Digital Learning Is Fastest Growing Segment Fueling The Growth Of The Global Mineral Wool Market

 

The global Mineral Wool Market is estimated to be valued at US$ 17616.87 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Mineral wool is a versatile insulation material made from natural silicate rock. It provides effective thermal and acoustic insulation. Its properties like fire resistance, durability and cost-effectiveness make it a preferred choice for various industrial and commercial applications.

Market key trends:

One of the key trends in the mineral wool market is the rising focus on green building construction. Governments across the world are promoting practices to reduce building energy consumption and carbon footprint. Mineral wool insulation made from recycled slag and fly ash provides an eco-friendly solution. Its use enhances the green building rating of structures. Also, major players are developing inorganic binders to manufacture mineral wool, which reduces reliance on petroleum-based binders. This reflects their commitment towards sustainable construction practices.

Segment Analysis
The mineral wool market is segmented by type into glass wool and stone wool. Stone wool accounts for the largest market share as it is more fire resistant compared to glass wool. Stone wool dominates the market as there is growing demand for fire-proof insulation materials in construction industry due to safety regulations.

Key Takeaways
The Global Mineral Wool Market Size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing investments in industrial and construction activities.

Regional analysis
Asia Pacific dominates the global mineral wool market owing to rapid industrialization and infrastructure development activities in China, India, Japan and other developing nations in the region. Europe is the second largest market for mineral wool due construction activities in countries like Germany, UK, France and Italy.

Key players
Key players operating in the mineral wool market are Byucksan, Great Lakes Textiles, ISOVER (Saint Gobain), mJohns Manville, Knauf Insulation, National Industrial Co., NTN OOD, Owens Corning, PGF Insulation, Rockwool International AS, Kingspan Group, and Rosewool Insulation Refractory Co. Ltd. The market leaders like Saint Gobain and Rockwool International AS are focusing on expanding their production capacities to cater to the growing demand for mineral wool insulation especially in the construction industry.

For More Insights, Read: https://www.newsstatix.com/mineral-wool-market-size-share-and-growth-forecast-2023-2030/