Mineral Wool Panels Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2209 | Last Updated On: Nov 02 2022 | Available Formats

> Global Mineral Wool Panels Market Expected to reach a high CAGR of 6.5% by 2028: DataM Intelligence

Global Mineral Wool Panels Market is segmented By Type (Rock Wool, Glass Wool, Slag Wool), By Application (Roof Panels, Wall Panels, Insulated Panels, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Mineral Wool Panels Market" is expected to grow at a high CAGR of 6.5% during the forecasting period (2022-2029).

Mineral Wool Panels Market Scope

Metrics

Details

Market CAGR

6.5%

Segments Covered

By  Type,  By Application and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Mineral wool is a natural substance produced from basalt. It has non-combustible property. It possesses excellent thermal and acoustic insulating properties. It is used in producing panels, pipe covers, blankets, boards, and others. Mineral wool panels are made up of different kinds of mineral wools such as rock, glass, and slag wool. Mineral wool panels are used in industrial and commercial insulation for walls, roofs and others.

Market Dynamics

Demand for Mineral Wool Panels in construction industry

The market growth is driven by the rising demand for mineral wool panels for heat insulation in residential and commercial buildings due to its properties such as thermal non-conductivity, durability, cost-efficiency, abundant availability of resources, energy efficiency. According to United Nations Industrial Development Organisations thermal insulation technical manual, it is not combustible, therefore, when used in conjunction with other, more fire-resistant forms of insulation, it can be an effective choice of material to insulate large areas. Mineral wool has R-values ranging from 2.8 to 3.5 per inch. R-value is the measure of resistance to the flow of heat through a given thickness of material. Other applications of mineral wool panels in the construction industry include acoustic insulation, to prevent the transmission of sound between walls and storeys, hydroponics in which plants grow without soil using solutions and materials – it allows to absorb water and air to help root growth and nutrient uptake.

Launch of New Products

The market is witnessing the launch of emerging products which could have a positive impact on the market. For instance, in May 2018, Isopan had launched the range of mineral wool insulated panels on the new production line in Romania.

Technological development and upgrading existing manufacturing capability increase annual productivity and optimize processing operational flow, fuelling the further market growth. For instance, in April 2018, the Rockwool group had opened its first factory in Romania with Euros 50 million. It has a capacity of approximately producing 45,000 tonnes per year

However, the availability of cheap insulating materials and mineral wool inhalation could cause lung disease is hindering the demand for mineral wool panels over the forecasted period.

Covid-19 Impact Analysis

The market has witnessed an unprecedented downfall due to the global crisis. The pandemic-imposed lockdown on major economies in the world leading to the pause of activities in the construction industry upon which the mineral wool panels highly depends. According to International Labour Organisation, The COVID-19 pandemic has had a significant impact on the construction sector. However, on the upside, construction holds much potential to stimulate recovery, thanks to its potential to create jobs; and in turn, recovery measures can support the sector’s transformation towards sustainability and digitalization.

Segment Analysis

The global mineral wool panels market is segmented based on rock wool, glass wool, and slag wool. Rock wool panels dominate the market due to increased demand in foundries, power plants, refineries, chemical and petrochemical industries. These panels provide sound insulation, thermal insulation, fire safety, and acoustic comfort in these industries. Rock mineral wool is obtained from basalt. Rock mineral wool panels effectively maintain the building’s structure and provide valuable time for occupants to safety escape as these panels have the ability to remain stable when exposed to burning hot flames.

Slag wool contributes a significant market share due to its high usage of slag wool to produce mineral wool panels. Slag is formed during the reduction of iron ore to pig iron. It is produced from the molten furnace. It comprises calcium, magnesium, and aluminium silicates with trace amounts of other oxides. Slag mineral roof panels possess noise reduction, fire resilience, bold resistance and thermal protection.

Further, the market is also classified based on roof panels, wall panels, insulated panels, etc. The roof panel segment accounts for the significant market share due to the rising demand for roof panels in roof load-bearing structures in civil and industrial buildings because of their strength and ductility. These are widely used in fire bands and DP1 types due to their high fire resistance.

The wall panels segment is expected to have significant market growth over the forecasted period. Consumers prefer the wall mineral wool panels that provide high sound insulation and fire safety to the buildings with lined and micro lined surface types and a wide range of colours. These panels create a comfortable, reliable, and energy-efficient environment in the buildings.

Geographical Analysis

By region, the global mineral wool panels market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa. Among all of the regions, the Asia Pacific region dominated the global mineral wool panels market due to the industries' like construction’s rapid growth. China and India are witnessing positive growth due to high GDP growth, rising disposable income, and purchasing power. For instance, IMF (International Monetary Fund) has projected a growth rate of 12.5% for India for the year 2021. China was the only major economy to have positive growth rate for the year 2020 and according to the finance institution it is expected to have a growth rate of 8.6 % in 2021.

Rapid expansion in the construction industries in developing countries such as China, India, Malaysia, and Thailand will boost the market growth. India had the highest FDI for the year 2021 and according to the Indian Government website, construction sector was the second largest recipient for the year 2021. The website also mentioned initiatives like Smart City Projects and “Housing For All” is going to fuel the market in the forecast period. By 2025, Construction market in the country. is expected to emerge as the 3rd largest globally and the construction output is expected to grow on an average of 7.1% each year.  The availability of cheap labour and favourable government regulations attracts the mineral wool panel manufacturers to invest in Asia. Hence, the market is expected to maintain its position over the forecasted period.

Competitive Analysis

The global mineral wool panels market is fragmented with the presence of several local and international players. Kingspan Group, ArcelorMittal Construction, MANNI Group, Saint-Gobain S.A., Assan Panel AS are the leading market players with a prominent market share. The market players implement different strategies such as new product launches, competitive prices, capacity expansion, and divarication strategies to hold their position.

For instance, in Dec 2020, ArcelorMittal Construction signed an agreement with Llentab, a manufacturer and contractor for steel buildings, to acquire its Kungshamn panel production line in Sweden. The line, which produces mineral wool panels for steel buildings, adds to the existing profile production lines in ArcelorMittal Construction’s Swedish business, and will boost the company’s competitiveness in the Scandinavian market by giving it its first panel production manufacturing capability in the region. 

 For instance,  In March 2019, the Paroc Panel System has re-entered the United Kingdom after 10 years of absence. In January 2019, TENAX grupa had established a separate manufacturing entity, i.e., TENAX PANEL, to produce sandwich panels, including the wall sandwich panel with mineral wool core and others. This entity would further develop sandwich panel manufacturing and reinforced structures production, insulating and polystyrene business on a different agenda.

The companies are entering into collaborations, mergers, strategic partnerships and acquisitions to increase the demand for mineral wool panels and their expansion across the globe. For instance, in April 2018, Owens Corning had acquired Guangde SKD Rock Wool Manufacture Co., Ltd. This acquisition would be useful for providing the great opportunity to provide customers in China with products in both the mid-temperature building and high-temperature industrial-application markets. This acquisition would  expand Owens Corning’s technology portfolio across the three largest insulation markets in the world.”

The companies are also investing to increase their production capabilities around the globe. For instance, Isopan had invested twenty million euros in the Isopan Rus plant, which comprises thirty thousand square meters of which eleven thousand have been built on, and two production lines with an annual capacity of three million square meters for polyurethane panels, mineral wool panels, and thermal and acoustic insulators.

Why Purchase the Report?

  • Visualize the composition of the global Mineral Wool Panels market products in terms of product type and application, highlighting the critical commercial assets and players.
  • Identify commercial opportunities in the global Mineral Wool Panels market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of global Mineral Wool Panels market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

**The global Mineral Wool Panels report will provide access to approximately 53 market data tables, 44 figures, and 178 pages

Target Audience

  • Investors/Investment Bankers
  • Service Providers/Buyers
  • Research Professionals
  • Emerging Companies
  • Distributors

Frequently Asked Questions

What is the Projected CAGR value of the Mineral Wool Panels Market ?

Mineral Wool Panels Market is expected to grow at a CAGR of 6.5% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Mineral Wool Panels Market  during 2022-2029.

Which is the fastest growing region in the Mineral Wool Panels Market ?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period.

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