Mineral Wool Board Insulation Market Share

Mineral Wool Board Insulation Market Overview

Mineral wool board insulation market size is expected to grow at a CAGR of 6.5% for the forecast period of 2022-2030

Report Overview

The global mineral wool board insulation market analysis suggests a significant possibility for the market in the future. This report explores objectively the market background for mineral wool insulation. Market segmentation, major acquisitions, and developments constitute the future trends of the market. The implications of the COVID-19 pandemic are also a significant aspect of this report.The mineral wool board insulation market size is expected to grow at a CAGR of 6.5% for the forecast period of 2022-2030. The global market for mineral wool board insulation shows promise in the upcoming future. Several factors prompted the growth of the market for synthetic insulators. Applications in fire resistance, soundproofing, thermal resistance, etc make mineral wool insulators marketable and relevant.

Covid-19 Analysis

The emergence of the COVID-19 pandemic has been rough on more or less all kinds of businesses. The mineral wool insulation market is not an exception at all. During the series of lockdowns, there had been a noticeable crunch in the demand for insulators. The reasons are simple as there were fewer construction and housing activities in times of lockdown. Automotive manufacturing got totally stagnated during the lockdowns. The global mineral wool board insulation market share had paid the price for that.Although, after the lockdowns are over, the workforces have resumed. Workers and staff returned to the manufacturing units and demand are increasing also. That way the market for mineral wool insulators is recovering fast to cope up with the challenges.

Competitive Analysis

The major corporations that dominate the global market are spread around the world. There is a weightage in U.S. industrialists in the global market. But Asia-Pacific countries have a remarkable presence in the competition as well. The latest trends of boost in investment in renewable resources have pushed the growth of mineral wool in several countries.

List of the Major key companies in the Mineral Wool Board Insulation Industry right now are –

• 
  Owens Corning (US)


• Rockwool International (Denmark)


• Saint-Gobain (France)


• Knauf Insulation (US)


• Johns Manville (US)


• Lloyd Insulations India Ltd (India)


• Rockwool India Pvt Ltd (India)


• 
  Polybond Insulation Pvt Ltd (India)


• USG Corporation (US)


• Industrial Insulation Group LLC (US)

Market Dynamics

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  Drivers

  
  

One of the primary drivers of the insulator boards is the versatile usage of it. There is a steady demand in the automotive industry observed in the case of mineral wool insulators. Heat and sound resistant side-wall, the ceiling for personal vehicles is a popular market for rock wool insulation. Apart from that, the growing demand for air-conditioned commercial buildings, offices, acoustic-resistant studios, power plants, oil refineries, etc is potential end-users for mineral wool insulators.The mineral wool board insulation market growth stems from various progressing industries. The fire and thermal shock resistance qualities make the insulators a functional and safe industrial material. In electrical appliances, there is a growing usage of these insulators. The safety of using them is another key market driver for rock wool insulators. 

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  Opportunities

  
  

There is a worldwide awareness campaign for using energy-saving alternatives for commercial and residential purposes. Major Governments of developed countries take climate change matter seriously. That perspective plays optimally in the case of mineral wool insulators. There is a growing opportunity for mineral wool insulation manufacturersdue to the application in both commercial and private residential areas. Rapid urbanization into developing nations broadens up scopes for energy-saving methods in construction. For instance, popular usage of insulators can be seen in modern walls, attics, ceilings, offices, commercial campuses where air and temperature need to stay under control.

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  Restraints

  
  

One of the key restraints for the mineral wool board insulation market share is the lockdown and COVID-19 situation in various countries. The comeback of the second wave of the pandemic is restraining the production and manufacturing of the market. With an ongoing danger of infections, the construction work in commercial and residential complexes is relatively low. Also, several developing countries where the population is over a billion, are facing the grave effects of the disease. By happenstance, that population is one of the key drivers for the market of mineral wool insulation board. 

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  Challenges

  
  

In the competitive market, there are serious challenges before the mineral wool insulator market. One of the major challenges is the price of the material. The manufacturing costs of these synthetic insulator boards a relatively higher than the available and harmful insulators. The cheap insulators, therefore, cut a noticeable section of the mineral wool board insulation market share. 

On the other hand, there is still a lack of awareness about the energy-saving and safety components of mineral wool. That’s why there is a lack of skilled craftsmen to work with rock wool insulators. That way the market for these insulators is facing few bumps on the road to expand.     

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  Cumulative Analysis

  
  

According to mineral wool board insulation market analysis, there is promising growth for the market in the coming future. The projected growth for mineral wool insulators is rising at a CAGR of 6.5% for the forecast period of 2022-2030. According to that rate, the global market for mineral wool insulators will reach USD 7.2 billion by the end of 2030. Basing on the latest projections the mineral wool consists 34.1% of the global market for insulators. The numbers show the possibility that mineral wool board insulation will gain a significant mineral wool board insulation market size in the foreseeable future.

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  Value Chain Analysis

  
  

The mineral wool board insulator has a wide array of the end-user market. Apart from first-hand manufacturing, mineral wool is recyclable. There are plenty of mineral wool insulation suppliers who deal with recycled boards and recreate insulations. The distributer and suppliers of mineral wool acquired 62.6% of the global supply chain. The demand in several industries makes the chain of marketing valuable for mineral wool.

Segment Overview

The global market for rock wool insulators can be classified into various segments. Depending on the type, functionality, application, and region there can be multiple subsegments for the mineral wool board insulation market.

By Type

• Rock Wool


• Glass Wool


• Others

By Functionality

• Thermal Insulation


• Acoustic Insulation


• Others

By Application

• Industrial


• Commercial


• Residential


• Others

By Region

• North America


• Europe


• Asia-Pacific


• Middle East & Africa


• South Africa

Regional Analysis

The global market for mineral wool insulators can be divided into continent-based regions with potential growth factors. The North American market is defined by the U.S. and Canada who are the key players in the market. The massive usage of mineral wool in residential projects is a potential factor for mineral wool board insulation market growth. 

The Asia-Pacific market dominated by China, Indian, Japan, and Vietnam is showing phenomenal growth in the forecast period. The growing number of potential consumers for automotive, aviation and commercial construction in these countries marks a noticeable rise in these markets. The Government's support of broadening FDI in these countries appreciates the growth by large.       

Mineral wool comes from a natural and synthetic material that has multifaceted usage in several end-user industries. It is a fibrous element that is made from rock minerals such as ceramic fibers, fiber glasses, slag, etc. This versatile material is compressed into thin boards and becomes insulators for various usage. The mineral wool board insulation market growth is reliant on the increasing market demand for insulators in the automotive industry, housing and construction industry, electrical industry, and many more. The automotive industry is one of the prime end-users for mineral wool insulation boards.

Recent Developments

• The American giant company Owens Corning has signed an illustrious deal of USD 1 billion to acquire Paroc Group in 2018. The Owens group specializes in manufacturing insulation and roofing material. This mega acquisition establishes two primary goals. First, they expanded into another continent breaking the geographical barrier, and second, they gained a diverse market to cover a larger segment of consumers. That way they improved in understanding consumer needs and topped the market in Europe as well. 


• There is a striving need in China growing each passing year. In 2019 China has 238 international and domestic airports combined. By the end of 2035, the country plans on creating 450 airports which would create a huge demand for the market. This possibility has created wider mineral wool board insulation market trends for the Asia-Pacific region.


• The Knauf Insulation is known for its huge investment in Asia-Pacific countries. In 2018, the company had announced a USD 133 million plant in Malaysia. It has been completed and started operation last year. 

Report Details

• Historic Details: 2018-2020


• Base Period: 2021


• Forecast Period: 2020-2026

Geographic Details:

• North America


• Europe


• Asia-Pacific


• The Middle East and Africa