Mineral Wool Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Mineral Wool Market is segmented by Type (Glass Wool, Stone Wool, and Slag Wool), Product type (Board, Blanket, Loose Wool, and Other Product Types), End-user Industry (Automotive and Transportation, Building and Construction, Industrial and Consumer Appliances, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Mineral Wood Market in value (USD million) for all the above segments.

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Mineral Wool Market Size

Mineral Wool Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: > 6 %

Major Players

Mineral Wool Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Mineral Wool Market Analysis

The mineral wool market was valued at USD 15,661.22 million in 2021 and it is expected to register a CAGR of more than 6% during the forecast period (2022-2027). ​

  • The major factors driving the market are the growing building and construction industry and regulatory support to increase energy efficiency.
  • Health hazards related to mineral wool​ and the availability of cheap insulating materials are the factors that may slow down the market.
  • Whereas the increasing number of power plants in Asia-Pacific​ and recyclability of glass mineral wools​ are the major opportunities to drive the market in the future.

Mineral Wool Industry Segmentation

Mineral wool is a fiber made of natural or synthetic minerals or metal oxides. The synthetic form is generally referred to as synthetic materials, including fiberglass, ceramic fibers, and stone wool. The mineral wool market is segmented by Type (Glass Wool, Stone Wool, and Slag Wool), Product type (Board, Blanket, Loose Wool, and Other Product Types), End-user Industry (Automotive and Transportation, Buiding and Construction, Industrial and Consumer Appliances, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report also covers the market sizes and forecasts for Mineral Wool Market in 15 countries across the major region. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).

Type
Glass Wool
Stone Wool
Slag Wool
Product Type
Board
Blanket
Loose Wool
Other Product Types
End-user Industry
Automotive and Transportation
Building and Construction
Industrial and Consumer Appliances
Other End-user industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Mineral Wool Market Trends

This section covers the major market trends shaping the Mineral Wool Market according to our research experts:

Building and Construction Industry to Dominate the Market

  • In order to insulate the walls of residential or commercial infrastructures, a large number of materials are now accessible on the market. Mineral wool is a material that has grown in popularity over the last few decades. Mineral wool is a mixture of stone, molten gas, or industrial waste, as the name implies. Mineral wool is a flexible and one-of-a-kind product that is often used as insulation.
  • For instance, according to the National Bureau of Statistics of China, China's construction industry has been continuously expanding, with total output accounting for about CNY 25.9 trillion in 2021. The construction industry in China recorded more than CNY 29 trillion in output in that year, owing to growing urbanization.​
  • Recently, Rockwool International stated that in 2021, insulation sales were primarily driven by increased construction and renovation activity in the residential sector. Sales of the insulation business increased by 20% YoY to EUR 2.29 billion in 2021, up from EUR 1.91 billion the previous year.
  • The increasing construction and renovation activities, and the rising number of new projects further creating growth potential for mineral wool globally, which, as a result, glimpse up with positive market growth throughout the forecast period.
Mineral Wool Market, Revenue Share (%), by End-user Industry, Global, 2021

Asia-Pacific Region to Dominate the Market

  • China has the world’s largest construction industry. Moreover, with several major construction projects in progress, China is likely to maintain its stature as the largest construction industry over the foreseeable future.
  • The Chinese government is planning to have a minimum of 5,000 fuel cell electric vehicles by 2025 and 1 million by 2030. The government promoting the use of electric, hybrid, and fuel cell electric vehicles is expected to drive the market studied during the forecast period.
  • In India, various policies implemented by the Indian government, such as the Smart Cities project, Housing for All, etc., are expected to bring the needed impetus to the slowing construction industry. Moreover, recent policy reforms, such as the Real Estate Act, GST, and REITs, among others, are projected to reduce approval delays and strengthen the construction sector over the next few years.
  • In the aerospace sector, according to the India Brand Equity Foundation (IBEF), the country’s aviation industry is expected to witness INR 35,000 crore (USD 4.99 billion) investment in the next four years. Owing to these factors, the demand for mineral wool from aerospace thermal and acoustic insulation applications is expected to rise in the coming years.
  • Hence, all such factors from various end-user sectors are expected to impact the demand for mineral wool in the region over the forecast period. ​
Mineral Wool Market, Growth Rate by Region, 2022-2027

Mineral Wool Industry Overview

The global mineral wool market is estimated to be partially consolidated in nature in terms of revenue. Some of the major players in the market include (not in any particular order) Rockwool International AS, Saint Gobain, Knauf Insulation, Owens Corning, and Johns Manville, among others.

Mineral Wool Market Leaders

  1. Rockwool International AS

  2. Saint Gobain

  3. Knauf Insulation

  4. Owens Corning

  5. Johns Manville

*Disclaimer: Major Players sorted in no particular order

Mineral Wool Market Concentration

Mineral Wool Market News

  • In Jan 2022, Knauf Insulation announced plant acquisition in Romania to meet increasing regional demand​.
  • In May 2021, SPI acquires Bigham Insulation Supply, GLT, NewStar, Rocky Mountain Construction Wholesale, and Thermaxx Jackets. ​

Mineral Wool Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Building and Construction Industry

      2. 4.1.2 Regulatory Support to Increase Energy Efficiency

    2. 4.2 Restraints

      1. 4.2.1 Health Hazards Related to Mineral Wool

      2. 4.2.2 Availability of Cheap Insulating Materials

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porters Five Force Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Glass Wool

      2. 5.1.2 Stone Wool

      3. 5.1.3 Slag Wool

    2. 5.2 Product Type

      1. 5.2.1 Board

      2. 5.2.2 Blanket

      3. 5.2.3 Loose Wool

      4. 5.2.4 Other Product Types

    3. 5.3 End-user Industry

      1. 5.3.1 Automotive and Transportation

      2. 5.3.2 Building and Construction

      3. 5.3.3 Industrial and Consumer Appliances

      4. 5.3.4 Other End-user industries

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 France

        3. 5.4.3.3 United Kingdom

        4. 5.4.3.4 Italy

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Byucksan

      2. 6.4.2 Great Lakes Textiles

      3. 6.4.3 ISOVER (Saint Gobain)

      4. 6.4.4 Johns Manville

      5. 6.4.5 Kingspan Group

      6. 6.4.6 Knauf Insulation

      7. 6.4.7 National Industrial Co.

      8. 6.4.8 NTN OOD

      9. 6.4.9 Owens Corning

      10. 6.4.10 PGF Insulation

      11. 6.4.11 Rockwool International AS

      12. 6.4.12 Kingspan Group

      13. 6.4.13 Rosewool Insulation Refractory Co. Ltd

      5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Number of Power Plants in Asia-Pacific

    2. 7.2 Recyclability of Glass mineral Wools

**Subject to Availability
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Mineral Wool Market Research FAQs

The Mineral Wool Market is studied from 2018 - 2028.

The Mineral Wool Market is growing at a CAGR of >6% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

Asia Pacific holds highest share in 2021.

Rockwool International AS, Saint Gobain, Knauf Insulation, Owens Corning, Johns Manville are the major companies operating in Mineral Wool Market.

Mineral Wool Industry Report

Statistics for the 2023 Mineral Wool market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mineral Wool analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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