The most recent study conducted by Report Ocean, titled “Global Mineral Wool Board Insulation Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Mineral Wool Board Insulation. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Mineral Wool Board Insulation Market is valued approximately USD $ billion in 2021 and is anticipated to grow with a healthy growth rate of more than 6.50% over the forecast period 2022-2028. Mineral wool, also known as man-made mineral fibres, is composed of natural and synthetic minerals such as ceramic fibres, fibreglass, and stone wool. Mineral wool can be used for filtration, seedling germination, thermal insulation, and soundproofing.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
When mineral wool is crushed into thin layers, it becomes a great heat insulator, which is highly useful in the automobile industry. Gasketing, water and boiler linings used in combustion areas, heat shielding, pipe insulation, fire protection, support insulation for castables and brick, flue liners, burner assemblies, industrial and kiln furnace linings, and nozzles can all be used anywhere high temperature insulation is required.
The versatility of insulator boards is one of its key motivations. In the case of mineral wool insulators, there is a consistent demand in the automobile industry. A significant market for rock wool insulation is the heat and sound resistant side-wall and ceiling of personal automobiles. Aside from that, the rising need for air-conditioned commercial buildings, offices, acoustic-resistant studios, power plants, oil refineries, and other similar applications is a potential end-user for mineral wool insulators. The mineral wool board insulation market is growing as a result of numerous developing industries.
Insulators are a practical and safe industrial material due to their fire and thermal shock resistance. These insulators are increasingly being used in electrical products. Another important market driver for rock wool insulators is their safety. In China, the requirement is expanding with each passing year. In 2019, China has a total of 238 international and local airports. The government intends to build 450 airports by the end of 2035, creating a tremendous demand for the industry. This potential has influenced mineral wool board insulation market developments in Asia-Pacific. Knauf Insulation is well-known for its significant investment in Asia-Pacific countries. The business launched a USD 133 million factory in Malaysia in 2018. It was finished and put into service last year. However, the high cost of Mineral Wool Board Insulation restrains market expansion from 2022 to 2028.
The key regions considered for the Global Mineral Wool Board Insulation Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Due to the expansion of the automotive and fire-protection industries, the Asia Pacific region is anticipated to lead the mineral wool board insulation market. However, due to favourable government laws for the product, the United States and Europe are projected to offer large market prospects. In these nations, there is a noteworthy increase in the number of prospective consumers for automotive, aviation, and commercial building. The government’s support for expanding FDI in these nations recognises the overall expansion.
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Major market player included in this report are:
Rockwool International
Saint-Gobain
Knauf Insulation
Industrial Insulation Group, LLC.
Johns Manville
Owens Corning
USG Corporation
Lloyd Insulations India Ltd
Rockwool India Pvt. Ltd.
Polybond Insulation Private Limited
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Rock Wool
Glass Wool
Others
By Function:
Thermal Insulation
Acoustic Insulation
Others
By Application:
Industrial
Commercial
Residential
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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