EcoUp’s market potential

EcoUp’s main market is Finland. In the near future, we will also strive for internationalization, and our priority target markets internationally include the other Nordic countries, Western and Southern Europe.

The market for circular economy products and circular economy services for the construction industry

We estimate that slightly more than half of the Finnish insulation market is a relevant market for EcoUp, including the insulation installation market. The size of the Finnish insulation and insulation installation market that is achievable for us is approximately EUR 290 million. Our market share of this is about 8% on the date of our prospectus. We estimate that the wood fibre insulation market which we focus on, only accounts for about 10% of the entire Finnish insulation market. We estimate that wood fibre insulation will increase its relative share of the insulation market as the popularity of ecological and wood construction increases, especially in public sector construction projects.

Next to use, key players in the Finnish insulation are large mineral wool manufacturers. EcoUp is Finland's best known insulation manufacturer and the largest wood fibre insulation manufacturer. Ekovilla has a strong market position, especially in roof insulation, and we estimate that it can increase its market share in wall insulation with its ecological board product.

The insulation and insulation installation market directly correlate with new buildings and building renovation. According to Statistics Finland, between January and March 2021 a total of 3.7% more construction projects were started than in the previous year.

The market for circular economy technologies

According to company management, there is no real competitors for EcoUp's circular economy technologies at the moment giving us an advantage in the market.

Globally, some 12.5 million tons of demolition wool is produced per year, corresponding to the processing capacity of around 2,400 EcoUp equipment. Every year, some 750 million tons of concrete waste is generated globally, which in turn corresponds to approximately 71,000 equipment. In Europe, the corresponding quantities for demolition wool are about 2.5 million tonnes and for concrete waste about 150 million tons.

In the European market, we focus on selected growth centre areas with sufficient material flows, providing licensing of the equipment solution for operators in the regions.

EcoUp’s main target market in circular economy technologies is Europe and its countries:

  • Where most construction and demolition waste is generated
  • That have similar legislation concerning recycling of construction and demolition waste as Finland, such as minimum requirements for the reuse of such materials
  • That have not yet achieved a 65% material recycling rate