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Insulated Concrete Form Market size in residential applications to witness tremendous gains over 2016-2024
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U.S. dominated regional insulated concrete form market in 2015 and will depict considerable growth in the years to come, driven by favorable government policies, adoption of innovative technologies for energy efficient construction, and rising consumer preference toward green buildings. In addition, U.S. insulated concrete form industry in residential applications was worth more than USD 100 million in 2015 and will grow exponentially over the years to come.
The residential sector is set to dominate the application landscape, fueled by the ever-growing global population and rising need for sustainable buildings. Residential applications accounted for more than 55% of global insulated concrete form market in 2015, and is slated to hit USD 500 million by 2024. Increased construction spending and a strict regulatory framework should drive insulated concrete form industry in industrial applications, set to witness a CAGR of more than 10% over 2016-2024.
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Polystyrene foams can be easily recycled, are lightweight, and have high effect resistance, owing to which polystyrene foams market dominated insulated concrete form industry in 2015, with a registered revenue of more than USD 300 million. Polyurethane foam industry was worth USD 100 million in 2015, and is anticipated to exhibit tremendous gains over the years to come, with China being the largest producer and major regional revenue pocket.
With India and China as chief revenue contributors, Asia Pacific insulated concrete form market is anticipated to depict lucrative gains of more than 10% over 2016-2024. Furthermore, polyurethane foam industry in APAC, valued at a revenue exceeding USD 15 million in 2015 will fuel regional growth, driven by high demand from countries such as Japan, China, Australia, and India.
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Key market players include Fox Blocks ICF, Amvic, Quad-Lock Building Systems, Plasti-Fab, Logix Insulated Concrete Forms Ltd., Nudura Corporation, BuildBlock Building Systems, Superform Products Ltd., and IntegraSpec.
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