According to the report of Research and Markets, the Global Mineral Wool market accounted for $9.45 billion in 2017 and is expected to reach $19.55 billion by 2026 growing at a CAGR of 8.4% during the forecast period.
Construction and transportation sectors are favouring the market growth. Mineral wool is mostly used as thermal and sound insulation in the automotive, residential and industrial construction.
According to the researchers, mineral wool insulation consists of glass wool, slag wool and fully-recyclable basalt wool that is produced from igneous rock so it is an eco-friendly material.
By regions, Asia Pacific is expected to have the highest market share due to rapid urbanization and progress in the automotive sector.
The growth of this region can be attributed to favorable government regulations and low labor cost in India and huge progress in the automotive industry in China and India.
The key players in the mineral wool market include
- Johns Manville Inc
- Owens Corning
- Rockwool International A/S
- USG Corporation
- Knauf Insulation GmbH
- Superior Energies, Inc
- Scot Industries
- Silbrico Corporation
- Poly Glass Fiber
Researchers from the international consulting company Lucintel, analyzing the market of mineral wool insulation, are making much more optimistic forecasts.