MINERAL WOOL MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2019 - 2026)

With increasing demand for thermal and acoustic insulation, the global mineral wool market is projected to witness a lucrative growth rate over the forthcoming time period. Strong application of mineral wool material as a standard material for insulation in high temperature applications like marine applications, boilers, vessels, industrial ovens and furnaces will further push the market share.

Additionally, the chemical inertness of mineral wool material, combined with strength and impact resistance will open numerous opportunities in sectors like automotive, industrial and construction. Also, acoustic and fire-resistant abilities of mineral wool material will further drive the demand over the projected timeline.

As per a research report by Global Market Insights, Inc., global mineral wool material market is estimated to surpass $22.5 billion by 2026.

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The mineral wool material market product segment is bifurcated into rock wool and glass wool. A paradigm shift towards usage of eco-friendly materials throughout different sectors like industrial, automotive, manufacturing and construction will likely influence the growth of rock wool market.

Furthermore, the sustainable manufacturing processes of rock wool due to its raw materials that are ecological-friendly will further lead to expansion of product demand. The low cost of production of rock wool because of various counts of basalt rock reserves will also provide numerous growth opportunities for market participants.

Likewise, the appeal for mineral wool material's, mainly rock wool's recyclability would further create new growth opportunities in the industry.

With respect to the form segment, the industry is classified into board, blanket and panel forms. Among these, the blanket form segment is used for industrial ovens and furnaces where high-temperature, flexible and lightweight insulation is needed. The key industry participants are also investing in R&D activities to enhance comprehensive strength thereby maintaining flexibility for ease of installation.

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Additionally, growing government investments in various commercial and industrial projects relating to insulation of fire and sound will further accelerate the market share. The inclusion of heavy R&D investments as well as advanced technologies by prominent companies due to the rising product adoption, specifically in the industrial sector, would also likely boost the market outlook.

As per application segment, the market is segmented into transportation, industrial and building & construction. The growing demand for acoustical control, mold resistance, fire resistance, and moisture control will propel the mineral wool material market from the applications such as industrial, HVAC and OEM.

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