Trends that directly affect the dynamics of the mineral wool insulation industry include a shift towards eco-friendly insulation.
Lucintel, the global market research and management consulting firm, has presented a report about current trends, forecast and competitive analysis of mineral wool insulation market.
According to the researchers, global mineral wool insulation market is expected to reach $23.7 billion by 2023 with a CAGR of 3.8% from 2018 to 2023.
The future of the mineral wool insulation market looks promising with opportunities in the residential & non-residential construction, industrial, HVAC, and appliance markets.
The major growth drivers for this market are increasing construction activities, stringent global government regulations and building codes for energy efficiency & fire safety. Residential construction will remain the largest end use industry, and it is also expected to witness the highest growth over the forecast period due to the growth in new home construction and renovation activities.
A direct impact on the dynamics of the mineral wool insulation industry have a growing trend of eco-friendly green insulation, focus on glass wool insulation recycling, and the development of lightweight & high fire resistant insulation.
According to the regions, mineral wool insulation market looks as follows:
- North America
- United Kingdom
- The Rest of the World
Owing to the stringent fire safety and energy efficiency standards, Europe is expected to remain the largest market by value and volume.
According to the material type, the report covers:
- Glass Wool Insulation
- Stone Wool Insulation
Glass wool is expected to remain the largest material type. Low cost, ease of raw material availability, and compliance with numerous building standards will ensure glass wool insulation the highest growth over the forecast period.