Owens Corning SWOT and PESTLE Analysis
COMPANY PROFILE -Owens Corning
Business Sector :Building Materials and Construction
Operating Geography :United States, North America, Global
About Owens Corning :
Owens Corning is an American company headquartered in Toledo, Ohio. It develops and produces insulation, roofing, and fiberglass composites and related materials and products. Owens Corning was formed in 1935 through a merger of two major American glassworks, Corning Glass Works and Owens-Illinois. It became a separate company in 1938. Owens Corning has also been a Fortune 500 company every year since 1955, right from inception, since the list was introduced. Owens Corning's products include insulating systems, composite solutions, roofing, asphalt and other building materials and services. The company has earned the 2020 Women’s Choice Award, which recognizes the brand behind America’s Most Recommended Roofing Products. It also provides innovative products, manufacturing technologies, and sustainable solutions which address issues like energy efficiency, product safety, renewable energy, durable infrastructure, and labor productivity. These solutions by the company provide a material difference to its customers, and contributes in making the world a better place. Owens Corning leverages the talents of 20,000 employees in 33 countries across the world as of early 2022.
Owens Corning's Unique Selling Point or USP lies in it being the largest manufacturer of fiberglass composites and one of the world's major producers of polyester resins. Owens Corning’s mission statement reads "Owens Corning is a company with an unwavering commitment to delivering solutions, transforming markets and enhancing lives. It's who we are. ... We do it by fully engaging our employees in support of growing our customer's businesses."
Owens Corning Revenue :
$ 8,498 million - FY ending 31st December 2021
$ 7,055 million - FY ending 31st December 2020
Competitive Analysis of Owens Corning
Strengths | Weaknesses |
1. Established brand and global leader in building and Industrial materials 2. Extensive reach of products in end-user market and end use applications 3. Focus on sustainable products and solutions | 1. Supply issues of raw materials for Roofing segment 2. Dependence on short-term volume agreement and concentration of customers in certain segments 3. Usage of hazardous materials in roofing solutions tarnished brand image |
Opportunities | Threats |
1. High growth in Fiberglass market, especially in Asia-Pacific region 2. Strategic acquisitions to advance growth strategy 3. Expansion of production capabilities to meet growing demands | 1. Presence of competition in all geographical markets 2. Increasing introduction of innovative products and technologies by market players in building products industry 3. Delayed shipments to diminish market amidst coronavirus |
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Detailed SWOT Analysis of Owens Corning
Strength
1. Established brand and global leader in building and industrial materials: Owens Corning is a heritage brand having global operations in 33 countries as of 2021. It recorded a revenue of $8.5 billion in the financial year 2021 and has been consistently ranked among the Fortune 500 companies for 66 years since the inception of the list. It holds leading market positions in all 3 businesses, viz. Insulation, Roofing and Composites being the largest producer of residential, commercial and industrial insulation in North America. In the production of asphalt roofing shingles, it ranks second in the United States. The Company is an industry leader in technical insulation growth markets. The composites business boasts of being ranked one in glass non-wovens and second in the Global glass fibre market. This year marks the 40 years of association of The Pink Panther character with Owens Corning as the most iconic and loved brand mascot giving it recognition worldwide.
2. Extensive reach of products in end-user market and end use applications: The company manufactures a wide variety of products for end user applications. Its glass fibre materials under the composites business can be found in nearly 40,000 end-use applications in building and construction, transportation, consumer, industrial, and power and energy markets. These include pipe, roofing shingles, sporting goods, consumer electronics, telecommunications cables, boats, aviation, automotive, industrial containers and wind-energy. It sells processed asphalt to other shingle manufacturers, roofing contractors for built-up roofing asphalt systems and to manufacturers in a variety of other industries, including automotive, chemical, rubber and construction. The company also manufactures and sells glass fiber pipe insulation, energy efficient flexible duct media, bonded and granulated mineral wool insulation, cellular glass insulation and foam insulation used in above- and below-grade construction applications. With diversified product lines and customer segments, the firm is able to hedge the seasonality of the businesses. This creates a better demand pattern and reduces the company's operational risk.
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Weakness
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Opportunity
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Threat
This section is available only in the 'Complete Report' on purchase.
Major Competitors :
-
Composites
- China Jushi Group Co. Ltd.
- Chongqing Polycom International Corporation Ltd (CPIC)
- Johns Manville
- Nippon Electric Glass Co. Ltd. (NEG)
- Taishan Glass Fiber Co. Ltd.
- CertainTeed Corporation
- Dow Chemical
- Johns Manville
- Knauf Insulation
- ROCKWOOL International
- GAF
- TAMKO
Insulation
Roofing
Major Brands :
- Owens Corning PINK® FIBERGLAS™ Insulation
- Thermafiber®
- FOAMGLAS®
- Paroc®
- FOAMULAR® NGX
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TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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Owens Corning Segmentation, Targeting and Positioning (STP) Analysis -
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Check Out Analysis of Other Relevant Companies
References used in Owens Corning SWOT & PESTLE Analysis Report
1. Annual Report - https://www.annualreports.com/HostedData/AnnualReports/PDF/NYSE_OC_2021.pdf
2. Owens Corning Fiberglas Corporation - https://www.asbestos.com/companies/owens-corning-fiberglas/
3. Owens Corning sheds bankruptcy status - https://www.marketwatch.com/story/owens-corning-emerges-from-asbestos-related-bankruptcy
4. Fiberglass Market to Hit USD 25,525.9 Million by 2028 | Production of Hybrid Cars to Propel Market Opportunities in United States, Canada & ROW - https://www.globenewswire.com/news-release/2022/10/17/2535161/0/en/Fiberglass-Market-to-Hit-USD-25-525-9-Million-by-2028-Production-of-Hybrid-Cars-to-Propel-Market-Opportunities-in-United-States-Canada-ROW.html
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Owens Corning SWOT and PESTLE analysis has been conducted by Ayushi Verma and reviewed by senior analysts from Barakaat Consulting.
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