Insulated Concrete Form Market Size to Surpass USD 1,852 Million by 2030

BEIJING, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The Global Insulated Concrete Form Market Size was valued at USD 1,138 Million in 2021 and is projected to reach the market value of USD 1,852 Million by 2030, growing at a CAGR of 5.9% during the forecast period from 2022 to 2030.

Growth in the number of construction activities is the primary insulated concrete form (ICF) market trend that is expected to create significant growth opportunities for the market in the coming years. According to recent projections, the construction industry will be worth more than USD 15 trillion by 2030. In addition, current trends suggest that Sub-Saharan Africa is expected to have the highest regional construction growth, followed by emerging Asia. Furthermore, our worldwide insulated concrete form industry analysis says that the increasing demand for energy-efficient buildings would propel the market growth throughout the forecast timeframe from 2022 to 2030.

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Report Coverage:

COVID-19 Impact on Global Insulated Concrete Form Market Value

COVID-19 has had a significant impact on the global construction industry, with construction activity dropping by 10–25 percent compared to 2019. This has a significant impact on construction, with 10% of total jobs lost or threatened in the building construction sector. According to the most recent estimates, the construction market value will fall by 6% from 2019 levels. On the other hand, the International Energy Agency (IEA) estimates that the global COVID-19 pandemic will reduce global energy demand and CO2 emissions by 5% and 7%, respectively.

Insulated Concrete Form Market Growth Aspects

The growing popularity of ICF in temperate regions such as North America and Europe is driving the insulated concrete form market growth. ICF’s superior thermal insulation properties have raised significant awareness among construction companies as a result of boosting the insulated concrete form market revenue. As per the American Society of Testing and Materials (ASTM) standards, the insulated concrete form offers superior thermal performance as compared to other materials. Additionally, increasing natural calamities such as floods and earthquakes have surged the demand for ICF-constructed buildings. Insulated concrete form buildings are proven to be disaster-resistant buildings and thus their demand is growing substantially.

On the other hand, the rising need for green and sustainable construction to reduce carbon footprint in the environment is anticipated to boost the ICF market share in the coming years.

However, the high cost of these materials might restrict the market from growing. Materials used in the manufacturing of ICF are costly as compared to traditional alternatives and the high cost of raw materials coupled with the lack of skilled workers are expected to hinder the market growth throughout the projected years from 2022 to 2030.

Furthermore, favorable government regulations for the usage of ICF would likely generate numerous growth opportunities for the market in the coming years. Government regulatory bodies that research and impose standards such as the U.S. Department of Energy Building America Program, the International Energy Conservation Code (IECC), and the National Green Building Standard have positively concluded that insulated concrete form (ICF) construction materials have better benefits than others.

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Insulated Concrete Form Market Segmentation

The global market has been segmented based on type, material, application, and region. Based on the type, the market is categorized into flat wall systems, post and lintel systems, and grid wall systems (screen grid systems and waffle grid systems). Among them, flat wall systems would cover a sizable market share in 2021 as the majority of the buildings are the flat wall.

Based on material, the market is divided into cement-bonded wood fiber, polyurethane foam, cement-bonded polystyrene beads, polystyrene foam, and others. Based on our insulated concrete form market forecast, the polyurethane foam will grow at a substantial growth rate from 2022 to 2030. However, the polystyrene foam segment accounted for a noteworthy market share during the same period.

Furthermore, based on application, the market is segmented into commercial, residential, industrial, and infrastructure. The increasing demand for concrete forms from the residential construction sector is anticipated to drive global market growth. On the other hand, the commercial segment is likely to achieve considerable growth during the forecast timeframe from 2022 to 2030.

Insulated Concrete Form Market Regional Outlook

North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa are the regional classification of the global insulated concrete form market. In 2021, the North America region generated the largest market share due to the ongoing construction and restoration activities. Additionally, the increased awareness regarding ICF-constructed buildings coupled with the growing government support is expanding the ICF market size in North America.

Besides, the Asia-Pacific region would grow with the fastest growth rate in the coming years due to the robust construction activities and increasing population in countries such as China and India. For instance, according to the International Trade Administration and U.S. Department of Commerce, China is the world’s largest construction market and is forecasted to grow at an annual average of 8% between 2022 and 2030. Furthermore, as per the Chinese-language report, Market Trends and Status of China's Architectural Design Industry in 2020, revenue in China's architectural design and engineering industry surpassed $1 trillion in 2019.

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Insulated Concrete Form Market Players

Some key insulated concrete form companies covered in the industry include Airlite Plastics Company, Amvic Inc., Beco Products Ltd., BASF SE, Durisol UK, BuildBlock Building Systems, LLC., Logix Insulated Concrete Forms Ltd., Fox Blocks,Nudura Corporation, Quad-Lock Building Systems, Ltd., and Standard ICF Corporation.

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