Mineral Wool Material Market worth over $22.5 billion by 2026
Published Date: January 14, 2020 Authors: Kunal Ahuja, Amit Rawat
According to a new research report by Global Market Insights, Inc. the mineral wool material market size is set to surpass $22.5 billion by 2026.
Mineral wool material offers acoustic capabilities and exhibits robust thermal & fire-resistant properties. The material is being increasingly used for providing insulation solutions across key application areas such as residential & commercial buildings, industrial sectors, OEM, HVAC sectors, offshore & marine industries. Growing need for minimizing power requirement due to surging electricity requirements and rising electricity bills will augment mineral wool material market share.
The market dynamics are influenced by factors such as glass wool insulation recycling, shifting trends towards ecofriendly insulation materials and development of lightweight & high fire insulation materials. The market will be driven by growing adoption of green building programs globally due to concerns regarding environmental impact and high energy prices. Factors such as improving occupant’s health & wellbeing and stringent environmental regulations will significantly influence overall mineral wool material market size over the projected period.
Developing countries are anticipated to account for the majority of mineral wool material demand gains owing to rising building construction activity and surging demand from industrial sector. As per industry report, due to rapid urbanization, 41 megacities across the world will be inhibited by over 10 million population by 2030. This factor is likely to boost the market as there will be rising demand for infrastructural projects. Additionally, positive construction indicators in key markets such as U.S., Germany, Russia and France along with governments initiatives to renovate existing building stocks will further accentuate mineral wool material market growth.
Browse key industry insights spread across 230 pages with 249 market data tables and 15 figures & charts from the report, “Mineral Wool Material Market Size By Product (Rock Wool, Glass Wool), By Form (Board, Blankets, Panel), By Application (Building & Construction, Industrial, Transportation), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
As per the mineral wool material market analysis, the product segment is classified into rock wool and glass wool. Growing demand for insulation materials derived from mineral sources will propel the rock wool insulation business growth. Increasing adoption of low carbon footprint policy across construction, automotive, and industrial sectors will further support demand for rock wool as the mineral wool material is based on natural minerals and can be recycled into fibers that are further utilized across the industrial sector. Additionally, the ability of the mineral wool materials to be manufactured into different densities as per requirements from application industries generates new growth prospects for industry participants as it allows them to produce customized products.
Glass wool in board form is typically used for acoustic solutions in the residential and commercial construction sector. The board form incorporates composite bulk & reflective materials owing to which superior acoustic insulation can be achieved. Additionally, cost-effectiveness due to flexibility and easy installation will promulgate demand for glass wool insulation in the board form. The growing demand for sound barriers in residential & commercial buildings globally due to the adverse effects of high noise levels will fuel the demand for board form of insulating materials. A continuous increase in the demand and the awareness pertaining to the harmful effects of high noise levels will provide a positive scope for mineral wool material market growth.
Building & construction segment dominated the mineral wool material market both in terms of volume and revenue in 2018. Governments’ measures for promoting the renovation of the existing building stock and preventing heat gain or loss through insulation will influence industry development. Shifting trends towards eco-friendly buildings offering efficient thermal and acoustic insulation required in commercial and residential applications will propel rock wool market growth.
Key attributes of mineral wool material such as good thermal properties, reaction to fire and cost factor will foster new avenues for market growth. Other attributes of mineral wool material including dimensional stability, high fire safety, ecological compatibility, and chemical resistance will further propel mineral wool material market.
North America holds around 38% market share in 2018. The regional market is dominated by U.S. due to higher per capita usage of insulation than other countries. The degree of insulation material’s use in North America is relative to population size, GDP and fixed investment spending exceeds global norms due to diverse industrial base and massive construction sector. Construction firms across the region use insulation products on higher scale due to stringent building codes formulated by agencies such as U.S. Green Building Council (USGBC) and United States Environmental Protection Agency (EPA). Factors such as higher per capita income and mineral wool material-based product awareness will foresee rapid market growth across this region.
Key market participants in the mineral wool material industry include Knauf Insulation, Rockwool Group, Saint-Gobain, Owens Corning, Lloyd Rockfibres Limited, and Armacell India amongst others. Key manufacturers in the mineral wool market are focusing on building strategic partnerships with research and development firms which may enable them to enhance their market share in the end use industries.
Explore More on Related Topics: