Mineral Wool Material Market Size, Share and Industry Analysis Report by Product (Rock Wool, Glass Wool), Form (Board, Blankets, Panel) and Application (Building & Construction, Industrial, Transportation), Country Outlook, Growth Potential, Competitive M

Mineral Wool Material Market Size, Share and Industry Analysis Report by Product (Rock Wool, Glass Wool), Form (Board, Blankets, Panel) and Application (Building & Construction, Industrial, Transportation), Country Outlook, Growth Potential, Competitive Market Share & Forecast, 2021- 2027

The mineral wool material market is expected to grow considerably by 2027 on account of the rapid expansion of the pre-engineered buildings (PEB) industry in key regions.

Extensive application of mineral wool across several sectors in the insulation industry, including fire-protection, acoustic, and thermal purposes in construction and transportation, has fueled market adoption. Additionally, mounting demand for nano-based thermal insulation for energy-efficient buildings has augmented industry growth over the past few years.

Moreover, industry players have been engaging in profitable strategies to gain a competitive edge in the evolving marketplace, which has strengthened overall industry growth. For instance, in January 2022, Knauf Insulation, a key manufacturer of insulation products, announced the acquisition of a Glass Mineral Wool plant located in Central Romania to cater to escalating regional demand. With the acquisition, Knauf Insulation intended to extend its solutions to customers in the rapidly expanding market of Eastern Europe, Romania, and CIS.

To cite another instance, in November 2021, industry leader Saint-Gobain announced plans to invest USD 400 million through its building products subsidiary CertainTeed for expanding its production capacity at four major manufacturing facilities across the United States. The strategic investment was planned to enable Saint-Gobain to significantly increase its production capacity and expand its light and sustainable construction solutions to a broader consumer base.

In another instance, in January 2020, Armacell, a leading manufacturer of flexible insulation materials and industrial foams, launched its novel flexible elastomeric foam insulation, dubbed the ArmaFlex Ultra with FlameDefense Technology. ArmaFlex Ultra has been designed to provide moisture resistance and condensation control to prevent moisture from developing on pipes. In addition, Armacell's FlameDefense Technology helps prevent fires and decreases smoke production.

The mineral wool material market has been segmented on the basis of application, product, form, and region. With respect to form, the market has further been classified into panel, board, blanket, and others. The others sub-segment is projected to garner a substantial valuation by 2027, growing at a CAGR of above 4.5% through the assessment period.

From the regional point of view, the Latin America mineral wool material market is slated to witness sturdy growth by 2027, progressing at around 5.5% CAGR over the study timeline owing to the booming domestic construction sector. Additionally, surging demand for eco-friendly products in LATAM is estimated to drive regional market expansion in the coming time period.

Meanwhile, the Middle East & Africa mineral wool material market was valued at nearly USD 705 million in 2020 and is speculated to showcase robust development through the analysis timeframe. This growth is attributed to the growing industrial sector in the MEA region.