Insulation industry news from Global Insulation

UK: Only 18% of UK housing stock conforms with standards set in 2002, according to a study by utilities provider EDF and property data company Sprift. This represents a rise from 7.5% in the previous study conducted in May 2022. 41% of homes fail to meet standards set later than 1976, down from 60% in May 2022. The average ‘insulation age’ of UK housing is 41 years old, 11% younger than the age of 46 years old recorded in the previous study.

Mongolia: Mongol Basalt produced 2248t of stone wool insulation in 2024, which it says helped Mongolians to reduce their energy consumption by 78GW. Nonetheless, the producer’s sales fell by 20%, amid a 35% drop in its prices.

During 2023, Mongol Basalt commenced construction of a new production line at its Ulaanbaatar insulation plant. The UB Post newspaper has reported that the company expects the upgrade to double its capacity to 50,000t/yr, and to introduce new energy-efficient solutions.

US: Owens Corning has published its 2022 Sustainability Report, detailing its progress towards its 2030 sustainability goals during 2022. During the year, the insulation producer reduced its CO₂ emissions by 22% compared with 2018 levels, against a 2030 reduction target of 50%. It sourced 56% of its electricity renewably. It achieved this with the help of multiple power purchase agreements (PPA), including for on-site generation. It concluded a new 81.9MW virtual PPA in Spain, which will come online in stages throughout the rest of 2023 and 2024.

Senior vice president and chief sustainability officer David Rabuano said "In 2023 and beyond, sustainability will remain at the heart of our business and a critical value creator for Owens Corning, our customers and other stakeholders. As we shift into the next chapter of our sustainability strategy, we will build on the foundational efforts that have been central to sustainability within our organisation - and with the engagement of our 19,000 employees worldwide, we will take the action needed to reach the next level."

Türkiye: The Turkish government has introduced new rules on the minimum thickness of insulation used in urban construction. Buildings in Ankara must be fitted with 9cm-thick insulation, compared to 6cm previously, while those in Istanbul must be fitted with 8cm-thick insulation, compared to 5cm previously. Suar Energy News has reported that this accompanies new government regulations that require all new builds to source at least 5% of their electricity renewably, as part of a drive for Nearly Zero-Energy Buildings (NZEB).

Belarus/Russia: US-based Owens Corning has agreed to sell its Belarusian and Russian assets to materials and technologies company Umatex. Umatex is a subsidiary of Russian state-owned nuclear power provider Rosatom. World Service Wire News has reported that the assets in question include the Gus-Khrustalny glasswool plant in Vladimir Oblast and the Tver mineral wool insulation plant in Tver Oblast, both in Russia.

Owens Corning chair and CEO Brian Chambers said "This announcement represents the final step in our process to fully exit our operations in Russia. I would like to thank our colleagues in Russia for their contributions to our company and customers over the years."

US: Owens Corning recorded sales of US$7.48bn during the first nine months of 2022, up by 17% year-on-year from US$6.37bn in the first nine months of 2021. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 24% to US$1.8bn from US$1.45bn. The group's insulation sales rose by 19% to US$2.76bn from US$2.32bn. The segment's higher selling prices reportedly offset accelerating energy, material and transport inflation.

During the year, the company transferred or sold all Russian assets, which had previously contributed US$100m in sales in 2021. Elsewhere, Owens Corning launched three new products during the third quarter of 2022 alone.

UK: Mannok recorded sales of Euro270m in 2021, up by 16% year-on-year from Euro233m in 2020. The company’s earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 17% to Euro25.8m from Euro31.1m. The group attributed this to substantial cost absorption beginning in mid-2021. It noted particularly high raw material costs in its insulation segment due to current global shortages. Overall energy prices rose by 66% year-on-year, while the cost of carbon emissions trading scheme (ETS) credits more than doubled to Euro80/t at the end of the year.

Mannok said that demand for its products remains resilient, supported by stronger cost recovery. It added that a levelling out in energy prices has driven stronger profitability in the first quarter and April of 2022.