Government initiatives promoting energy-efficient insulation solutions are driving the demand for insulation mineral wool, says Fact.MR in its new market report.
Rockville, April 10, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global insulation mineral wool market is expected to reach a valuation of US$ 31 billion by 2033, expanding at a CAGR of 5% from 2023 to 2033. Acoustic Rock Wool
Insulating mineral wool contains a high percentage of fibers. The material is produced by melting and spinning, and then drawing it into fibers. When used in residential spaces, mineral wool is an effective insulator, with excellent thermal and acoustic properties that can prevent energy transfer from the outside to the inside.
Demand for insulation mineral wool is expected to increase during the forecast period due to increasing construction activities as well as stringent rules governing fire safety. Considering the worldwide advancements in insulation materials and the affordability of mineral wool, this seems to be a highly probable scenario.
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The sidewalls of residential or commercial buildings can be insulated using a variety of materials that are readily accessible. Mineral fleece has drawn more attention in recent years. Mineral wool is a blend of stone, molten gas, or industrial waste, as the name suggests.
For instance, China's construction sector has been steadily growing, with total output having reached US$ 3.75 trillion in 2021, according to the National Bureau of Statistics of China. Due to rising urbanization, China's building industry accounted for a revenue of US$ 4.21 trillion in the same year.
Key Takeaways from Market Study
The global insulation mineral wool market is valued at US$ 19.1 billion in 2023.
Worldwide demand for insulation mineral wool is projected to increase at a CAGR of 5% from 2023 to 2033.
Sales of insulation mineral wool are estimated to reach US$ 31 billion by the end of 2033.
By type, glass wool occupies a leading share of the market and its sales are expected to increase at a CAGR of 6.3% during the forecast period.
Demand for insulation mineral wool in China is set to advance at a CAGR of 7.7% through 2033.
“Growth of the mineral wool market is being driven by high demand for energy-efficient thermal and acoustic insulation solutions in residential and commercial buildings,” says a Fact.MR analyst.
Key Segments of Insulation Mineral Wool Industry
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Global Market Growth Rate (2023 to 2033)
Businesses in the market compete based on the product quality they offer. The major companies in the insulation mineral wool market put a lot of effort into building their production facilities, investing in R&D, developing their infrastructure, and utilizing integration opportunities throughout the value chain. Mineral wool insulation manufacturers use these strategies to meet their customers’ demands, stay competitive, innovate, reduce costs, and expand their customer base.
SPI acquired Thermaxx Jackets, Rocky Mountain Construction Wholesale, GLT, NewStar, and Bigham Insulation Supplies in May 2021.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global insulation mineral wool market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights on the market based on type (glass wool, rock wool, others), product (boards, blankets, panels), and application (building & construction, industrial, transportation, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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