According to a new report published by Allied Market Research titled, "Mineral wool Market by Type, End Use Industry, and region: Global Opportunity Analysis and Industry Forecast, 2019–2026," The global mineral wool market size was valued at $9.9 billion in 2018 and is projected to reach $16.0 billion by 2026, growing at a CAGR of 6.3% from 2019 to 2026.
Mineral wool is modern insulation material produced using renewable material and therefore it is environmentally free in nature. As the product level, mineral wool is available in various forms including rolls, slabs, pipe sections or loose wool. It is known for its excellent insulating properties and highly recommended in construction, industrial, and transportation-related applications.
The global mineral wool market is registering the extensive growth across the globe in response to the expanding nature of the end-use industries. Insulation material industry is witnessing a trend of up-gradation in terms of material use. Therefore, manufacturers are focusing on renewable insulating material which is setting a growth trajectory of this market across the globe. In line with this trend, favorable government regulation and regulatory norms pertinent to energy-efficient laws are fueling the adoption of mineral wool material across the globe.
Factors such as significant rise in the residential activities in Asia-Pacific and U.S., incorporation of new construction practices in the current housing projects, balanced supply-demand scenario in the automotive industry, and confidently rise in the adoption of luxury vehicles are major growth drivers in this market. Besides, this climatic changes that leading to the need for insulation and growing focus on renewable energy generation further anticipated to offer growth opportunities during the forecast period. On the contrary, lack of awareness regarding the insulation properties of mineral wool and their associated benefits have emerged as a key growth barrier in the current scenario across the globe.
Based on the end-use industry, the building and construction industry has emerged as the global leader in 2018. Several factors make the building and construction industry a major consumer in this market are the incorporation of new construction practices, the emergence of concepts like zero-energy buildings, and expanding residential projects across the globe.
Key players operating in the global mineral wools market are Compagnie de Saint-Gobain S.A., IZOCAM, John Manville, Knauf Insulation, Korff Isolmatic GmbH, Owens Corning, Poly Glass Fibre Insulation, Rockwool International A/S, TechnoNICOL, and URSA Insulation S.A, and others.
Key Findings of the Study:
- Manufacturers in the overall insulation industry are preferring renewable material which is playing as an added advantage to the global mineral wool market
- Mineral wool is registered in the REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) regulation in Europe. Therefore, regulation draft released by European Union regarding energy efficient insulation material is driving the demand for mineral wool not only in Europe but across the globe.
- Emergence of concepts such as zero-energy buildings and smart cities anticipated to offer investment related opportunities during the forecast period
- Incorporation of new construction practices in the current residential projects is offering a wide scope to the utilization of mineral wool thereby contributing greatly to this market