Home > Pressrelease > Global Mineral Wool Material Market size to be worth over USD 23.5 billion by 2027
Global Mineral Wool Material Market size to be worth over USD 23.5 billion by 2027
- Published Date: January 27, 2022
According to a new research report by Global Market Insights Inc., the Mineral Wool Material Market size is anticipated to surpass USD 23.5 billion by 2027 owing to the strong growth in pre-engineered industry along with booming construction industry.
Insulation is used for PEB to minimize heat gain, prevent moisture condensation, maximize thermal comfort, minimize energy loss, provide acoustic insulation, and reduce operating cost for air-conditioned buildings. PEB buildings find applicability in the manufacturing industries, power plants, high-rises, warehouses, aircraft hangars, commercial buildings, metro stations, and stadiums.
Growing demand for sound barriers in residential & commercial buildings should propel mineral wool boards segment
Global mineral wool material demand in board form is projected to grow over USD 8 billion by the end of 2027. Glass wool in board form is used largely across construction and manufacturing sectors. The mineral wool boards are typically used for acoustic solutions in the construction sector. Superior acoustic insulation can be produced by incorporating composite bulk and reflective materials into the board form. Furthermore, the cost-effectiveness of glass wool boards along with their flexibility and ease of installation resulting into wider acceptance of mineral wool boards amongst manufacturers.
The growing demand for sound barriers in residential & commercial buildings due to the adverse effects of high noise levels will fuel the demand for board form of insulating materials. Rising renovation policies and other building regulations for buildings across the globe will propel the industry landscape over the forecast period. A continuous increase in the demand and the awareness pertaining to the harmful effects of high noise levels will provide a positive scope for business growth.
Excellent product properties such as low cost, high density, easy degradability, and fire-resistance will stimulate market growth from rock wool segment
Global mineral wool material market from rock wool segment was valued 6.45 billion at 2020 and anticipated to grow with the CAGR of 5.5.% by the end of 2027. Growing demand for insulation materials derived from mineral sources will propel the rock wool insulation market. Increasing adoption of low carbon footprint policy across construction, automotive, and industrial sectors will further support demand for rock wool as the product is based on natural minerals and can be recycled into fibers that are further utilized across the industrial sector. Additionally, the ability of the product to be manufactured to different densities generates new growth prospects for industry participants as it allows them to deliver custom services to their clients.
Various factors such as low cost, high density, easy degradability, fire-resistant, and better noise reduction coefficient than glass wool will augment demand for rock wool for the projected period. Increasing demand for rock wool can be attributed to factors such as rapid urbanization, increasing disposable income, growing middle-class population and increased focus on global warming and environmental issues.
Positive construction outlook in India with increasing new housing and renovation activities will propel the rock wool insulation market. A shift in paradigm towards the use of insulation material made from basalt owing to increasing environmental concern further supports the demand for rock wool.
Rapidly booming industrialization across the globe should boost market from building & construction application
Global mineral wool material market from building & construction application is projected to gain traction with the CAGR of 5% by 2027. Governments’ measures for promoting the renovation of the existing building stock and preventing heat gain or loss through insulation will influence industry development. Factors such as good thermal properties, reaction to fire and cost factor will foster new avenues for market advancement.
Shifting trends towards eco-friendly buildings offering efficient thermal and acoustic insulation required in commercial and residential applications will propel market growth. Superior properties of insulation materials including dimensional stability, high fire safety, ecological compatibility, and chemical resistance are among the key factors positively influencing the product demand.
The rise in demand for insulating material for increasing the energy efficiency of the building will support market advancement over the projected period. Increasing demand for thermal insulation materials in building applications will be driven by cost efficiency, measures for greenhouse gas emissions reduction, and government regulations on energy-efficient buildings.
Significant application outlook in the residential sector providing proper insulation and meeting the building codes set by regulatory bodies will stimulate the product demand. Rising demand for products offering enhanced energy-efficiency & conservation is among the key factors propelling the industry demand.
Browse key industry insights spread across 235 pages with 249 market data tables and 15 figures & charts from the report, Mineral Wool Material Market 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 Trend, Competitive Market Share & Forecast, 2021– 2027”, in detail along with the table of contents:
Asia Pacific business is gaining traction owing to increasing public private partnership for new residential and commercial constructions
Asia Pacific mineral wool material market is projected to gain traction with the CAGR of 5.5% by 2027. The growing modernization of mineral wool products, rising usage of thermal & acoustical insulation, and the increasing need for energy saving in buildings are favoring market growth.
Lower cost of production has provided a great opportunity for global players to set up their manufacturing facility in Asia Pacific region, especially in developing nations including China and India. The growing popularity of advanced building insulation among builders & contractors to ensure optimum energy consumption and meet energy conservation norms will support industry expansion.
The building & construction segment will grow at a rapid pace in the Indian market. Shifting trends toward upgrading the existing insulation system and sufficing the building standards will support industry growth. Consumers are more focused on reducing energy consumption bills with retrofitting the product in walls and attics. Increasing public private partnership for new residential and commercial constructions will further support the mineral wool material market growth.
Additionally, changing residential house trends due to the emergence of several remodeling and renovation techniques along with various aesthetic designs will further provide strong business outlook for the mineral wool material market across the region.
Key manufacturers in the market are investing in several activities, such as collaborations, mergers, acquisitions, and research & development, as the products find an array of applications in the market including building & construction, industrial and transportation.
Some of the key players operating in the mineral wool material industry are Owens Corning India Ltd., Maghard Insulators, Metecno India Private Limited, Jamshedpur Mineral Wool Mfg. Co. Pvt. Ltd., Dhanbad Rockwool Insulation Private Limited, Shreeram Equitech Pvt. Limited.