The demand for mineral fiber is being conceded away with the increasing construction activities in the developing nations across the globe. With large market potential and growing infrastructural developments in developing regions, the global mineral fiber market is likely to observe a substantial growth in the near future.
The non-flammable properties associated with mineral wool makes it an ideal material for the fire protection which has made it very common in all types of buildings – be they homes, schools, offshore oilrigs, petrochemical refineries and others. The properties of mineral wool has forced development of a wide variety of application to meet the specific needs of industry.
Mineral Fiber Market: Drivers & Restraints
The most important driving force behind the ongoing innovation of mineral wool products is the high demand for thermal insulation. The building materials using glass wool insulation consistently has proven it the most cost effective solution. This has increased the demand for heat insulation products for the industrial applications to avoid heat loss and save energy.
The global mineral fiber market growth will also be supported by the rising demand for acoustical insulation in the residential and commercial buildings that is expected to positively influence the demand of mineral wools as it is the primary acoustic material used in the construction of acoustic panels and bass traps.
The better availability of raw materials coupled with the growing building and construction sector is expected to positively influence the demand for mineral fiber market.
Although, the global mineral fiber market will remain highly reliant on construction sector, the growing special purpose mineral fiber made of glass in marine and aircraft applications are also rising the significance of the mineral fiber in different industries.
The global mineral fiber market is also facing some challenges such as the regulations and standards applicable and mandatory compliance with the rules owing to the health hazards associated with the use of the material.
Mineral Fibre Market: Segmentation
By type, the global mineral fiber market is segmented as follows:
- Glass Filaments
- Ceramic Fibres
By application, the global mineral fiber market is segmented as follows:
- Thermal Insulation
- Acoustic Insulation
- Fire Protection
By end products, the global mineral fiber market is segmented as follows:
- Ceiling boards
- Panels and Tiles
- Others (Customised Shapes, etc.)
By building type, the global mineral fiber market is segmented as follows:
Mineral Fiber Market: Region-wise Outlook
The mineral fiber market is expected to register a favourable growth for the forecast period, 2016-2026. North America market is projected to endure control on the global mineral fiber market due to its flourishing end user industries. Some of the other fastest growing regions in mineral fiber market are Latin America, Middle East and Asia Pacific. The North America and Western Europe are expected to register a moderate growth rate owing to the saturation of end use markets in the regions. The Eastern Europe is expected to depict a high growth in the future ahead.
Mineral Fiber Market: Key Players
The key players in the global mineral fiber are Saint-Gobain, CertainTeed Corp Rockwool International, Industrial Insulation Group, LLC. Knauf Insulation., Guardian Fiberglass, Inc., Owens Corning, Johns Manville, Roxul Inc., Rock Wool Manufacturing Co., Thermafiber, Inc. and USG Interiors, Inc. etc.