Mineral wool is a man-made vitreous material formed by melting rock or slag. It is produced with uniform and controlled physical properties, and made into flexible strips, mats, and pipe sections. Mineral wool is commonly used as an insulation material and finds wide applications in the construction and industrial insulation industries. It provides an effective thermal and acoustic barrier and has high durability, stability, and fire resistance. Mineral wool finds widespread use as insulation material in walls, roofs, and other parts of residential and commercial buildings. It is preferred for cavity wall and loft insulation applications due to its excellent thermal and fire-resistant properties. Growing demand for energy-efficient green buildings is driving the uptake of mineral wool for insulation purposes.
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.
Green Building Insulation Demand (As mentioned in the heading, growing demand for energy-efficient green buildings is driving the uptake of mineral wool for insulation purposes): Government regulations promoting sustainable construction are contributing significantly to the green building insulation demand. Various government agencies offer financial incentives such as tax credits to encourage the use of green building materials in infrastructure and construction projects. For instance, in the U.S., the Department of Energy provides tax credits for highly-efficient residential and commercial buildings that use insulation materials such as mineral wool to increase energy efficiency. These factors are augmenting the demand for mineral wool as insulation material for green buildings and are expected to accelerate market growth over the forecast period.
The global mineral wool market is dominated by the residential construction segment. Residential construction accounts for over 45% of the market share as mineral wool is extensively used for insulation in walls, roofs, and attics of residential buildings. It provides effective insulation and has high flame resistance which makes it useful for residential applications. The commercial construction segment is the second largest contributor to the mineral wool market and is expected to grow at a CAGR of 9% during the forecast period. Rising construction of commercial buildings such as malls, offices will drive demand.
Political: Stringent energy efficiency laws in many countries are promoting use of insulating materials like mineral wool in construction. Recent policies in Europe and North America are supporting sustainable construction practices.
Economic: Growth in construction industry particularly in developing nations is driving the mineral wool market. Rise in disposable incomes is also increasing spending on insulation to reduce energy costs of residential and commercial buildings.
Social: With growing environmental concerns, consumers prefer eco-friendly insulation solutions for buildings. Mineral wool is considered greener than alternatives since it is made from abundant and recycled materials.
Technological: Manufacturers are developing advanced mineral wool products with enhanced fire resistance, moisture resistance and acoustic properties. Thinner variants allow insulation of narrow spaces.
The global mineral wool market is expected to witness high growth over the forecast period supported by rapid urbanization and infrastructure development globally. 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 Asia Pacific region is the fastest growing as well as the largest market for mineral wool currently accounting for over 35% of the global demand. China is the biggest consumer of mineral wool in residential and commercial construction. India is also a fast growing market in the region.
Key players operating in the mineral wool market are Bet365, Flutter Entertainment, GVC Holdings, and 888 Holdings. Bet365 and Flutter Entertainment have a significant global presence while GVC Holdings and 888 Holdings are also prominent online gaming companies.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it