DataM IntelligenceGlobal Mineral Wool Panels Market is expected to grow at a high CAGR of 6.5% during the forecasting period (2022-2029).Market Overview
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.
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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.
Segment Analysis
By Product Type
· Rock Wool
· Glass Wool
· Slag Wool
By Application
· Roof Panels
· Wall Panels
· Insulated Panels
· Others
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.
Key Players Covered in the Global Market Report:
The major players in the market are Kingspan Group, ArcelorMittal Construction, MANNI Group, Saint-Gobain S.A., Assan Panel AS.
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