Insulated Concrete Form Market worth over $1.5 BN by 2027
Published Date: August 31, 2021 Authors: Kiran Pulidindi, Prashant Hake
Insulated Concrete Form Market size is forecast to exceed USD 1.5 billion by 2027, according to a new research report by Global Market Insights Inc.
The demand for insulated concrete forms is anticipated to spur due to changes in legislation such as mandated thickness requirements in buildings and the implementation of energy efficiency standards. Increasing awareness of energy-saving in developing countries along with rising population is poised to boost the industry statistics. The adoption of zero energy buildings and sustainable construction are among the key factors positively influencing product penetration.
The growing construction industry and rising innovations in adopting energy-efficient modes will drive the insulated concrete form market revenue. Reduction in heating & cooling loads in the building sector due to the implementation of polyurethane foams, polystyrene foams, cement-bonded polystyrene beads & cement-bonded wood fibers can provide significant protection during disasters and lower energy consumption. Furthermore, manufacturers are anticipated to develop strong distribution networks to improve their profit margin.
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The polyurethane foam segment will grow significantly
The polyurethane foam segment held more than 27% of the insulated concrete form market revenue share in 2020 and is projected to observe 6% CAGR through 2027. Rigid polyurethane foam possesses superior thermal insulation properties and is used for insulation in residential & commercial buildings.
Browse key industry insights spread across 200 pages with 153 market data tables & 27 figures & charts from the report, “Insulated Concrete Form (ICF) Market Size By Material (Polystyrene Foam, Polyurethane Foam, Cement-bonded Wood Fiber, Cement-bonded Polystyrene Beads, Cellular Concrete), By Application (Commercial, Industrial, Infrastructure, Residential), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising applications of insulated concrete form in the commercial sector
The commercial application dominated the insulated concrete form market and is forecast to register growth rate of above 6.8% through 2027. Expansion in the commercial construction industry with a focus on energy conservation has enhanced the demand for ICF systems. In both warm and cold areas, the usage of modern thermal insulation materials and increasing airtightness in commercial buildings have a substantial impact on lowering energy consumption. Moreover, the ICF market size is expected to see significant growth owing to strict building codes implemented by the governments to reduce industrial energy consumption.
Asia Pacific to exhibit steady growth during the forecast period
Asia Pacific insulated concrete form market revenue is set to grow at a CAGR over 8% during the forecast timespan. The region is majorly driven by growing investments in new residential and commercial buildings. Rising construction expenses and rapid industrialization in emerging economies including China, Indonesia, India, Thailand, Malaysia, and the Philippines are primarily driving the need for better infrastructure & insulation options for the appropriate use of energy resources. The construction industry in APAC is predicted to observe by an annual average of over 4.1% to reach a phenomenal value of nearly USD 2.8 trillion through 2027.
Some of the top players in the insulated concrete form (ICF) market include Amvic, Airlite (Fox Blocks), Apex Block, Quad-Lock., Beco Products, Polycrete, Buildblock Building, Durisol, ICF Tech, Integraspec, Liteform, Logix, Mikey Block, Nudura, PFB Corporation, Rastra Holding, Sunbloc, Polysteel Warmer Wall, Superform and Standard ICF Corp.
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