The global Mineral Wool Market is estimated to be valued at US$ 15,661.22 Mn in 2022 and is expected to exhibit a CAGR of 6.06% over the forecast period, 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mineral wool is a type of insulation material made from natural minerals or slag. It is usually produced in roll form and has high fire resistance. Mineral wool has small diameter fibers made from basalt, slag or glass and is used extensively in constructing buildings for insulation purposes. It provides advantages like durability, high fire resistance, acoustic insulation as well as thermal insulation. With growing infrastructure and construction activities globally, the demand for insulation materials is rising significantly to achieve energy conservation in buildings. This is fueling the growth of the global mineral wool market.
Market key trends:
One of the key trends propelling the mineral wool market growth is rising adoption in wall and roof insulation applications. Mineral wool finds widespread usage in insulating exterior walls, interior walls, attic spaces and roofing systems of residential as well as commercial buildings. Its non-combustible and moisture resistant properties make it suitable for these applications. Furthermore, stringent energy efficiency regulations in many countries are compelling the real estate and construction industry to use highly efficient insulation materials like mineral wool. This is positively impacting the market expansion over the forecast period.
Porter's Analysis
· Threat of new entrants: The threat of new entrants in the mineral wool market is low. The market already has strong established players and requires high initial investments to set up manufacturing facilities.
· Bargaining power of buyers: The bargaining power of buyers in the mineral wool market is moderate. Buyers have various options to choose from in terms of products, however switching costs are low.
· Bargaining power of suppliers: The bargaining power of suppliers is moderate. Few raw material suppliers service the entire industry. Suppliers can influence prices to some extent.
· Threat of new substitutes: The threat of new substitutes is moderate. Some materials like fiberglass and expanded polystyrene boards have gained increased acceptance, posing threat to mineral wool.
· Competitive rivalry: The competitive rivalry in the mineral wool market is high due to presence of numerous regional and global players. Players compete on parameters like pricing, product innovation and quality.
Key Takeaways:
The Global Mineral Wool Market Demand is expected to witness high growth, exhibiting CAGR of 6.06% over the forecast period, due to increasing demand from construction and industrial manufacturing sectors.
Regional analysis: The US and Europe hold majority share in the global mineral wool market currently. The Asia Pacific region is expected to be the fastest growing market between 2022 to 2030 owing to increasing construction activities in China and India.
Key players: Key players operating in the mineral wool market include Byucksan, Great Lakes Textiles, ISOVER (Saint Gobain), johns Manville, Knauf Insulation, National Industrial Co., NTN OOD, Owens Corning, PGF Insulation, Rockwool International AS, Kingspan Group, and Rosewool Insulation Refractory Co. Ltd. These players are focusing on new product launches and capacity expansions to strengthen their foothold in the market.
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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.
