At Armacell, we continuously invest in the expansion of our production capacities and focus on creating sustainable value for our highly diversified global customer base. 


Armacell has become the global leader in flexible foams by enabling energy efficiency for technical equipment. We operate in the equipment insulation market (for hot, cold and ambient temperatures) estimated to be worth €12 billion and provide innovative solutions across a range of proprietary materials. Driven by global megatrends, we pursue a multi-pillar growth strategy and target to grow at approximately 10% p. a. Since 2015, on average about half of this growth target originated from external growth opportunities (M&A). The organic growth rate of our insulation business is approximately 5% p.a. Overall, we grow our markets, increase in both volume and value terms our share of the markets we operate in and drive the adoption rates for intelligent, energy-saving solutions.


Armacell’s strategic development is at the heart of six global megatrends. Our exposure to a broad range of end markets together with our diversification across equipment verticals provides a vast spectrum of growth opportunities and make us resilient through economic cycles. Our asset- and capital-light business model provides us with the flexibility to swiftly adapt to changing economic environments in order to safeguard and maximise shareholder value.


Armacell is a multi-material and multi-product company operating a successful track record of expanding into adjacent technical insulation sectors. In recent years, we have continuously extended the temperature range and application horizon of our materials. With the addition of our PET foam core technology based on recycled post-consumer PET and the development of our proprietary next-generation aerogel based insulation technology, we have extended our core insulation business and aim to increase our addressable market size from €6 billion to €12 billion during the past investment period.


For more than half a century, our global customers have recognised Armacell as the industry and technology leader. Innovation and entrepreneurship are an integral part of our DNA. We drive industry-leading solutions and aspire to launch new technologies using alternative resources or natural feedstock. Our dedicated teams continuously develop our intellectual property portfolio and have more than doubled the number of patents over the last five years.


Our world-class standards in combination with our pioneering technologies protect our market leadership. Armacell provides energy-efficient solutions offering reliable, certified performance and extended lifetime to its global customers. 26 manufacturing facilities in 18 countries and sales offices in many more are governed by the World-class Armacell Mindset (WAM). Through our WAM Manufacturing and WAM Sales & Marketing excellence programs, we have been delivering operating efficiency, customer service and execution excellence since 2012.

Financial strength

Armacell’s financial strategy drives dynamic growth. Our low capital intensity and high cash conversion coupled with flexible financing pillars enable us to deliver best-in-class profitability levels in favourable or challenging market conditions. Armacell’s continuous development to achieve world-class standards ensures optimal use of raw materials, natural resources and energy, thereby safeguarding maximum operational efficiency and the lowest possible production costs.

Annual report
Armacell Worldwide