Insulated Concrete Form Market Report
Insulated Concrete Form (ICF) Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028 See less
Insulated Concrete Form (ICF) Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028
Insulated Concrete Form (ICF) Market is Segmented by Material Type (Polystyrene Foam, Polyurethane Foam, Cement-bonded Wood Fiber, and Cement-bonded Polystyrene Beads), by Application Type (Residential, Commercial, and Institutional), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
The insulated concrete form (ICF) market is likely to grow from USD 903.37 million in 2021 to USD 1270.49 million by 2028 at a healthy CAGR of 4.92% over the forecast period of 2022-2028.
Insulated concrete form (ICF) is a type of reinforced concrete formwork that is typically made with rigid thermal insulation that serves as a permanent interior and external substrate for walls, floors, and roofs. The forms are made up of interlocking modular parts that are dry-stacked (without mortar) and filled with concrete. They provide strong walls, disaster resistance and safety, sound blocking ability, among other advantages, to building owners. Provision of easy and speedy construction is among the key advantages provided by ICF to contractors and builders.
Growing acceptance of concrete forms, mainly in temperate regions, coupled with various properties associated with the product which include high strength, durability, and light weight and further improvement in the product by the key players, are the key factors driving the growth of the market over the forecast period. Advantages such as ease of installation and moulding to form the desired building structure would also contribute to the growing demand for insulated concrete forms for use in the residential and commercial application segments. Increasing demand for disaster-resistant building construction is also likely to have a positive impact on the market.
The COVID-19 pandemic had a negative impact on the market for insulated concrete forms, as construction projects in both of the residential and non-residential sectors were halted during this period. Furthermore, insulated concrete form manufacturers faced a number of challenges, including supply chain disruptions, production shutdowns, labor shortages, and cash flow constraints.
Based on the material type, the insulated concrete form (ICF) market is segmented as polystyrene foam, polyurethane foam, cement-bonded wood fiber, and cement-bonded polystyrene beads. Polystyrene foam is expected to remain the most preferred material in the market for producing ICF during the forecast period owing to its high thermal insulation values, light weight, and low cost. Low density, enhanced mechanical properties, dimensional stability, and thermal insulation have supported the wide usage of lightweight expanded polystyrene foams. Shock and chemical resistance, as well as the ease of recyclability, of expanded polystyrene is contributing to the growing demand for insulated concrete forms in construction applications.
Based on the application type, the market is segmented as residential, institutional, and commercial. Residential application is expected to remain the biggest demand generator for ICF in the market during the forecast period. Growing number of building codes requiring energy efficiency has resulted in an increase in the number of ICF residential constructions. Increasing electricity bills in developed economies due to increased use of air conditioner systems and heaters have created a demand for wall structures with a thermal barrier. As a result, insulated concrete forms are expected to be in high demand during the forecast period.
In terms of regions, North America is expected to remain the largest market for insulated concrete forms during the forecast period. Consumer awareness of the benefits of insulated concrete forms has resulted in high product penetration in the US and Canadian markets, resulting in high demand for the product. The residential sector in the US is expanding on account of significant new construction and renovation activity in the country.
Asia-Pacific, led by China and Japan, is likely to create significant opportunities for the market in the coming five years, driven by growing penetration of ICF blocks in the commercial construction segment and rising trend for modern and green construction in key countries of the region.
The insulated concrete form (ICF) market is segmented into the following categories.
By Material Type
By Application Type
The following are the key players in the insulated concrete form (ICF) market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s insulated concrete form (ICF) market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
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The insulated concrete form (ICF) market is estimated to grow at a CAGR of 4.92% during 2022-2028.
RPM International Inc., Airlite Plastics Company & Fox Blocks, Amvic Inc., Logix Insulated Concrete Forms Ltd, BuildBlock Building Systems LLC, BASF SE, Beco Products Ltd, Durisol UK, LiteForm, and Mikey Block Co. are the leading players in the insulated concrete form (ICF) market.
The insulated concrete form market size is expected to reach USD 1270.49 million by 2028.
Asia-Pacific is estimated to remain the fastest-growing market for insulated concrete forms (ICF) in the foreseen future.
Polystyrene foam is estimated to be the dominant material in the market for producing ICF during the forecast period.