Mineral Wool Board Insulation Market Share, Size, Trends, Industry Analysis Report, By Type (Rock Wool, Glass Wool, Others); By Functionality; By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Mar-2024
- Pages: 117
- Format: PDF
- Report ID: PM4658
- Base Year: 2023
- Historical Data: 2019 – 2022
Report Outlook
Global mineral wool board insulation market size was valued at USD 16.88 billion in 2023. The market is anticipated to grow from USD 17.82 billion in 2024 to USD 28.52 billion by 2032, exhibiting the CAGR of 6.0% during the forecast period.
Market Overview
The growing demand for mineral wool board insulation is largely influenced by its ease of installation and fire safety. The growing number of short circuits in housing is compelling individuals to construct sustainable buildings with fire safety protection. Its thermal and moisture resistance and the higher rate of life span, as it can last up to 80 years, make it a prominent option among households engaging in construction activities.
The ability to assist dwellers in controlling their electricity bills is likely to promote its installation in the global market. According to a study, sustainable housing is likely to lower power consumption by 42% and greenhouse gas emissions by 35%. The growing global expansion activities of the companies offering mineral wool board insulation are positively driving market growth.
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- For instance, in July 2023, Etex Group completed the acquisition of an insulation provider company, Superglass Insulation Ltd, with a view to expanding its brand coverage to the United Kingdom.
Moreover, its prominent acoustic and thermal insulation is anticipated to drive its popularity among construction agents in the long run. As more people become educated worldwide, there will be enhanced knowledge on the utility of mineral wool board insulation in limiting power consumption, contributing to its demand in the next few years.
However, the limited knowledge about the benefits and applications of mineral wool board insulation is expected to restrain the growth of the global mineral wool board insulation market in the coming years.
Growth Drivers
Rising demand for heat, ventilation, and air conditioning systems
The rising necessity of HVAC systems with the prevalence of extreme weather conditions in the global space is driving the critical need for the integration of mineral wool board insulation for sustainable housing practices. According to the available data, in the United States, around 6% of the energy use is accounted for by air conditioners utility over the overall nation's energy production. This motivates households to install mineral wool board insulation in their residential and commercial construction activities, as it gives a higher rate of return on the initial investment.
Increase in the development of insulation systems
The rising research studies focusing on the development of prominent mineral wool insulation are playing a major role in widening the scope of the global market. For instance, in May 2023, Isover unveiled its new light mineral wool, QTech, for moderate temperature applications, specifically ≤ 300 °C. These types of developments are propelling the use of mineral wool board insulation for multiple applications, including residential, commercial, and industrial activities.
Restraining Factors
The higher costs of the installation of mineral wool board insulation
The need for higher costs of investment at the time of installation is likely to limit the adoption of such insulation in the marketplace. The existence of affordable alternatives to these insulation systems is projected to obstruct the growth of the mineral wool board insulation market in the next few years.
Report Segmentation
The market is primarily segmented based on type, functionality, application and region.
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By Type |
By Functionality |
By Application |
By Region |
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By Type Analysis
Rock wool segment is expected to witness the highest growth during the forecast period
The rock wool segment will grow rapidly due to its potential to promote energy efficiency and sound insulation. In urban areas, most households prefer house insulation, specifically thermal, sound, and fire protection, creating significant demand for the mineral wool board insulation market. The versatility of this material and its longevity are major contributing growth factors for the mineral wool board insulation market over the study period.
The glass segment led the industry market with a substantial revenue share in 2023, largely attributable to its ability to offer superior thermal insulation properties to residential and commercial construction. Its capacity to protect from vermin, fire, and airborne moisture is anticipated to gain adoption in some applications in the coming years.
By Functionality Analysis
Thermal segment accounted for the largest market share in 2023
Thermal segment accounted for the largest share. This is driven by the rising number of measures taken by individuals, industrial, and commercial companies as part of cost minimization strategies. This is enabling them to install the mineral wool board insulation in their housing and other commercial premises.
The acoustic segment is expected to grow at a rapid pace on account of the rapid increase in noise pollution, primarily in cities that are prone to traffic and industrial noise outcomes. The rising incidence of noise is causing sleep disturbances and heart attacks, which is making people invest in this insulation with its acoustic resistance power.
By Application Analysis
Residential segment held a significant market revenue share in 2023
The residential segment held the largest share, due to the continuous rise in the construction of residentials with the increasing population, specifically in urban areas. The acoustic, thermal resistance, fire-proof, and water-absorbent properties of mineral wool board insulation are playing a vital role in gaining demand for their installation in residential applications.
Regional Insights
North America region registered the largest share of the global market in 2023
North America dominated the market. The growth of this region can be largely attributed to the rising adoption of sustainable housing to mitigate the higher cost of energy. In the United States, construction accounts for 40% of the country's carbon emissions. The rising government regulations to limit the power utility in the commercial sector are anticipated to boost its growth in the foreseeable future.
APAC will grow at a rapid pace, owing to the growing consumption of energy for heat, ventilation, and air conditioning systems. The presence of populous nations such as India and China are positively affecting the demand for mineral wool board insulation due to its energy efficiency and acoustic resistance. According to the official statistics, around 37% of India's energy is consumed by the construction industry. The ongoing measures, such as the Paris agreement to achieve net zero emissions by 2050, are likely to facilitate significant demand potential in the coming years for the mineral wool board insulation market in the region.
Key Market Players & Competitive Insights
Strategic acquisitions to drive the competition
The mineral wool board insulation market is a mix of fragmentation and consolidation, with the presence of several market players focused on the development of superior mineral wool board insulation and strategic expansion initiatives such as partnerships, collaborations, and acquisitions. For instance, in January 2022, Knauf Insulation announced its plan to acquire the glass mineral wool plant in Central Romania to meet increasing demand from people in Romania.
Some of the major players operating in the global market include:
- Acoustical Surfaces, Inc. (US)
- Guardian Fiberglass (US)
- Hodgson & Hodgson (US)
- Hush Acoustics (UK)
- Johns Manville Inc. (US)
- Knauf Insulation (US)
- Owens Corning (US)
- Rockwool International (Denmark)
- Saint-Gobain (France)
- Trelleborg (Sweden)
Recent Developments in the Industry
- In September 2022, Rockwool announced the launch of its new stone wool, NyRock Cavity Slab 032, for cavity walls. It is a non-combustible slab with the presence of smaller masonry cavities, which enables the development of thinner walls in construction activities.
Report Coverage
The mineral wool board insulation market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, type, functionality, application, and their futuristic growth opportunities.
Mineral Wool Board Insulation Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 17.82 billion |
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Revenue forecast in 2032 |
USD 28.52 billion |
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CAGR |
6.0% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
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Regional scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
The Mineral Wool Board Insulation Market report covering key segments are type, functionality, application and region.
Mineral Wool Board Insulation Market Size Worth $28.52 Billion By 2032
Mineral Wool Board Insulation Market exhibiting the CAGR of 6.0% during the forecast period.
North America is leading the global market
key driving factors in Mineral Wool Board Insulation Market are Rising demand for heat, ventilation, and air conditioning systems
