The global Insulated Concrete Form (ICF) market is forecast to reach USD 1.40 Billion by 2027, according to a new report by Reports and Data. Growing urbanization in developing countries will offer positive prospects for the building sector, which will further improve the industrial landscape. ICF systems offer better energy efficiency and substantial structural strength, thereby contributing to further implementation in the residential and non-residential sectors.
ICF's continued growth in the construction and infrastructure sector due to technological superiority over traditional wood-frame walls and roofing systems will promulgate the size of the insulated concrete form market. Growing concerns over reduced carbon dioxide levels and rising electricity costs will further increase demand for the product, thereby providing lucrative opportunities for industry participants.
The multiplication of natural disasters, including tsunamis, hurricanes, floods, earthquakes, tornadoes, volcanic eruptions, and others, will also lead to an increase in the construction of disaster-resistant houses. The substantial increment in the construction of disaster-resistant buildings in the disaster-prone areas will lead to significant demand for ICF in walls and roofs.
Key features such as energy efficiency and proper mitigation provided by the ICF resonate with owners at all income levels, directly affecting its popularity as a building system, in tropical and subtropical climatic environments. The migration of the rural population to urban areas, as well as the conversion of large cities into cities, will increase the demand for new construction projects in developing economies. Besides, a positive development in the standard of living of consumers will stimulate significant demand for energy-efficient, highly durable, and comfort-enhancing products, thereby increasing the product portfolio.
Favorable government initiatives to raise awareness and provide subsidies for the use of green materials in the construction sector will lead to increased demand for the product. Significant regulatory developments improving the mandatory thickness requirements in the building and the adoption of energy efficiency standards have further fueled the demand for insulated concrete formwork materials.
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Key participants include BASF, IntegraSpec, Quad-Lock Building Systems Ltd., Airlite Plastics Co. (Fox Blocks), Superform Products Ltd., Future Foam, AMVIC, LOGIX Insulated Concrete Forms, ConForm Global, and RPM International Inc., among others .
Further key findings from the report suggest
- Insulated concrete forms made from polystyrene accounted for the largest market share in 2019 due to their higher thermal insulation values, their lightness, and their low cost. Lightweight expanded polystyrene foams are widely used due to their low density, improved mechanical properties, dimensional stability, and thermal insulation.
- The non-residential segment is expected to grow at a CAGR of 5.3% from 2019 to 2027. The increase in the number of hospitals, restaurants, and hotels, and educational buildings due to population growth is expected to propel the growth of the construction industry . The increasing penetration of products in the construction sector should have a positive impact on market growth.
- The early acceptance of ICF products and the growing need for green building solutions should propel the growth of the industry in Europe. Also, the European Commission's green building program to improve the energy efficiency of residential and non-residential buildings in Europe should support the growth of insulated concrete formwork.
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For the purpose of this report, Reports and Data have segmented into the global Insulated Concrete Form market on the basis of Material Type, Concrete Shape, Application, and Region:
Material Type Outlook (Revenue, USD Billion; 2017-2027)
- Polystyrene
- Cement-Bonded Wood Fiber
- Polyurethane
Concrete Shape Outlook (Revenue, USD Billion; 2017-2027)
- Flat Wall System
- Waffle Grid System
- Post Lintel System
Application Outlook (Revenue, USD Billion; 2017-2027)
- Residential
- Non-Residential
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Furthermore, the research study gives additional insights into the companies' regional presence through extensive regional analysis. The regional analysis covers the key geographical regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East Africa. The regional analysis segment covers details about the market share held by each region along with the prospective growth opportunities and revenue generation. The report also offers a projection of the growth rate for each region in the entirety of the forecast timeline. It also offers a country-wise analysis to impart a better understanding of the industry.
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