Mineral Wool Global Market Report 2024

Mineral wool is a non-metallic, inorganic product primarily made from either stone or silica that has been heated to a high temperature and transformed into a molten state. Carefully curated raw materials are utilized in the manufacturing process. Mineral wool is valued for its excellent thermal insulation properties, helping to prevent heat transmission through building envelopes and thereby reducing the need for energy in room heating and cooling.

The primary types of mineral wool include glass wool, rock wool, and other variations. Glass wool, for instance, is an insulation material manufactured from glass fibers arranged using a binder into a texture similar to wool. Glass wool is known for being eco-friendly and highly effective, meeting the requirements of various applications in different industries. It is available in three forms such as board, blanket, and panel. Mineral wool is used by industries such as building and construction, industrial, transportation, and other end-use sectors.

The mineral wool market research report is one of a series of new reports that provides mineral wool market statistics, including mineral wool industry global market size, regional shares, competitors with an mineral wool market share, detailed mineral wool market segments, market trends and opportunities, and any further data you may need to thrive in the mineral wool industry. This mineral wool market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mineral wool market size has grown strongly in recent years. It will grow from $13.77 billion in 2023 to $14.84 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historical period can be attributed to factors such as the expansion of the construction industry, increased emphasis on energy efficiency regulations, applications in industrial settings, and activities related to renovation and retrofitting.

The mineral wool market size is expected to see strong growth in the next few years. It will grow to $20.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The anticipated growth in the forecast period can be attributed to factors such as the increasing adoption of sustainable building materials, growth in urbanization and construction activities, targets for energy efficiency, and heightened awareness of environmental considerations. Major trends expected in the forecast period include technological advancements in the field, innovation in product development, adherence to stringent building codes and standards, the integration of digitalization and smart construction practices, a focus on customization and modular construction approaches, and the influence of e-commerce and online distribution in the industry.

The growth of the mineral wool market is anticipated to be propelled by the increasing demand in the construction sector. Construction involves the planning, design, and construction of physical structures, infrastructure, or facilities. Mineral wool contributes to energy efficiency, fire safety, durability, chemical resistance, indoor comfort, and overall building performance. According to a report from Oxford Economics in September 2021, global construction output is expected to increase by 42%, or $4.5 trillion, reaching USD 15.2 trillion by 2030. This surge in construction demand is a key factor driving the growth of the mineral wool market.

The mineral wool market is poised for growth due to the increasing demand for renewable energy. Mineral wool is utilized in renewable energy for insulation in energy-efficient structures and solar thermal systems, contributing to energy conservation and sustainable construction. According to gov. uk (assets publishing service) in September 2023, an additional 3.0 GW of renewable capacity was added as of Q2 2022, indicating a 5.8% increase compared to the previous year, with contributions from offshore wind, solar PV, and onshore wind. The rising demand for renewable energy is thus fueling the expansion of the mineral wool market.

A key trend gaining popularity in the glass wool mineral market is the recycling of glass wool insulation. Glass wool recycling involves using leftover or waste glass/wool to manufacture the final glass wool product. Companies are increasingly focusing on recycling glass materials to reduce material and energy costs, decrease environmental impact, and improve the quality of the final products. For instance, Isover, a German glass wool manufacturing company and a Saint-Gobain subsidiary, offers glass wool with up to 80% recycled glass content, reducing the need for new raw materials and landfilling while enhancing product quality.

Major companies in the mineral wool market are concentrating on the development of innovative products to drive revenues. One such product is ominifit slab 32, introduced by Knauf Insulation GmbH, a Belgium-based manufacturer of insulation materials. Ominifit slab 32 is designed for use in external wall systems of residential buildings and rain-screen facades. It surpasses necessary performance requirements, including thermal performance, fire safety, and acoustic performance meeting building regulations part E. The product has up to 80% recycled content, and Knauf Insulation employs an efficient compression packaging technique, translating to less handling and storage on-site, increased product per pack, and reduced environmental impact.

In February 2022, Saint-Gobain, a France-based material manufacturing company, acquired Rockwool India Private Ltd from Alghanim Group for an undisclosed amount. This strategic acquisition is expected to enhance Saint-Gobain's capabilities and contribute to global growth. Rockwool India Private Ltd specializes in producing stone wool insulation products for thermal, acoustic, and fire safety applications.

Major companies operating in the in the mineral wool market report are Compagnie de Saint-Gobain SA, Johns Manville International Inc., Knauf Insulation Inc., Owens Corning Sales LLC, Rockwool International A/S, Saint-Gobain ISOVER, Uralita Holdings S. A., Paroc Group Oy, Armacell International S. A., GAF Materials Corporation, Kingspan Group plc, Ursa Insulation S. A., Thermafiber Inc., Unifrax I LLC, Guardian Building Products Distribution Inc., Shandong Luyang Share Co. Ltd., Beijing New Building Material Co. Ltd., Hebei Huaneng Zhongtian Hi-Tech Co. Ltd., Hengxiang Insulation Materials Co. Ltd., Changzhou Tianqi Rockwool Co. Ltd., Jinan Shengquan Group Share Holding Co., Langfang Juheng Building Materials Co. Ltd., ODE Industry and Trade Limited Company, Changchun ShiLu Insulation Materials Co. Ltd., Byucksan Corporation, Rock Wool Manufacturing Company, OJSC Gomelglass, Sager AG, ISOMAT S. A., Stepan Company

Asia-Pacific was the largest region in the mineral wool market in 2023. The regions covered in the mineral wool market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the mineral wool market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The mineral wool market consists of sales of slag wool and stone wool. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The market value includes the value of related goods sold by the service provider or included within the service offering.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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