The mineral wool market is estimated to be valued at US$ 17616.87 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mineral wool is a versatile insulation material made from natural limestone or basalt rock. It is available in various forms such as blankets, boards and blown-in for thermal and acoustic insulation applications in residential and commercial buildings. Mineral wool provides advantages of even distribution of heat, high fire resistance, moisture resistance and sustainability as it is produced from natural resources and recyclable at the end of product life. The growing construction industry and need for energy efficient homes are driving the demand for mineral wool globally.
Market key trends:
One of the key trends fuelling the growth of the mineral wool market is the increasing demand for energy efficient insulation materials. Stringent regulations regarding energy efficiency in buildings are prompting builders and homeowners to opt for advanced insulation products like mineral wool. Mineral wool offers high thermal resistance thereby lowering energy costs for heating and cooling. It can reduce the energy consumption by up to 30% compared to conventional insulation materials. The material is also gaining popularity in commercial construction for its ability to absorb or reflect noise, thereby improving indoor acoustics. Rising environmental consciousness is another factor boosting the adoption of mineral wool as it has a lower carbon footprint than alternative synthetic insulations.
Porter’s Analysis
Threat of new entrants: The industry requires large investments in setting up manufacturing facilities which acts as a barrier for new entrants. Bargaining power of buyers: Buyers have moderate bargaining power due high quality standards in the industry. Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes. Threat of new substitutes: Substitutes like fiberglass pose low threat due to mineral wool's superior fire resistance and thermal insulation properties. Competitive rivalry: Intense competition exists among established players.
SWOT Analysis
Strength: Mineral wool offers superior fire resistance and thermal insulation. Weakness: Higher costs than substitutes. Opportunity: Rapid growth in construction industry. Rising demand for green buildings presents an opportunity. Threats: Stringent environmental regulations increase production costs. Substitutes like fiberglass pose competition.
Key Takeaways
The Global Mineral Wool Market Size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing construction activities worldwide. Asia Pacific dominates the global market led by China. Rapid urbanization and rising disposable income are driving the regional market.
Regional analysis: The Asia Pacific mineral wool market dominated in 2023 and is expected to grow at the fastest rate during the forecast period. China accounted for the major share in the regional market. India and Japan also offers lucrative opportunities.
Key players operating in the mineral wool market are Byucksan, Great Lakes Textiles, ISOVER (Saint Gobain), mJohns Manville, Knauf Insulation, National Industrial Co., NTN OOD, Owens Corning, PGF Insulation, Rockwool International AS, Kingspan Group, and Rosewool Insulation Refractory Co. Ltd.
For More Insights, Read: https://www.newswirestats.com/mineral-wool-market-demand-growth-and-regional-outlook-by-2030/
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.
