Global Mineral Wool Market expected to reach $16,031.8 Million by 2026Download Sample Reports Overview
Mineral Wool Market size was over $9,614.5 Mn in 2018 and is expected to grow at a CAGR of 6.6% in the forecast period.
Mineral wool is made up from the mixture of stone and slag. While manufacturing these, the mixtures are heated in an incinerator until it is molten. After melting of these mixtures they are spun to form a thin layer of fiber. These fibers are then piled upon one another to an extent that a binder can be formed. The binder can further be rolled or flatten into a film depending on the need. Mineral wool is safe to use, provides fire resistance and uses ecofriendly method of manufacturing.
Upsurge in construction sector is projected to be the mineral wool market drivers. Mineral wool is considered as one of the best insulator. Mineral wool is easy to install and can last for longer time; moreover, it has the ability to reduce sound, minimize the pollution, and reduce the risk of fire. Due its distinctive properties the construction sector has adopted the mineral wool in a huge amount.
Mineral wool is easy to install but it has many adverse effects on the health of the worker who is applying the mineral wool to the surface. So applying the mineral wool is one of the major restraints. While applying, the tiny particles stick to the skin of the worker which can even cause serious skin diseases and if not cleaned in a proper way then it can even cause dangerous diseases like cancer, and if the person inhales the tiny particles, these particles stick into the lungs which is not curable; these factors can result in fatal consequences too. Due to these reasons the required workforce for applying is considered to be the major restrains for the mineral wool market.
Glass wool holds the highest mineral wool market share by 58.60% in 2018. Glass wool segment is anticipated to rise at 6.3% CAGR, and will generate a revenue of $9,186.2 million by 2026. Due to its cost effectiveness, good sound barrier, flexibility in use and easy installation glass wool segment is anticipated to propel the Rockwool market.
Construction and building holds the largest market share of 53.24% in 2018. Construction and building segment was $5,118.7 in 2018 and is expected to rise at a CAGR of 6.9% in the forecast period. Rise in urbanization, shift in the social trends, customer preferring on renewable products are predicted to drive mineral wool material market.
In 2018, Asia-pacific held the 35.15 % as the highest market share across the globe. Asia-Pacific region is projected to rise at 7.7% CAGR, and will generate a revenue of $6,122.6 million by 2026. Due to the availability of cheap labor and the government initiative towards the biodegradable products it encourages the manufacturer to invest in this market. This will eventually grow the demand for mineral wool insulation in the Asia-pacific region. Moreover, increasing economy and rise in the construction industry is predicted to drive the mineral wool market.
Mineral Wool Market players are USG Interiors Inc., CertainTeed Corp, Roxul Inc, Thermafiber, Inc., Knauf Insulation, Saint-Gobain, Johns Manville, ROCKWOOL International A/S, Maghard Insulator and Owens Corning, India Ltd., among others.