Insulated Concrete Form Market to See 8% CAGR Growth to 2024: Growth Factor & Trends
Rising consumer preference for energy effective buildings accompanied by the need to reduce operating e will be a key global insulation concrete form market share trend. Policies such as energy saving program by U.S., Net Zero in Canada, and new building codes by EU will fuel insulated concrete forms industry growth.
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Insulated Concrete Form Market size to exceed USD 970 million by 2024; according to a new research report.
Initially, the industry faced issues with product acceptance, due to low-awareness, lack of regulatory clarity and an unorganized sector, offering varying ICF grades. However, the situation has been significantly salvaged, as clear regulations and product guidelines have been put in place.
U.S. insulated concrete form market share dominates regional demand, with residential applications alone valued at over USD 100 million in 2015. Demand is primarily driven by the need to sustainable construction to save energy.
Increasing infrastructure expenditure in Asia Pacific and MEA, along with government regulations relating to demand for energy efficiency, safety and need to reduce construction time is anticipated to stimulate industry growth.
Close to 80% of ICFs are used in below-grade applications for residential applications, with revenue poised to approach USD 500 million by 2024. Industrial and infrastructure applications should see more than 7% growth. Key ICF market features include technology access, cost reduction, energy conservation and strong insulation performance.
Polystyrene foam was the leading product segment with more than 60% of total insulated concrete form market revenue in 2015. Fire &thermal resistance and durability are expected to drive the polystyrene foam demand.
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Key insights from the report include:
Residential insulated concrete form market share may exceed 150 million square feet by 2024, with the industry anticipating significant penetration across APAC &MEA.
Industrial applications should see growth in excess of 10%, driven by favorable infrastructure and commercial construction spending trends.
Asia Pacific, backed by strong domestic demand from China, Australia, Japan and India insulated concrete form market, generated more than USD 15 million in revenue for PU foam based ICF for 2015.
North America, through U.S., is the largest ICF market due to consumer preference towards energy efficient buildings and willingness to use innovative technologies.
In revenue terms, polystyrene foams dominate the industry and were valued at over USD 300 million in 2015. Cement-bonded polystyrene beads in Asia Pacific may grow significantly and surpass 2 million square feet by 2024.
Global insulated concrete forms market share is highly competitive due to presence of multinationational players. Some of the major competitors for ICF market share include Airlite (Fox Blocks), BuildBlocks, Amvic, Logix, Quad-Lock and IntegraSpec were the key companies.
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Global Insulated Concrete Form Market 2017-2021
About Insulated Concrete Form Insulated concrete form (ICF) are structures that are used to hold fresh concrete that stays forever and give protection to the structure they encase. ICF is a result of...
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