The mineral wool Market is estimated to be valued at US$ 15,661.22 Mn in 2022 and is expected to exhibit a CAGR of 6.06% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Mineral wool is a type of insulation material made from rock and slag. It is used extensively in building insulation, industrial and appliance insulation owing to its excellent thermal insulation and acoustic properties. It provides effective insulation at high temperatures without the risk of fire. These advantages make mineral wool ideal for use in attics, walls, floors and many other industrial and commercial applications.
Market key trends:
One of the key drivers propelling the growth of the mineral wool market is the increasing demand for insulation from the construction industry. Stringent energy efficiency regulations and building codes mandating higher insulation standards are driving up demand for mineral wool insulation products. According to the United States Department of Energy (DOE), heating and cooling accounts for around 48% of the energy use in a typical U.S. home. Proper insulation can significantly improve the energy efficiency of buildings and help reduce carbon emissions. This is prompting both residential and commercial builders to use more insulation products like mineral wool. The growth of the construction industry worldwide especially in developing economies is expected to boost market demand over the forecast period.
Increasing demand for thermal and sound insulation from building and construction industry is expected to drive the growth of Mineral Wool Market Demand over the forecast period. Thermal and sound insulation helps in energy conservation which reduces operating costs and enhances occupant comfort in buildings. According to European Union data, buildings account for around 40% of total energy consumption and 36% of CO2 emissions in EU. Growing building retrofitting activities to meet stringent energy efficiency standards will further propel the demand for mineral wool during the forecast period. Additionally, rapid growth in construction industry, especially in Asia Pacific region is also anticipated to boost the market growth. According to International Construction Market Survey, the growth in construction output is projected to be around 3% in 2022.
1. Source: Coherent Market Insights, Public sources, Desk research
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