performance.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
