Sector Focus: Panel Products | 47
SUMMARY
■Steico expects an EBIT margin of between 12% and 15% in 2023
■European softboard production reached more than 5.6 million m3 in 2021
■Poland remains the largest producer of rigid products
■Gutex has plans for a new plant INSULATION TREND WOODFIBRE
Wood fibre insulation boards remain a growth product area in the international wood-based panels industry, with several projects ongoing to increase production capacity. Stephen Powney reports
Wood fibre insulation boards have proved to be a star performer in the world of wood- based panels in recent years, with their growth trajectory looking set to continue. Several large projects for new wood fibre insulation board facilities have recently been completed or are moving forward, with leading producers still rating 2023 to be a positive year for the business, despite the unsettling economic and geo-political background.
European wood fibre insulation giant Steico said recently that it expects renewed mid- range single-digit percentage revenue growth and an EBIT margin of between 12% and 15% in 2023, which is encouraging.
Although 2022 production statistics for the European wood fibre insulation board (or ‘softboard’) industry are not publicly available yet (they will be published in June), EPF stats on wood fibre insulation from its 2021-2022 Annual Report show the recent trend. The headline stat in 2021 was the largest ever production year for softboard in Europe. European softboard production accelerated its growth from 5.7% in 2020 to 12.6% in 2021 thanks to announced new capacity. The output reached more than 5.6 million m3
,
surpassing the historical high reached in 2018 by 455,000m3
.
Rigid softboard accounted for 57% (61% in 2020) of the output and flexible softboard for
the remaining output. And 96% of the sales went towards the EU27, UK, EFTA, Russia, Turkey and the Balkans.
in 2021, while for flexible softboard it increased by a further 450,000m3 million m3
Installed production capacity for rigid softboard remained stable at 3.42 million m3
to 3.32 thanks to an extension project
in France. Poland remained the largest producer of rigid products, while France overtook Poland as the largest producer of flexible products in 2021. Norway was the third largest producer of flexible products. Germany, France and Norway are the next biggest rigid product manufacturers.
in 2021 – 56% higher than 2020, mainly due to shipments from Norway and China.
EU softboard exports amounted to 453,000m3
in 2021, up by 4.2% compared
to 2020. Switzerland was the largest importer of EU softboard (34%), followed by the UK (19%).
When it comes to showing how the sector is doing, Steico’s financial results give a good clue as to the current trajectory. In early February, Steico reported total annual operating revenue up by 18.2% to €467.6m (e) in 2022 (2021: €395m). EBIT was around €63.8m (e).
Above: An impression of the new Gutex plant in Eschbach
The company operates the single largest integrated plant for the production of wood fibre insulation materials at Czarnków, ►
www.ttjonline.com | May/June 2023 | TTJ
The largest individual application was in building shells – 35% for rigid and 28% for flex. Rigid underlays were also a big segment. EU imports of softboard amounted to 75,000m3
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