by Mineral wool insulation helps maintain comfortable temperatures all year round, preventing heat loss in winter and reducing indoor heating and cooling costs. It is produced from abundant and affordable natural rock and slag materials, saving energy during the manufacturing process. Mineral wool provides effective heat and sound insulation for walls, attics and other building cavities. It is resistant to fire, rot and pests unlike some alternative insulation materials.
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.
Market key trends:
One of the key trends in the mineral wool market is the rising demand for green building materials. Mineral wool insulation is considered environmentally friendly as it is made from recycled slag and rock materials and has a long service life of over 50 years without degradation. It can significantly reduce building energy consumption for heating and cooling over its lifespan. This leads to lower carbon emissions and reduces dependence on non-renewable energy sources for buildings. Both commercial and residential builders are increasingly opting for green certified buildings with improved insulation like mineral wool to achieve higher sustainability ratings. This trend is expected to continue driving further growth of the mineral wool market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new players entering the mineral wool market is moderate as it requires high initial investments to set up manufacturing facilities. However, there are low costs associated with raw materials.
Bargaining power of buyers: The bargaining power of buyers in the mineral wool industry is high. Buyers can choose from various insulation material substitutes available in the market.
Bargaining power of suppliers: A few companies dominate the supply of raw materials like rock wool used for manufacturing mineral wool globally. This gives suppliers moderate bargaining power over buyers.
Threat of new substitutes: Substitutes like fiberglass insulation and foam board pose low to moderate threat as each product possesses different properties suiting diverse insulation needs.
Competitive rivalry: The mineral wool market comprises large players operating globally. Competition is high based on product quality, price, and innovation.
Key Takeaways
Global Mineral Wool Market Size is expected to witness high growth over the forecast period of 2023 to 2030 propelled by increasing construction activities globally. Global Mineral Wool Market Size was valued at US$ 17616.87 Mn in 2023 and is projected to reach over US$ 40 Bn by 2030, expanding at a CAGR of around 11% over the forecast period.
Regional analysis: Asia Pacific dominates the global mineral wool market and is expected to maintain its leading position during the forecast years. Rising infrastructure and building construction activities in China, India, Japan, South Korea, Indonesia, and other developing nations of the region are fueling demand for mineral wool as insulation material.
Key players: 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 for mineral wool insulation. GVC Holdings has a strong foothold in the European region while 888 Holdings dominates the American market. These players are focused on expanding their product portfolios and strengthening geographical footprint through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
