The global mineral wool board insulation market size is expected to reach USD 28.52 billion by 2032, according to a new study by Polaris Market Research. The report “Mineral Wool Board Insulation Market Share, Size, Trends, Industry Analysis Report, By Type (Rock Wool, Glass Wool, Others); By Functionality; By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The mineral wool board insulation market is anticipated to witness significant growth in the coming years, driven by its capacity to lower the need for heating and cooling. The growing concerns about limiting the use of power as a part of reducing greenhouse gas emissions by consumers are positively fueling the adoption of mineral wool board insulation. Based on the International Energy Agency report, the construction industry accounts for 1/4th of the global energy-related emissions and approximately 30% of the power utility.
The rising temperatures around the globe due to the significant uptick in global emissions necessitate the need for sustainable housing. According to the International Energy Agency, the number of households with heat, ventilation, and air conditioning (HVAC) units is expected to reach 5.7 billion by 2050, up from 2 billion currently. This is emphasizing governments and other organizations to encounter higher consumption of power by HVAC systems, optimally boosting the use of mineral wool board insulation.
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The growing demand for housing with rising urbanization at the global level is facilitating the need for the construction of energy-efficient buildings in the marketplace, driving the demand for mineral wool board insulation. According to the United Nations, the urban population is likely to reach 60% of the global population in 2030, up from 55% in 2018. This ongoing trend is likely to drive governments to focus on the construction of new dwellings, fueling the demand for mineral wool board insulation.
The significant rise in population, specifically in India and China, is likely to provide enormous demand opportunities for mineral wool board insulation over the study period. According to the Confederation of Real Estate Developers’ Associations of India (CREDAI), in 2024, the housing demand in India is anticipated to meet 93 million units in multiple tier II and III cities by 2036. As the global population is likely to grow to a certain extent, there will be a huge demand for dwellings, primarily sustainable housing, as most of the nations are working towards a net zero emission target.
Mineral Wool Board Insulation Market Report Highlights
Polaris Market Research has segmented the mineral wool board insulation market report based on type, functionality, application and region:
Mineral Wool Board Insulation, Type Outlook (Revenue - USD Billion, 2019 - 2032)
Mineral Wool Board Insulation, Functionality Outlook (Revenue - USD Billion, 2019 - 2032)
Mineral Wool Board Insulation, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Mineral Wool Board Insulation, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
Report Attributes |
Details |
Market size value in 2024 |
USD 17.82 billion |
Revenue forecast in 2032 |
USD 28.52 billion |
CAGR |
6.0% from 2024 – 2032 |
Base year |
2023 |
Historical data |
2019 – 2022 |
Forecast period |
2024 – 2032 |
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
Segments covered |
|
Regional scope |
|
Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
For Specific Research Requirements |