Mineral wool is a type of thermal insulation material formed by spinning or blowing slag and rock wool such as basalt, slag, and volcanic ash. Mineral wool insulation has high insulation capacity and provides superior protection against heat, cold, fire, and sound. It finds widespread applications in the construction industry for insulating roofs, walls, and pipes. The material is useful for insulating buildings in harsh climates as it provides excellent energy efficiency by reducing heating and cooling costs.
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 5.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the Mineral Wool Market will be accelerated by the increasing focus on construction of green buildings across the globe. Green buildings utilize materials and techniques that are environmentally responsible and resource-efficient such as high insulation capacity materials throughout their design, construction and operation.With strict regulations towards energy efficiency in buildings, mineral wool is expected to have increased demand owing to its high insulation properties and fire resistance. This is helping reduce the environmental impact of buildings and lower carbon footprint.
Segment Analysis
The global mineral wool market is segmented by type into rock wool and slag wool. Rock wool is the dominating sub-segment currently accounting for around 65% of the total market share in 2023. Rock wool offers advantages over slag wool such as superior fire resistant and acoustic properties which results in more demand from applications such as buildings and construction industry.
Key Takeaways
The Global Mineral Wool Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Rapid urbanization and rising infrastructure development is expected to boost the demand for mineral wool in the building and construction industry globally. 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 5.9% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the global mineral wool market with China accounting for the largest share. China has experienced significant growth in construction industry over the past decade which has contributed to the growth of mineral wool market. China accounts for around 35% of the total Asia Pacific mineral wool market demand led by strong demand from residential and commercial construction projects over the years. Europe is projected to be the second largest mineral wool market led by Germany, UK, France and Russia.
Key players
Key players operating in the mineral wool market are Ancol Pet Products Limited, Blue Buffalo Co., Ltd., Champion Petfoods LP, Hill`s Pet Nutrition, Inc., and Mars, Incorporated. Ancol Pet Products Limited is one of the largest manufacturers of mineral wool globally with presence across regions. Blue Buffalo Co., Ltd. offers wide range of mineral wool products for pet bedding and other applications.
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The global Mineral Wool Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the mineral wool market include Guardian Fiberglass, Industrial Insulation Group, Johns Manville, Knauf Insulation, Minerex, Owens Corning, R.S Enterprise, RoxulInc, Saint- Gobain and USG Interiors.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Mineral Wool Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/mineral-wool-market/download-sampleMarket DynamicsThe rapidly growing construction industry along with increasing demand for energy-efficient buildings across the globe is primarily driving the market growth.
The increasing spending on residential and commercial building coupled with growing urbanization are again accelerating the market growth.
However, lack of awareness about the mineral wool and its uses is likely to hamper the market growth.The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis.
