Mineral Wool Material Market Analysis

Mineral Wool Material Market Analysis

Global mineral wool material market from panel form is expected to grow over USD 3.5 billion by 2027. Insulating materials in panel form is used for industrial heating applications such as high-temperature panel systems for boilers, precipitators and ducts, H-Bar systems, vessels, and industrial ovens. It is ideal for use in metal mesh blankets, hot precipitators, boiler walls, hot ductwork, cylindrical tanks, prefabricated panel systems, towers, and stacks.

Favorable policies for promoting manufacturing hubs in the U.S. China, India and UK will influence market growth for panel segment across the globe. The growth of the industrial segment has been muted due to sluggish economic activity. However, key industry players operating in the market will see an uptick in their business operations due to favorable growth prospects such as duty rationalization for raw materials, and tax incentives for R&D investments.

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Glass wool is among the most efficient insulation materials used in the building and construction insulation applications and is anticipated to show significant growth of over USD 14 billion by 2027. Insulating properties achieved through minor gas or air pockets provide a positive outlook for the product demand. In addition, improved appearance along with enhanced finishing provides an aesthetic appeal for the product.

Glass wool is considered the most effective and eco-friendly product due to its non-combustibility nature. In addition, glass wool meets all the requirements of optimum acoustic and thermal insulation performance required from the application industries. It is produced by the combination of up to 80% of recycled glass, fluxing substances, and natural silica sand resulting in the product possessing zero Ozone Depleting Potential (ODP) and being free from CFC’s or HFC’s.

The key properties including no health hazards, non-corrosive nature, high resistance to mold growth, vermin infestation, and lightweight nature will enhance the mineral wool material market share. Further, surging applications in multiple areas of buildings along with increased use in ceilings of residential buildings will boost business expansion.

The global mineral wool material from transport segment was valued at USD 1.85 billion in 2020 and is projected to grow at a CAGR of 4.5% through 2027. The demand for insulating material is a direct function of vehicle movement on the roads, as well as the growth of vehicle population and automobile sales. The rising consumer income and preferences toward comfort and luxury is projected to fuel the transportation industry growth. Mineral wool is widely deployed in automobiles in the form of filler that can provide both thermal and acoustic benefits.

Rapid technological advancements and continuous innovations in the automotive sector owing to the rising concern for disturbance-free driving experiences will stimulate mineral wool material market growth. Airports, railways, and roads are the major transportation noise sources that commonly affect schools, houses, and hospitals. The noise produced from rail carriages and vehicular movement over tracks and roads affects nearby residents, which can be overcome using acoustic insulation products.

Manufacturers have been able to build automobiles with higher automotive soundproofing owing to increasing demand for noise-free vehicles, resulting in an increase in the usage of acoustic materials in vehicles. The usage of soundproofing materials and increased advances in the automobile industry will fuel segment expansion.

The North America mineral wool material market revenue is expected to exceed USD 9 billion by 2027. The increasing demand for customizing home décor & furniture products coupled with rising consumer spending will positively influence urea-mineral wool material (UF) and phenol mineral wool material resins (PF) demand. Increasing demand for multi-functional and versatile products that offer portability and can be easily accommodated in small spaces is uplifting market demand.

Proliferating investments in residential & commercial buildings supported by technological & material advancements offering durable & innovative storage solutions are encouraging the use of mineral wool material resins. Urea mineral wool material resins are also used in restoring old Victorian furniture owing to their quick adhesive and bonding nature. Manufacturers are shifting toward urea-based mineral wool material resins owing to their compatibility with different types of wood & steel and high durability in moisture environment.

In Canada, the use of mineral wool material resins is growing owing to rising construction and renovation activities. The use of mineral wool material-based resins in board products and wood panels enables the sustainable use of forest resources and minimizes waste. Formaldehyde-based resins are utilized in residential construction to manufacture particleboards, plywood paneling, and medium density fiberboards. Supportive government initiatives and favorable economic policies for residential and commercial projects along with the increasing demand for durable and sustainable construction materials are likely to augment the mineral wool material market share.