Mineral Wool Market

The article discusses the current trends and future projections for the global market of slag wool, rock wool, and similar mineral wools and mixtures. It covers market performance, consumption patterns, production levels, imports, exports, and key players in the industry. The analysis reveals that the market is expected to grow steadily over the next eight years, with significant consumption and production volumes. Furthermore, it highlights the key importing and exporting countries, along with the changing prices in the market.

Market Forecast

Driven by increasing demand for slag wool, rock wool and similar mineral wools and mixtures worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market volume to 35M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.7% for the period from 2022 to 2030, which is projected to bring the market value to $95.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Slag Wool, Rock Wool And Similar Mineral Wools And Mixtures

In 2022, consumption of slag wool, rock wool and similar mineral wools and mixtures was finally on the rise to reach 28M tons after two years of decline. In general, the total consumption indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 28M tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global mineral wool market value totaled $65.9B in 2022, picking up by 3.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.6% against 2019 indices. Over the period under review, the global market attained the peak level at $70.5B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (5.8M tons), the United States (5.2M tons) and India (2.3M tons), with a combined 48% share of global consumption. Japan, Pakistan, Russia, Brazil, South Korea, Germany, France, Iran and Canada lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the biggest increases were recorded for Pakistan (with a CAGR of +8.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($29.5B) led the market, alone. The second position in the ranking was held by China ($8B). It was followed by the United States.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan amounted to +3.9%. The remaining consuming countries recorded the following average annual rates of market growth: China (+9.8% per year) and the United States (+2.9% per year).

The countries with the highest levels of mineral wool per capita consumption in 2022 were the United States (16 kg per person), Japan (12 kg per person) and South Korea (12 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by China (with a CAGR of +6.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Slag Wool, Rock Wool And Similar Mineral Wools And Mixtures

In 2022, after two years of decline, there was growth in production of slag wool, rock wool and similar mineral wools and mixtures, when its volume increased by 0.4% to 27M tons. Over the period under review, the total production indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the production volume increased by 14% against the previous year. Global production peaked at 28M tons in 2019; however, from 2020 to 2022, production failed to regain momentum.

In value terms, mineral wool production expanded to $65.5B in 2022 estimated in export price. Overall, the total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -9.3% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of 22%. Over the period under review, global production attained the peak level at $72.2B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (6M tons), the United States (5.2M tons) and India (2.3M tons), with a combined 49% share of global production. Japan, Russia, Pakistan, Brazil, Germany, South Korea, Iran, Poland, Canada and France lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Pakistan (with a CAGR of +8.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Slag Wool, Rock Wool And Similar Mineral Wools And Mixtures

Global mineral wool imports shrank modestly to 2.4M tons in 2022, dropping by -2.4% compared with 2021 figures. The total import volume increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by 17%. Global imports peaked at 2.4M tons in 2018; afterwards, it flattened through to 2022.

In value terms, mineral wool imports rose notably to $3.3B in 2022. In general, total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +34.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 23% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports By Country

In 2022, Italy (263K tons), followed by Germany (160K tons), France (159K tons) and Sweden (111K tons) represented the key importers of slag wool, rock wool and similar mineral wools and mixtures, together mixing up 29% of total imports. The following importers - the United States (103K tons), Austria (100K tons), Romania (91K tons), the Czech Republic (89K tons), Poland (83K tons), Kazakhstan (73K tons), Belgium (70K tons), Finland (63K tons) and Norway (48K tons) - together made up 30% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Finland (with a CAGR of +11.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest mineral wool importing markets worldwide were Germany ($268M), Italy ($259M) and France ($213M), with a combined 22% share of global imports. The United States, Sweden, Poland, Belgium, Austria, the Czech Republic, Finland, Romania, Norway and Kazakhstan lagged somewhat behind, together accounting for a further 31%.

Among the main importing countries, Finland, with a CAGR of +11.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average mineral wool import price amounted to $1,382 per ton, rising by 13% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($1,675 per ton), while Kazakhstan ($786 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+3.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Slag Wool, Rock Wool And Similar Mineral Wools And Mixtures

In 2022, the amount of slag wool, rock wool and similar mineral wools and mixtures exported worldwide shrank to 2.3M tons, with a decrease of -2.7% against the year before. The total export volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 16% against the previous year. The global exports peaked at 2.3M tons in 2021, and then fell modestly in the following year.

In value terms, mineral wool exports expanded notably to $3.3B in 2022. Over the period under review, total exports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +34.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 23%. The global exports peaked in 2022 and are likely to continue growth in the near future.

Exports By Country

In 2022, Poland (348K tons), followed by Germany (229K tons), China (215K tons), Croatia (154K tons), the Netherlands (137K tons), Russia (112K tons), Slovenia (105K tons) and Turkey (105K tons) were the major exporters of slag wool, rock wool and similar mineral wools and mixtures, together creating 62% of total exports. France (96K tons), Slovakia (75K tons), Norway (66K tons), Spain (65K tons) and the UK (60K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +25.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest mineral wool supplying countries worldwide were Poland ($519M), China ($351M) and the Netherlands ($296M), with a combined 36% share of global exports. Germany, the UK, Croatia, France, Slovenia, Russia, Norway, Turkey, Spain and Slovakia lagged somewhat behind, together accounting for a further 36%.

In terms of the main exporting countries, Turkey, with a CAGR of +19.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average mineral wool export price amounted to $1,435 per ton, picking up by 12% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the UK ($2,946 per ton), while Slovakia ($682 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform