Product Code: 69230
The Global 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 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, duct pipe insulation, etc. 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 wools and the availability of cheap insulating material like fiberglass are likely to hinder the growth of the studied market.
- The rising number of power plants in Asia-Pacific countries are likely to provide opportunities for the mineral wool market over the forecast period.
- Asia-Pacific region dominates the mineral wool market, owing to the growing application of mineral wool insulation in construction sectors in the region.
Key Market Trends
Building and Construction Industry to Dominate the Market
- 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 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, resistant refractory properties make it best compatible for the construction industry.
- The global construction industry was valued at about USD 12 trillion in 2019 and 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 is estimated that around 450 airports will be needed across the country by 2035, which is expected to stimulate the demand of mineral wool for insulation applications in the construction sector.
- North American countries like 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 1365 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 significant impact on the market in the coming years.
Asia-Pacific Region to Dominate the Market
- 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 is estimated to reach about USD 1,117.4 billion by 2021, with a growth rate of about 6.5%, thus 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 for 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 led to a decrease in consumption of mineral wool used in the construction sector of the country.
- 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, and Vietnam, etc. are witnessing the construction of power plants which further offer 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 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 significant impact on the mineral wool market in the coming years.
The global mineral wool market is fragmented in nature with a large number of small players operating in the market. While some of the prominent players in the market include Knauf Insulation, ROCKWOOL International A/S, Owens Corning, Johns Manville (Berkshire Hathaway Inc.), and BYUCKSAN, among others.
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TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Growing Construction Industry
- 4.1.2 Regulatory Support to Increase Energy Efficiency
- 4.2 Restraints
- 4.2.1 Health Hazards related to Mineral Wool
- 4.2.2 Availability of Cheap Insulating Materials
- 4.2.3 Unfavorable Conditions Arising Due to COVID-19 Outbreak
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Glass Wool
- 5.1.2 Stone Wool
- 5.1.3 Others
- 5.2 Product Type
- 5.2.1 Board
- 5.2.2 Blanket
- 5.2.3 Loose Wool
- 5.2.4 Others
- 5.3 End-User Industry
- 5.3.1 Automotive and Transportation
- 5.3.2 Building and Construction
- 5.3.3 Industrial and Consumer Appliances
- 5.3.4 Others
- 5.4 Geography
- 5.4.1 Asia-Pacific
- 22.214.171.124 China
- 126.96.36.199 India
- 188.8.131.52 Japan
- 184.108.40.206 South Korea
- 220.127.116.11 Rest of Asia-Pacific
- 5.4.2 North America
- 18.104.22.168 United States
- 22.214.171.124 Canada
- 126.96.36.199 Mexico
- 5.4.3 Europe
- 188.8.131.52 Germany
- 184.108.40.206 United Kingdom
- 220.127.116.11 France
- 18.104.22.168 Italy
- 22.214.171.124 Rest of Europe
- 5.4.4 South America
- 126.96.36.199 Brazil
- 188.8.131.52 Argentina
- 184.108.40.206 Rest of South America
- 5.4.5 Middle-East and Africa
- 220.127.116.11 Saudi Arabia
- 18.104.22.168 South Africa
- 22.214.171.124 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 BYUCKSAN
- 6.4.2 EcoTherm Insulation (UK) Limited
- 6.4.3 Fabricating Services, Inc
- 6.4.4 IZOCAM
- 6.4.5 Johns Manville (Berkshire Hathaway Inc.)
- 6.4.6 Knauf Insulation
- 6.4.7 National Industrial Co,
- 6.4.8 NTN OOD
- 6.4.9 Owens Corning
- 6.4.10 PGF
- 6.4.11 ROCKWOOL International A/S
- 6.4.12 Saint-Gobain ISOVER
- 6.4.13 USG Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Number of Power Plants in Asia-Pacific
- 7.2 Other Opportunities