The manufacturing process of mineral wool is unique. It was first developed 150 years ago in a volcanic eruption. Scientists were fascinated by the fact that lava could be whipped into tufts that resembled wool. This discovery was then replicated in factories. Once the wool is ready, the batts are tucked between wall studs, maximizing thermal and acoustic insulation. The mineral wool manufacturing process uses coke, various resins, and other chemicals. The mineral wool industry is subject to strict regulations under REACH. The European Union has established the Substance Information Exchange Forum (SIEF) for mineral wool. The certification board ensures that mineral wool products meet stringent standards for low biopersistency and rapid removal from the lungs
Market Statistics:
The global mineral wool market is estimated to account for US$ 15,661.22 Mn in terms of value by the end of 2021.
Global Mineral Wool Market: Drivers
Growing government initiative to raise foreign direct investments by supplementing the process of industrialization is propelling the growth of the mineral wool market. This initiatives provide benefits in terms of investments, exports, taxes, and also provide ideal platform for players looking for geographical expansion.
Global Mineral Wool Market: Opportunities
Increasing government initiative for production of electric vehicle under the faster adoption and manufacturing of both (Hybrid) and electric vehicles in India (FAME) scheme is expected to serve significant growth opportunities.
Global Mineral Wool Market: Restraints
Lack of awareness regarding green buildings norms is expected to hinder the market growth.
Global Mineral Wool Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of Covid-19 pandemic has negatively impacted growth of the mineral wool market due to gap production, supply, and demand. This is due to implementation of travel restriction in order to curb the spread of infection.
To know the latest trends and insights prevalent in the Global Mineral Wool Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/mineral-wool-market-5059
Key Takeaways:
The global mineral wool market was valued at US$ 15,661.22 Mn in 2021 and is forecast to reach a value of US$ 25670 Mn by 2030 at a CAGR of 6.06% between 2022 and 2030.
Glass Wool segment held dominant position in the global Mineral Wool market in 2021, accounting for 62.3% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
Increasing development of automobile with higher automotive soundproofing due to growing demand for noise-free vehicles, resulting in a rise in the usage of acoustic materials in vehicles is expected to be a trend in the market. Thus, increasing use of soundproof materials in the automobile industry will fuel market expansion.
Growing usage of mineral wool material resins is growing in construction sector in Canada is expected to be key trend in the market. The application of mineral wool material-based resins in board products and wood panels allows the sustainable use of forest resources and minimizes waste.
Global Mineral Wool Market: Competitive Landscape
- 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
- Rosewool Insulation Refractory Co. Ltd
Global Mineral Wool Market: Recent Developments
In May 2021, SPI acquires Bigham Insulation Supply, GLT, NewStar, Rocky Mountain Construction Wholesale, and Thermaxx Jackets. SPI invests in infrastructure and digital platforms to serve the customer how, when, and where they want to be served.