by Mineral wool is an environment-friendly material which can be used for several insulation purposes owing to its sound absorption and heat retention properties. Mineral wool products include insulation rolls, batts, and loose-fill that are widely used for attic, walls, and under floors insulation in residential and commercial construction.
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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing need for sound and thermal insulation in construction industry has been a major trend propelling the growth of the global Mineral Wool Market. Mineral wool insulation helps in reducing noise levels within buildings and offers effective protection against heat and cold by filling up gaps and cavities. Its excellent acoustic properties ensure minimum transfer of noise between rooms. Moreover, mineral wool is durable and has high fire resistance ability, making it suitable for applications where fire safety is of prime importance such as in industrial plants. These advantages have boosted its adoption in commercial as well as residential sector over the years. Rapid urbanization and increasing construction of green buildings have further augmented the demand for mineral wool globally.
SWOT Analysis
Strength: Mineral wool has high fire resistance and great thermal insulation properties. It can withstand temperatures up to 750°C without suffering structural damage.
Weakness: Mineral wool contains small amounts of fibers that can be easily inhaled. Inhaling mineral wool fibers over a long period may cause respiratory issues. It is also not as durable as other insulation materials under extreme weather or moisture conditions.
Opportunity: Growing construction industry in developing countries due to rapid urbanization is driving the demand for mineral wool. It finds wide usage in soundproofing, firestopping and acoustic applications.
Threats: Strict environmental and safety regulations associated with manufacturing mineral wool products increase production costs. Substitute insulation materials like foam boards also pose competition.
Key Takeaways
The global mineral wool market is expected to witness high growth supported by rising construction activities across regions. Global Mineral Wool Market Size is estimated to be valued at US$ 17616.87 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
The region of Asia Pacific currently dominates the market and is expected to maintain its lead position during the forecast period. Factors such as growing population, urbanization, and rising disposable income levels in countries like India and China are driving residential and commercial construction, thereby boosting demand for mineral wool insulation in the region.
Key players operating in the mineral wool market are Bet365, Flutter Entertainment, GVC Holdings, and 888 Holdings. Mineral wool finds extensive usage in commercial and industrial applications owing to its fire resistance. It is widely used for thermal and acoustic insulation in walls, roofs and floors of buildings. Growing awareness about energy efficiency and conservation is prompting builders to use insulated materials like mineral wool for construction.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
