Insulated Concrete Form Market : Residential Sector is Estimated to Play a Key Role in the Market

The residential sector is estimated to play a key role in the insulated concrete form market.

The insulated concrete form market is estimated to be USD 1.11 billion in 2018 and is projected to reach USD 1.49 billion by 2023, at a CAGR of 5.95% from 2018 to 2023. The construction industry witnessed a significant change with the introduction of insulated concrete form as an energy-efficient, eco-friendly, highly durable, impact resistant, and sound & fireproof material with excellent insulating properties. Insulated concrete form finds its application in roofs, floors, and wall construction. Changing lifestyles, growing urbanization trend, and increasing demand for energy-efficient and eco-friendly residential and non-residential buildings have forced architects and engineers to innovate the design of concrete structures suited for various applications and requirements. Lack of awareness regarding latest technologies in emerging economies is acting as a key challenge to the growth of the insulated concrete form market.

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Based on material, the insulated concrete form market has been segmented into expanded polystyrene foam, polyurethane foam, and others (that include cement-bonded wood fiber and cellular concrete). The shifting interest of contractors and builders toward the insulated concrete form method is driving the growth of the insulated concrete form market. Factors such as lightweight, rigid, closed cell insulation, moisture resistance, durability, acoustic absorption, and low thermal conductivity are contributing to the increased consumption of extruded polystyrene foam. This material provides high compressive strength to withstand load and back-fill forces. It is increasingly used in insulated concrete form due to its closed cell structure, which causes minimal water absorption and low vapor permanence. Expanded polystyrene foam is used as a construction material to provide insulation for walls, foundation, and roofs.

Based on end-use industry, the residential segment of the insulated concrete form market is projected to grow at the highest CAGR during the forecast period. The growth of the residential end-use industry segment can be attributed to rapid urbanization, primarily driven by the surge in demand for new residential constructions worldwide. In addition, the increasing demand for energy-efficient and durable residential spaces is also contributing to the growth of the residential end-use industry segment of the insulated concrete form market.

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North America accounted for the largest share of the insulated concrete form market in 2017. The increasing number of new housing units and rising investments in public and private sectors are key factors projected to drive the growth of the insulated concrete form in North America.

Insulated Concrete Form (ICF) is a system of formwork for reinforced concrete, which is made with a rigid thermal insulation material that stays in place as a permanent interior and exterior substrate for walls, floors, and roofs. Insulated concrete foam blocks or panels are made of expanded polystyrene or other insulating foam, which are stacked to form a building’s wall. It sandwiches a heavy, high-strength material between 2 layers of light and highly insulated foam such as drywall and provides properties such as air-tightness, strength, sound attenuation, and insulation to the structure. This advanced building technology is widely used in the construction of residential and non-residential buildings. The insulated concrete form market is estimated to be USD 1.11 billion in 2018 and is projected to reach USD 1.49 billion by 2023, at a CAGR of 5.95% during the forecast period. The increase in demand for insulated concrete form from residential buildings is driving the growth of the insulated concrete form market.

Key players operating in the insulated concrete form market include NUDURA Corporation (Canada), Quad-Lock Building Systems (Canada), AMVIC (Canada), Fox Blocks (US), BASF (Germany), LOGIX Insulated Concrete Forms (UK), ConForm Global (US), KORE (Ireland), Polycrete International (Canada), LiteForm (US), Sunbloc (UK), Rastra (US), SuperForm Products (Denmark), Durisol (Australia), and Beco Products (UK). Fox Blocks adopted the strategy of partnerships to expand its regional presence and increase its market share.
Companies such as NUDURA Corporation (Canada), Quad-Lock Building Systems (Canada), and AMVIC (Canada) have adopted organic growth strategies to expand their product & service portfolios and enhance their growth prospects in the insulated concrete form market.

Fox Blocks (US) focuses on maintaining its presence throughout the construction value chain through urban planning, property development, and financial engineering. The company designs and manufactures insulated concrete form products, which offer superior strength and excellent sound protection to buildings and maintain air quality inside them. In May 2018, Fox Blocks entered into a strategic partnership with Helix Steel (US) to offer an ideal solution for reinforcing concrete. Helix Steel Twisted Steel Micro Rebar (TSMR) is a 3-dimensional concrete reinforcement solution, which has international accreditations and approvals covering 99 countries. This partnership is expected to enable Fox Blocks to offer products and solutions with added strength, resiliency, and durability while considering the construction schedules of its customers, along with accomplishing its sustainability objectives.

BASF is a diversified chemical company, which offers chemicals, plastic products, functional solutions, performance products, and agricultural solutions. The company’s business is supported by an extensive marketing and distribution network. BASF is one of the leading companies in the insulated concrete form market, in terms of revenue generation. It offers products and services for a number of applications in various industries.

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