The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
Rockwool is a natural fiber processed by crushing, heating, and melting rock or stone materials in a furnace at high temperature. Rockwool are characterized by numerous physical and chemical properties such as fire resilience, thermal insulation, acoustic capabilities, robust, and better aesthetics. Rockwool are available many forms including chopped, strands, or grid, and they are widely adopted in construction, automotive, aerospace and defence, and power generation industry.
Rockwool: Market Drivers and Challenges
In the construction industry rockwool is used for internal heat and sound insulation of floors, walls, tubes and pipes, tanks, chimneys, fire protection structures, amongst others. It is also used as reinforcing material instead of steel and other fibers. Thus, the increased spending in the construction sector by regional government and increasing number of private-public partnerships (PPP) and aforementioned properties of rockwool are anticipated to attribute towards the growth of the rockwool’s in the construction industry.
Temperature maintenance, noise control, and comfortability are the crucial requirements in residential and commercial infrastructures, especially in hospitals and healthcare centers, thus the use of rockwool insulated walls and composites is an emerging trend, which in turn, is estimated to drive the demand for the rockwool market in coming years. Also, controlled temperature dramatically reduces the energy cost and building’s carbon footprint, thereby aiding to the cause of the green environment. Further, rockwools are being widely adopted in building’s that are in close proximity of railways, tramways or airports, which can be very noisy.
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Furthermore, use of the rockwools in the manufacturing of heat and sound insulation of engines, interiors of buses, and lightweight vehicle composites are the foreseeable trend in the automotive industry, which in turn, is estimated to drive the demand for rockwool over the forecast period. Increasing penetration of lightweight composites materials in the automotive industry and the growing concern about the environmental pollution and stringent regulations pertaining to vehicle emissions resulting in the greenhouse effect, there has been a significant swift rise in demand for light weight automotive cabin components. Thus, the automotive segment is estimated to witness higher growth rate among other end-use industries. Moreover, in the aerospace industry, rockwools are used predominantly for heat and sound insulation. Additionally, rockwool’s increasing demand in the manufacturing of lightweight aircraft parts to augment the growth of the market during the projected period.
However, the initial equipment set up and plant establishment is a capital intensive process and therefore requires technical expertise and high cost of production which could inhibit the growth the rockwool market.
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Rockwool: Market Segmentation
On the basis of type, the global rockwool market can be segmented into the following:
- Chopped Strands
- Mesh or grids
On the basis of end use industry, the global Rockwool market can be segmented into the following:
- Aerospace & Defence
- Power Generation
- Sports & Related Accessories
Rockwool: Regional Market Outlook
Countries such as China, India are anticipated to witness comparatively higher growth as a result of the increasing PPP investment and government subsidies in the building and construction and automotive sector. Thus, China is projected to be a lucrative region in terms of market growth. North America and Europe are estimated to hold dominant share in the market owing to the regions inclinations towards better aesthetics in sports and accessories, and need of thermal and sound insulation in commercial and residential buildings. Latin America and the Middle East and Africa are at the introductory phase in the global rockwool market.
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Rockwool: Key Market Players
The global rockwool market is anticipated to be a fairly organized market.
Examples of some of the market participants in the global Rockwool market identified across the value chain include:
- Thermafiber, Inc.
- ROCKWOOL International A/S
- Beijing New Building Material (Group) Co., Ltd.
- Johns Manville.
- Kingspan Group
- Owens Corning
- Paroc Group Oy
- URSA Insulation, S.A
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