Thanks to the robust revival of the construction sector since the outbreak of the COVID-19 pandemic, the global mineral wool material market forecast appears to be strong, replete with new growth prospects. The growing number of smart city projects worldwide is generating opportunities for market players, who have been launching more efficient products to cater to the changing focus of end-users.
By 2027, the global mineral wool material market size will have crossed over $4.5 billion. U.P. Twiga Fiberglass Limited, Knauf Insulation, Lloyd Insulations (India) Limited, Gyptech Systems Pvt. Ltd., Rockwool, and Saint Gobain India Pvt. Ltd. are some top mineral wool companies in the international landscape. Industry players have been launching more sustainable range of products, often aimed at reducing installation and maintenance time and costs.
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According to some experts, city residents are likely to look for functional features rather than flashy ones over the upcoming decade. A recent survey consisting of residents from across 118 global cities reveals that the top priorities of participants included affordable housing, health services, and employment, suggesting the role of non-tech solutions such as mineral wool products in improving their lifestyles. Since mineral wool is fire-resistant, noise-proof, easy to handle, and affordable, it is increasingly being used across construction applications as an insulation material.
Growing infrastructure funding across U.S. to push market expansion
With the U.S. government accelerating investments toward transportation and infrastructure, the expenditure toward superior insulation solutions is expected to grow. In November 2021, the Biden government introduced the long-anticipated infrastructure bill worth $1 trillion, which includes $550 billion toward transportation sector. Over the next five years, the bill will support smart city projects, which will be able to pay for smart traffic sensors, commerce delivery, and logistics solutions.
U.S. mineral wool market share is expanding at a steady pace, owing to the surging consumption across the construction and building sector. These products keep the building cooler or warmer than exterior environment, making it an excellent insulator. Because of the persistent threat of fire accidents, building contractors have been preferring the use of these products, which are not only fire-resistant, but also act as extraordinary acoustic dampener for buildings where noise is a major concern.
Mineral wool usage to accelerate across HVAC applications in North America
Mineral wool insulation industry in North America is gaining traction, driven by the increasing use of mineral wool in the piping industry. The thermal insulation properties of mineral wool ensure that pipes do not freeze in cold weather conditions and can transport high-temperature materials efficiently.
As these materials are being deployed by numerous HVAC companies for delivering effective cooling and heating solutions, North America mineral wool material market is slated for a stable expansion.
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Introduction of water-repellent products hints at high potential of marine applications
In July 2020, Johns Manville (JM) launched a complete portfolio of water-repellent products, including industrial board, v-groove pipes, blankets, and fittings. The MinWool-1200 water repellent range of products provides an additional line of defense against probable water ingress and corrosion. The lightweight properties of the products are another major benefit for shipbuilders, who are seeking alternatives to traditional mineral wool insulation in ships.
The MinWool Marine Board offers high thermal control as well as fire resistance in conditions operating up to 1200°F. Many shipbuilding contractors have been installing these products as they are easy to handle, emit minimal dust, and can be installed directly in decks and bulkheads. Extraordinary vibration resistance, higher energy savings, and reduced operating costs have been prolonging service life in marine applications.
As these products are made from inorganic basalt fibers, they exhibit high performance and durability. The low water vapor sorption in these new technologies prevents mildew or mold growth, minimizing the risk of bacterial of fungi growth. Since the disruption caused by the COVID-19 pandemic, shipping companies and shipbuilders have been inclined toward labor-saving technologies. Since the latest range of products in the marine mineral wool insulation market are easy to fabricate, minimize job clean up time, and eliminate the use of sawing, labor expenses can be substantially saved.
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