Market Overview

The mineral wool market is projected to register a CAGR of over 4% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Considering the pandemic scenario, the construction and automotive manufacturing activities were on a temporary halt during the lockdown. Thus, this led to a decrease in the consumption of mineral wool used for thermal, fire, and acoustic insulation purposes, such as in partition wall, passenger cabin of the car, and duct pipe insulation, from the construction and automotive industry, thereby negatively impacting the demand for the market studied. The outbreak of COVID-19 also brought several short-term and long-term consequences in the construction industry. According to The Associated General Contractors of America (AGC), there were disruptions to work or canceled projects and hence less demand for “non-essential” projects, like offices, entertainment, and sports facilities in the initial months of 2020.

  • Over the short term, the growing demand for mineral wool for insulation purposes from the power generation and construction industry and the stringent government regulations and building codes for energy efficiency and fire safety are expected to drive the market's growth.
  • However, the health hazards related to mineral wool and the availability of cheap insulating materials like fiberglass are likely to hinder the growth of the studied market.
  • The rising number of power plants in Asia-Pacific countries is likely to provide opportunities for the mineral wool market over the forecast period.
  • The Asia-Pacific region dominates the mineral wool market, owing to the growing application of mineral wool insulation in construction sectors in the region.

Scope of the Report

Mineral wool material is an inorganic fibrous material that can be produced by drawing or spinning molten minerals comprising of slags, ceramics, or silica. This material exhibits properties such as noise reduction, fire resilience, mold resistance, and thermal protection. The mineral wool market is segmented by type, product type, end-user industry, and geography. By type, the market is segmented into glass wool, stone wool, and other types. By product type, the market is segmented into board, blanket, loose wool, and other product types. By end-user industry, the market is segmented into automotive and transportation, building and construction, industrial and consumer appliances, and other end-user industries. The report also covers the market size of and forecasts for the mineral wool market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
 

Type
Glass Wool
Stone Wool
Other Types
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
United Kingdom
France
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

Key Market Trends

Building and Construction Industry to Dominate the Market

  • The construction industry stands to be the dominating segment, owing to stringent regulations mandating the use of mineral wool to conserve energy and achieve efficiency.
  • Mineral wool is a fibrous spun yarn material that is used for thermal, fire, and acoustic insulation in the construction industry. It is used in stud-partition walls, masonry cavity walls, roofs, pipes, and ductwork, and in timber frame construction for thermal insulation purposes. Mineral wool is also applied in floors and partition walls to resist the transmission of sound.
  • Properties such as lightweight, high strength, heat shielding, easy installation, and excellent resiliency to noise, heat, and fire, refractory resistant properties make it best compatible for the construction industry.
  • The construction industry was valued at about USD 12 trillion in 2019, and it is estimated to reach about USD 14.3 trillion by 2024, with a CAGR of about 3.5%, thus, stimulating the demand for the mineral wool market.
  • Asia-Pacific countries like China, India, and Vietnam have been registering strong growth in construction activities, which is expected to drive the consumption of mineral wool in the region over the forecast period. For instance, in 2019, China had around 238 civil airports, and it is estimated that around 450 airports will be needed across the country by 2035, which is expected to stimulate the demand for mineral wool for insulation applications in the construction sector.
  • North American countries like the United States and Canada have been recording a rise in residential construction projects, which is likely to enhance the consumption of mineral wool in the region. Moreover, in 2019, the total value of new construction put in place was about USD 1,365 billion in the United States and reached about USD 1430 billion in 2020, with a growth rate of about 4.5%, which is likely to stimulate the market demand.
  • Therefore, the aforementioned factors are expected to show a significant impact on the market in the coming years.
 

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region stands to be the largest and fastest-growing market for the construction and power generation industry. Factors, such as the growing need for energy conservation and ensuring stringent regulatory norms by the International Green Construction Code (IgCC) standards, have been driving the mineral wool requirements in Asia-Pacific.
  • Mineral wool consumption witnesses a rapid growth on account of increasing utilization in gasketing, water and boiler linings used in combustion areas, heat shielding, pipe insulation, fire protection, and others.
  • In 2020, the Chinese construction industry was valued at about USD 1,049.2 billion, and it is estimated to reach about USD 1,117.4 billion by 2021, with a growth rate of about 6.5%. Thus, this led to an increase in the consumption of mineral wool from the construction industry for various applications, including insulation, shielding, and others, thereby increasing the demand in the studied market.
  • Furthermore, the total new construction in Japan was accounted for about 127.55 million square meters in 2019 and reached about 113.74 million square meters in 2020, with a decline rate of about 10.5%. Thus, this led to a decrease in the consumption of mineral wool used in the country's construction sector.
  • Furthermore, increasing investment in the renewable energy sector in countries like Japan, India, China, and Indonesia has been further driving the demand for mineral wool.
  • Mineral wool is used to insulate high-temperature pipes and equipment and for fire endurance applications. Countries, like China, India, Vietnam, etc., are witnessing the construction of power plants, which further offers opportunities for the mineral wool market.
  • Mineral wool also finds its application in the automotive industry, where it can be used for thermal and acoustic insulations in order to reduce the heat and noise inside the passenger cabins of automobiles. According to the OICA, China had produced about 25.75 million vehicles in 2019 and reached about 25.23 million vehicles in 2020, with a decline rate of about 2%, thus, negatively impacting the demand for the studied market.
  • Additionally, India had produced about 4.52 million vehicles in 2019 and reached about 3.39 million vehicles in 2020, with a decline rate of about 25%, which, in turn, negatively impacts the demand for the mineral wool market.
  • Therefore, the aforementioned factors are expected to show a significant impact on the mineral wool market in the coming years.
 

Competitive Landscape

The mineral wool market is fragmented in nature, with a large number of small players operating in the market. Some of the prominent players in the market include Knauf Insulation, ROCKWOOL International AS, Owens Corning, Johns Manville (Berkshire Hathaway Inc.), and BYUCKSAN, among others.