According to the report of Zion Market Research, a global mineral wool market was valued at over $ 9.85 billion in 2016, and is expected to reach above $ 14.65 billion in 2022 and to grow at a CAGR of slightly above 6.80%.
In terms of consumption, Asia Pacific
Europe is expected to witness optimistic growth in the mineral wool market in the coming years. Like in Asia, rising demand for mineral wool in Germany due to the tremendous growth in the automotive sector is expected to accelerate the growth of the mineral wool market in Europe. Europe has been recapturing its economic strength post the economic crisis of 2012 which led to huge consumption of mineral wool in several industries for superior insulation. The building & construction sector adds almost 9% to the GDP of the European Union, therefore infrastructure industry is considered to be a crucial part of the Europe’s economy. This aspect is anticipated to foster the growth of the mineral wool market in Europe over the forecast period.
North America held the second largest share of the mineral wool market in 2016. This was mainly accredited to the presence of automotive industries in U.S. In addition, various protocols have been laid down by the governments in US and Canada pertaining to the insulation thickness. This factor is expected to spur the growth of the mineral wool market in upcoming years owing to the compact thickness of mineral wool.
Latin America, Middle East, and Africa are expected to show lucrative growth in the coming years. This can be mainly attributed to the escalating urbanization and industrialization in Brazil. Hence, this factor is likely to propel the growth of the automotive sector which in turn is expected to strengthen the mineral wool market in the forecast period. Rapidly expanding infrastructure industry in the Middle East and Africa is expected to witness a lucrative growth of the mineral wool market in the coming years.
Some of the key players in the mineral wool market are:
- Owens Corning
- Johns Manville Inc.
- Knauf Insulation GmbH
- Uralita SA
- Rockwool International A/S
- Poly Glass Fiber Insulation
- CertainTeed Corp
- Guardian Fiberglass Inc.
Both large and small manufacturers use various fibers, including basalt fiber, to produce mineral wool. The growth in demand for finished products propels the growth of basalt fiber market. This tendency is stressed in analytical reports of many companies.
Terms: Composite market