Phenolic Insulation Boards Sales

Pheolic Insulation Boards Sales Market Outlook

The global phenolic insulation boards market is estimated to reach USD 3.6 billion by 2035, growing at a compound annual growth rate (CAGR) of 5.8% from 2025 to 2035. The surge in demand for energy-efficient building materials, increasing awareness regarding thermal insulation, and stringent government regulations aimed at reducing energy consumption are driving the growth of this market. The versatility of phenolic insulation boards in various sectors, including residential, commercial, and industrial applications, is also a significant factor contributing to their rising popularity. Additionally, the advancements in manufacturing technologies are enabling the production of higher quality and more eco-friendly insulation materials. The shift towards sustainable construction practices further propels the demand for phenolic insulation boards, as they provide not only thermal efficiency but also contribute to overall building sustainability.

Growth Factor of the Market

One of the primary growth factors in the phenolic insulation boards market is the increasing need for energy conservation across various sectors. As global energy prices continue to rise, both consumers and businesses are looking for ways to reduce their energy expenditures. Phenolic insulation boards, known for their superior thermal performance, offer an effective solution to this challenge. Another significant factor is the growing construction industry in emerging economies, where urbanization and infrastructure development are leading to a higher demand for innovative building materials. Additionally, the building and construction sector is witnessing a shift towards green building practices, as environmental concerns prompt stakeholders to seek materials that contribute to sustainability. The rising adoption of stringent building codes and standards, which mandate energy efficiency, further enhances the market for phenolic insulation boards. Lastly, technological advancements that improve the properties of these boards, such as fire resistance and moisture control, are making them increasingly desirable in both new constructions and renovation projects.

Key Highlights of the Market

• Projected to reach USD 3.6 billion by 2035 with a CAGR of 5.8%.
• Increasing focus on energy-efficient building materials driving market growth.
• Significant expansion of the construction industry in emerging economies.
• Technological advancements enhancing the performance characteristics of phenolic insulation boards.
• Growing trend towards sustainable building practices boosting demand.

By Product Type

Rigid Phenolic Insulation Boards:

Rigid phenolic insulation boards are a prominent segment within the phenolic insulation boards market, largely due to their excellent thermal performance and structural integrity. These boards are characterized by their high compressive strength and rigidity, making them suitable for various applications, including walls, roofs, and floors. Their low thermal conductivity ensures high energy savings while maintaining a lightweight profile that facilitates easy handling and installation. Rigid boards are particularly favored in industrial and commercial settings where space optimization and energy efficiency are critical. Their inherent fire resistance further enhances their appeal, making them a preferred choice for strict building regulations that prioritize safety and performance.

Flexible Phenolic Insulation Boards:

Flexible phenolic insulation boards are designed for applications where adaptability and ease of installation are paramount. Their pliable nature allows them to conform to various shapes and surfaces, making them ideal for use in irregular spaces or complex architectural designs. These boards are often employed in HVAC systems, where they provide exceptional thermal insulation while accommodating the dynamics of air flow and duct configurations. The flexibility of these boards also makes them an attractive option for retrofit applications, allowing them to be easily integrated into existing structures. Additionally, the lightweight characteristic aids in labor efficiency during installation, thus saving time and costs in construction projects.

Spray Phenolic Insulation Boards:

Spray phenolic insulation boards have gained traction due to their ease of application and versatility. This type of insulation is applied as a liquid that expands on contact, forming a solid thermal barrier without seams or gaps, which significantly reduces the risk of thermal bridging. Spray insulation is especially useful in hard-to-reach areas, offering comprehensive coverage that rigid or flexible boards may struggle to achieve. The practical benefits of spray phenolic insulation boards are complemented by their excellent fire resistance and low smoke emissions, making them suitable for applications in sensitive environments such as hospitals and schools. Furthermore, the application process allows for a quick turnaround, enabling contractors to enhance project efficiency.

Molded Phenolic Insulation Boards:

Molded phenolic insulation boards are crafted through a specialized molding process, resulting in products that can exhibit varied densities and thicknesses based on specific application needs. Their remarkable thermal resistance properties make them suitable for high-performance insulation applications, particularly in industrial settings where temperature fluctuations occur frequently. These boards are also commonly utilized in refrigeration and cold storage facilities due to their ability to minimize heat transfer effectively. The molded design allows for precise dimensional control, ensuring a snug fit in installations and contributing to overall efficiency. Given their adaptability and performance, molded phenolic insulation boards are highly regarded in the marketplace.

Others:

This category encompasses various other forms of phenolic insulation boards that may not fit the standard classifications but still contribute to the overall market. Innovations in insulation technologies may lead to the development of hybrid or composite boards that combine phenolic properties with other materials to enhance performance metrics. These boards may appeal to niche markets or specific applications where specialized insulation characteristics are required, such as acoustic insulation or enhanced moisture resistance. As research and development in the insulation sector continue to advance, these 'other' phenolic insulation solutions are expected to gain more prominence and cater to diverse consumer needs.

By Application

Residential Buildings:

The application of phenolic insulation boards in residential buildings is pivotal as homeowners increasingly seek energy-efficient solutions. Insulation plays a crucial role in maintaining comfortable indoor temperatures while minimizing the demand for heating and cooling systems. By incorporating phenolic insulation boards in the construction of walls, roofs, and floors, residential buildings can achieve significant energy savings and reduce their carbon footprint. The lightweight and easy-to-install nature of these boards ensures that they can be seamlessly integrated into both new builds and renovation projects. Moreover, the growing trend towards sustainable living and energy-efficient homes further fuels the adoption of phenolic insulation boards in the residential sector.

Commercial Buildings:

Commercial buildings represent a substantial portion of the phenolic insulation boards market, driven by the need for energy-efficient construction practices in businesses. These buildings often require effective insulation solutions to reduce operational costs associated with heating and cooling. Phenolic insulation boards are particularly well-suited for commercial applications due to their robust thermal performance, fire resistance, and ability to fit into varied construction designs. The increasing emphasis on green building certifications, such as LEED (Leadership in Energy and Environmental Design), is likely to promote the use of phenolic insulation in commercial spaces to comply with environmental standards. As the commercial real estate sector continues to expand, the demand for effective insulation materials will remain strong.

Industrial Buildings:

In industrial settings, phenolic insulation boards are essential for maintaining temperature control and energy efficiency in facilities like warehouses and manufacturing plants. The boards' high thermal resistance helps to stabilize internal temperatures, which is critical for processes that require strict climate control. Moreover, their durability and resistance to moisture, chemicals, and fire make them suitable for demanding industrial environments. As industries strive to reduce energy consumption and operational costs, the adoption of phenolic insulation boards is becoming increasingly common. The growing trend of automation and modernization in industrial sectors also enhances the scope for incorporating advanced insulation solutions, including phenolic boards.

HVAC Systems:

Phenolic insulation boards are widely used in HVAC systems due to their excellent thermal performance and low thermal conductivity. These boards are essential in ductwork and other HVAC components, where maintaining temperature is crucial for system efficiency. The smooth, rigid surface of phenolic insulation boards helps to minimize friction loss, ensuring that conditioned air travels efficiently through the system. Furthermore, the ability of these boards to reduce noise transmission enhances the overall comfort level within buildings. As the HVAC industry continues to evolve with an emphasis on energy efficiency, the demand for phenolic insulation boards will likely see an upward trend, driven by the need for effective thermal management.

Others:

Other applications of phenolic insulation boards extend to various niche markets, including refrigeration, automotive, aerospace, and marine sectors. In refrigeration, phenolic boards help maintain low temperatures in cold storage facilities, enhancing product preservation and energy efficiency. The automotive and aerospace industries utilize these boards for their lightweight and insulating properties, which contribute to overall fuel efficiency. Marine applications benefit from phenolic insulation's resistance to moisture and corrosion, making it suitable for boats and ships. As diverse industries continue to explore innovative insulation solutions, the 'others' category of phenolic insulation boards is expected to grow, driven by specific performance requirements.

By Distribution Channel

Direct Sales:

Direct sales of phenolic insulation boards are a crucial segment of the market, enabling manufacturers to establish a direct relationship with customers. This channel often allows for better pricing strategies and enhanced customer service, as buyers can engage directly with suppliers about their specific needs and applications. Direct sales are particularly beneficial for large-scale projects, where contractors and builders require bulk purchasing options. Additionally, manufacturers can provide customized solutions tailored to project specifications through direct interactions, ensuring that the insulation products meet exact requirements. The direct sales model is likely to remain a significant channel as demand for specialized insulation solutions increases.

Indirect Sales:

Indirect sales of phenolic insulation boards typically involve distributors, retailers, and wholesalers who act as intermediaries between manufacturers and end-users. This channel plays a vital role in expanding market reach, as it allows manufacturers to leverage existing distribution networks and customer bases. Indirect sales often facilitate greater accessibility for smaller builders and contractors who may not engage directly with manufacturers. This channel also offers an advantage in terms of convenience, as customers can purchase insulation boards from local suppliers or home improvement stores. As the market for phenolic insulation continues to expand, indirect sales will play a crucial role in meeting demand across various sectors.

By User

Construction:

The construction industry is one of the largest users of phenolic insulation boards, driven by the ongoing demand for energy-efficient building materials. Builders and contractors increasingly recognize the importance of thermal insulation in achieving energy compliance and enhancing building performance. Phenolic boards are commonly used in wall systems, roofing, and flooring applications, helping to achieve optimal energy efficiency in both residential and commercial projects. The construction sector's strong focus on sustainability and regulatory compliance is expected to further bolster the demand for phenolic insulation boards, as these materials align with green building practices and contribute to overall energy savings.

HVAC:

In the HVAC industry, phenolic insulation boards are essential for ensuring energy efficiency and effective temperature control in heating, ventilation, and air conditioning systems. HVAC professionals utilize these boards in ductwork and insulation applications, where minimizing energy loss is critical. The unique properties of phenolic insulation, such as low thermal conductivity and resistance to moisture, make them ideal for maintaining the integrity of HVAC systems. As the HVAC sector continues to evolve with advancements in technology and energy efficiency, the demand for phenolic insulation boards will likely rise, driven by the need for innovative solutions that enhance overall system performance.

Industrial:

The industrial sector relies heavily on phenolic insulation boards for various applications, including temperature control and energy savings in manufacturing processes. These boards are widely used in facilities that require strict environmental conditions, such as chemical plants, food processing, and pharmaceuticals, where temperature stability is crucial. Phenolic insulation boards offer robust thermal resistance, fire safety, and durability, making them suitable for demanding industrial environments. As industries increasingly prioritize energy efficiency and sustainability, the adoption of advanced insulation solutions like phenolic boards is expected to grow, contributing to reduced operational costs and enhanced productivity.

Others:

The 'others' category encompasses a variety of users that employ phenolic insulation boards for specialized applications. This includes sectors such as automotive, aerospace, and marine, where the unique properties of phenolic insulation are leveraged for specific performance requirements. In the automotive industry, for example, lightweight phenolic boards contribute to improved fuel efficiency and thermal management within vehicles. In the aerospace sector, phenolic insulation is utilized in aircraft manufacturing for its weight-saving benefits and fire resistance. These diverse applications highlight the versatility of phenolic insulation boards and demonstrate their growing significance across multiple industries.

By Region

The North American phenolic insulation boards market is anticipated to witness substantial growth, driven by the increasing demand for energy-efficient building materials and stringent building codes promoting thermal insulation. The U.S., as a major contributor, is focusing on enhancing energy efficiency in both residential and commercial sectors. The booming construction industry and rising awareness regarding sustainable practices further augment market opportunities. With a projected CAGR of 5.5% during the forecast period, North America is set to remain a dominant player in the phenolic insulation boards landscape due to its robust infrastructure investments and technological advancements.

In Europe, the phenolic insulation boards market is expected to grow steadily, with a particular emphasis on new building standards that prioritize energy efficiency. The European Union's commitment to reducing greenhouse gas emissions and enhancing energy performance in buildings is pushing for innovative insulation solutions. Countries like Germany and the UK are leading the charge in adopting phenolic insulation boards as part of their green building initiatives. With rising construction activities and a general shift towards sustainable practices, the European market for phenolic insulation boards is poised for a substantial increase, targeting a CAGR of 4.8% over the forecast period. This growth reflects the region's proactive stance on environmental sustainability and energy conservation.

Opportunities

The phenolic insulation boards market is brimming with opportunities, particularly due to emerging trends in green building and sustainable construction practices. As more governments and regulatory bodies enforce rigorous energy efficiency standards, the demand for high-performance insulation materials is expected to surge. Manufacturers equipped to innovate and improve phenolic insulation products will likely benefit greatly from this trend, as customers increasingly seek solutions that offer better thermal performance, fire safety, and environmental benefits. Furthermore, as climate concerns continue to influence consumer preferences, the market is poised for growth driven by an overarching desire for products that promote energy savings and reduced carbon footprints in both residential and commercial buildings. The continued investment in research and development is anticipated to yield new phenolic formulations that can cater to specific needs, thereby broadening the overall market appeal.

Another significant opportunity exists in the integration of smart technologies within the construction and HVAC industries. The rise of smart buildings, equipped with advanced monitoring and control systems, creates a fertile ground for phenolic insulation boards that can optimize their insulation performance in real-time. As building owners seek to leverage technology for improved energy management, the coupling of smart systems with high-performance insulation materials will present manufacturers with lucrative prospects. Additionally, the growing trend of retrofitting older buildings with energy-efficient materials opens avenues for the phenolic insulation boards market, as property owners invest in upgrades to meet modern standards. The combination of regulatory support, technological advancements, and an evolving consumer mindset towards efficient building practices creates a rich landscape of opportunities for growth in this market.

Threats

Despite the promising outlook for the phenolic insulation boards market, several threats could hinder its growth potential. One of the most significant concerns revolves around fluctuating raw material prices, which can adversely impact production costs and overall profitability for manufacturers. Economic instability and geopolitical tensions can disrupt supply chains, leading to increased prices for essential materials. Additionally, if alternative insulation materials, such as spray foam or fiberglass, achieve significant advancements in performance and cost-effectiveness, they could pose a competitive threat to phenolic insulation boards. Manufacturers must continuously innovate and demonstrate the value proposition of phenolic insulation to counteract competitive pressures effectively. Furthermore, potential regulatory changes or increased scrutiny regarding the environmental impact of phenolic products could result in heightened compliance costs or even restrictions on certain formulations, thereby posing a challenge for market participants.

Another concern is the threat of economic downturns, which could affect construction spending across various sectors. If economic conditions worsen, construction projects might face delays or cancellations, leading to reduced demand for phenolic insulation boards. The market could also experience price wars as manufacturers strive to maintain market share, ultimately impacting profitability across the sector. Additionally, the global shift towards more sustainable materials raises the question of whether phenolic insulation boards can keep pace with emerging eco-friendly alternatives. Industry players must be proactive in addressing these threats by investing in sustainable practices, maintaining transparency in their supply chains, and focusing on product differentiation to remain competitive.

Competitor Outlook

• Kingspan Group plc
• Huntsman Corporation
• BASF SE
• Owens Corning
• Rockwool International A/S
• Celotex Limited
• Saint-Gobain
• Paroc Group
• Thermo-Lite Insulation Products
• Isowool Insulation
• Fletcher Building Limited
• Johns Manville
• Armacell International S.A.
• Beijing New Building Material (Group) Co., Ltd.
• GAF Materials Corporation

The competitive landscape of the phenolic insulation boards market is characterized by a mix of established players and innovative newcomers, each vying for market share through product differentiation and strategic partnerships. Key players such as Kingspan Group and Huntsman Corporation leverage their extensive research and development capabilities to produce high-performance phenolic insulation products that cater to specific market demands. Furthermore, these companies often engage in collaborations with construction firms and contractors to promote the benefits of phenolic insulation in energy-efficient building projects. This strategic focus not only enhances their market positioning but also fosters brand loyalty among customers who value performance and sustainability.

Moreover, companies like BASF SE and Owens Corning emphasize innovation by investing in new manufacturing technologies and sustainable practices. As consumer preferences shift toward eco-friendly materials, these manufacturers aim to develop phenolic insulation boards that not only meet performance standards but also align with environmental sustainability goals. By focusing on aspects such as recyclability and reducing carbon emissions during production, these companies are better positioned to meet the evolving expectations of the market. The highly competitive nature of the industry necessitates that market players continuously monitor trends, adapt to changing regulations, and align their product offerings with customer preferences to maintain a competitive edge.

In addition to established players, the entry of smaller firms into the phenolic insulation boards market adds a layer of dynamism. These newcomers often specialize in niche applications or cater to specific regional markets, providing innovative and customized solutions that challenge the status quo. They may focus on unique formulations or proprietary manufacturing processes, thereby capturing the attention of customers looking for tailored insulation solutions. The competition in the market is expected to intensify as these players strive to carve out their niche and compete on price, performance, and service. To remain relevant, established manufacturers must stay vigilant and adapt to the changing landscape, ensuring they preserve their market share while navigating the challenges posed by emerging competitors.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 BASF SE
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Paroc Group
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Saint-Gobain
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Owens Corning
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Johns Manville
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Celotex Limited
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Isowool Insulation
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Kingspan Group plc
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Huntsman Corporation
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Fletcher Building Limited
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 GAF Materials Corporation
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Rockwool International A/S
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Armacell International S.A.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Thermo-Lite Insulation Products
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Beijing New Building Material (Group) Co., Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Phenolic Insulation Boards Sales Market, By User
    • 6.1.1 Construction
    • 6.1.2 HVAC
    • 6.1.3 Industrial
    • 6.1.4 Others
  • 6.2 Phenolic Insulation Boards Sales Market, By Application
    • 6.2.1 Residential Buildings
    • 6.2.2 Commercial Buildings
    • 6.2.3 Industrial Buildings
    • 6.2.4 HVAC Systems
    • 6.2.5 Others
  • 6.3 Phenolic Insulation Boards Sales Market, By Product Type
    • 6.3.1 Rigid Phenolic Insulation Boards
    • 6.3.2 Flexible Phenolic Insulation Boards
    • 6.3.3 Spray Phenolic Insulation Boards
    • 6.3.4 Molded Phenolic Insulation Boards
    • 6.3.5 Others
  • 6.4 Phenolic Insulation Boards Sales Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Indirect Sales

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Phenolic Insulation Boards Sales Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Phenolic Insulation Boards Sales market is categorized based on

By Product Type

• Rigid Phenolic Insulation Boards
• Flexible Phenolic Insulation Boards
• Spray Phenolic Insulation Boards
• Molded Phenolic Insulation Boards
• Others

By Application

• Residential Buildings
• Commercial Buildings
• Industrial Buildings
• HVAC Systems
• Others

By Distribution Channel

• Direct Sales
• Indirect Sales

By User

• Construction
• HVAC
• Industrial
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Kingspan Group plc
• Huntsman Corporation
• BASF SE
• Owens Corning
• Rockwool International A/S
• Celotex Limited
• Saint-Gobain
• Paroc Group
• Thermo-Lite Insulation Products
• Isowool Insulation
• Fletcher Building Limited
• Johns Manville
• Armacell International S.A.
• Beijing New Building Material (Group) Co., Ltd.
• GAF Materials Corporation