Mineral Wool Material Market Size

Mineral Wool Material Market Size

Mineral Wool Material Market size was registered at about USD 16.5 billion in 2020 and is predicted to grow at a CAGR of over 5% from 2021 to 2027. Environment-friendly nature and positive outlook in acoustic insulation applications and rapidly growing urbanization along with increasing construction activities is projected to boost the product demand across the globe.

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Mineral wool is a fibrous, versatile material produced from rock materials or minerals including slag or ceramics, that can effectively address heat and acoustic insulation requirements in many applications. The effective use of rock wool & mineral wool insulation on walls and ceilings provides enhanced and full sound insulation in a particular room. Thus, it has immense demand in construction sector. Mineral wool products have gained wide acceptance due to their favorable properties including its ability to provide both acoustic and thermal insulation in residential buildings, commercial buildings, and numerous industrial applications.

Government initiatives to increase foreign direct investments by supplementing the process of industrialization should propel the mineral wool material market growth. These initiatives offer considerable benefits to manufacturers in terms of investments, taxes, and exports, providing an ideal platform for players considering geographical expansion. In addition, easy availability of these products in the form of a board, blankets, and panels makes them a viable option for architects, contractors, and specifiers during design, construction, and installation processes.

Moreover, synthetic acoustic non-woven fabric is becoming a preferred choice of manufacturers owing to key features such as lightweight, low costs, and superior acoustic insulation. Government initiatives for the development of electric vehicles under the Faster Adoption and Manufacturing of both (Hybrid) and Electric Vehicles in India (FAME) scheme will boost the automobile production in the country, propelling the demand for mineral wool.