Mineral Wool Panels Market, Size, Share, Growth - 2020-2027

Market Overview

• The Global Mineral Wool Panels Market is expected to grow at a high CAGR during the forecasting period (2020-2027).
• Mineral wool is the natural material produced from basalt. It is a non-combustible product that protects against fire. It possesses excellent thermal and acoustic insulating properties. It is used in producing panels, pipe cover, blanket, board, and others. Mineral wool panels are made up of different kinds of mineral wools such as rock, glass, and slag wool. Mineral wool panels are used in industrial and commercial insulation for wall, roof, and others

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Market Dynamics:

• The market growth is driven by the rising demand of mineral wool panels for heat insulation in the residential and commercial buildings due to its characteristics such as thermal property, durability, and cost-efficiency, abundant availability of resources, energy efficiency.
• The market is witnessing the launch of emerging products which could have a positive impact on the market. For instance, in May 2018, Isopan had launched the range of mineral wool insulated panels on the new production line in Romania.
• Technological development and up-gradation of existing manufacturing capability increase annual productivity and optimize processing operational flow is fueling the further market growth. For instance, in April 2018, the Rockwool group had opened its first factory in Romania with an investment of Euros 50 million. It has a capacity of approximately producing 45,000 tonnes per year. In July 2015, Isopan had opened its Isopan Rus plant in Volžskij (Volgograd) which would be involved in marketing its exclusive insulating panels for roofs and walls including the polyurethane panels, mineral wool panels, and thermal and acoustic insulators in the largest transcontinental country.
• However, the availability of cheap insulating materials and inhalation of mineral wool could cause lung disease is hindering the demand for mineral wool panels over the forecasted period.

Market Segmentation Analysis

• The global mineral wool panels market is segmented based on rock wool, glass wool, and slag wool. Rock wool panels dominate the market owing to the increased demand in foundries, power plants, refineries, chemical, and petrochemical industries. These panels provide sound insulation, thermal insulation, fire safety, and acoustic comfort in these industries. Rock mineral wool panels are effective in maintaining the building’s structure and provide valuable time for occupants to safely escape as these panels can remain stable when exposed to burning hot flames.
• Slag wool contributes a significant market share due to its high usage of slag wool for the production of mineral wool panels. Slag is formed during the reduction of iron ore to pig iron. It is produced from the molten furnace. It comprises calcium, magnesium, and aluminum silicates with trace amounts of other oxides. Slag mineral roof panels possess properties such as noise reduction, fire resilience, mold resistance, and thermal protection.
• Further, the market is also classified based on application into roof panels, wall panels, insulated panels, and others. The roof panel segment accounts for the significant market share due to the rising demand for roof panels in roof load-bearing structures in civil and industrial buildings because of their strength and ductility. These are widely used in the location of fire bands and DP1 types due to their high fire resistance.
• The wall panels segment is expected to have significant market growth over the forecasted period. Consumers are preferring the wall mineral wool panels that provide the high sound insulation, and fire safety to the buildings with lined and micro lined surface types and a wide range of colors. These panels create a comfortable, reliable, and energy-efficient environment in the buildings.

Market Geographical Analysis

• By region, the global mineral wool panels market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, the Asia Pacific region dominated the global mineral wool panels market due to the rapid growth in the various industries. According to the Organization for Economic Co-operation and Development (OCED), the industrial production index has increased from 100 in 2015 to 114.8 in 2018 in India. Japan has also witnessed an increase in the industrial production index from 100 in 2015 to 104.20 in 2018.
• Rapid expansion in the construction industries in developing countries such as China, India, Malaysia, and Thailand shall boost the market growth. According to the Invest India (a National Investment Promotion & Facilitation Agency), the construction industry is expected to increase and reach up to USD 738.5 Billion by 2022. As per the Indian Brand Equity Foundation, the Foreign Direct Investment (FDI) in the Construction Development sector was USD 25.12 billion from April 2000 to June 2019. The availability of cheap labor and favorable government regulations attracts the mineral wool panel manufacturers to invest in Asia. Hence, the market is expected to maintain its dominant position over the forecasted period.
• Europe accounts for the significant market share owing to the rising demand of the insulation with the increasing investment in the building renovation program. According to the European Commission, the construction sector generates 9% of gross domestic product (GDP) in the European Union. There is increased usage of slag and rock wool mineral wool panels in several industrial and commercial applications. Germany was one of the major countries in Europe with a market share of around XX% in 2018. According to the European Commission, 650,813 number of companies were operating in the construction sector in Germany. Production in construction has witnessed an overall growth rate of 10.4% over 2010-2016. Hence, the growing construction sector is expected to accelerate the market size over the forecasted period.

 Market Competitive Trends

• The global mineral wool panels market is fragmented with the presence of several local and international players. Kingspan Group, ArcelorMittal Construction, MANNI Group, Saint-Gobain S.A., Assan Panel AS are the leading market players with the prominent market share.
• Different strategies such as new product launch, competitive prices, capacity expansion, and divarication strategies being implemented by the market players for holding their position in the market. For instance, In March 2019, Paroc Panel System after 10 years of absence has re-entered the United Kingdom. In January 2019, TENAX grupa had established a separate manufacturing entity i.e. TENAX PANEL for producing sandwich panels including the wall sandwich panel with mineral wool core and others. This entity would further develop sandwich panel manufacturing and reinforced structures production, insulating, and polystyrene business on a different agenda.
• The companies are entering into the collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for mineral wool panels and their expansion across the globe. For instance, in April 2018, Owens Corning had acquired Guangde SKD Rock Wool Manufacture Co., Ltd. This acquisition would be useful for providing the great opportunity to provide customers in China with products in both the mid-temperature building and high-temperature industrial-application markets. This acquisition would expand Owens Corning’s technology portfolio across the three largest insulation markets in the world.”
• The companies are also investing to increase their production capabilities around the globe. For instance, Isopan had invested twenty million euros in Isopan Rus plant which comprises of thirty thousand square meters of which eleven thousand have been built on, and two production lines with an annual capacity of three million square meters for polyurethane panels, mineral wool panels, and thermal and acoustic insulators.

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