Insulated Concrete Form (ICF) Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Insulated Concrete Form Market Research Report by Concrete Shape, by Material, by Application and Region – Forecast till 2027” the market is expected to grow at a CAGR of 7%.
The insulated concrete form market outlook looks extremely promising. Increasing consumption of insulated concrete form materials to build sustainable structures that can minimize energy consumption and improve performance, energy efficiency, and occupant comfort boosts market size. Also, the rising demand for natural disaster-resistant buildings among consumers fuels the growth of the market.
With the vast demand and consumption of insulated concrete form to build sustainable structures, the market share is estimated to accelerate further during the review period.
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Key players profiled in the Insulated Concrete Form (ICF) Market research report are –
COVID 19 Impacts
Like many markets associated with the construction industry, the insulated concrete form industry was severely affected by the COVID-19 crisis. Lockdown mandates initiated by governments worldwide disrupted the global supply chain and halted exports of the raw materials, impacting production and sales.
Moreover, changing consumer buying patterns due to economic uncertainties affected the market demand. The market demand is gradually picking up as construction, and industrial activities are rapidly returning to normalcy. Furthermore, the reopening of various construction sites is driving the Insulated concrete form growth.
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Favorable government policies for the production and initiatives for infrastructure development projects are major Insulated concrete form market trends. Moreover, huge R&D investments made by manufacturers in product development substantiate the Insulated concrete form market share. Emerging nations worldwide present many untapped opportunities for the market, heading with government mandates and updated policies.
On the other hand, the market still witnesses major setbacks, such as high initial investments required for production. Moreover, volatility in price and the demand-supply gap in raw materials required for production pose significant challenges for market growth. Also, stringent environmental norms in many countries could restrict market growth. ICFs would support market growth throughout the assessment period. Also, energy codes pushing for higher thermal performance values in building walls push the market growth.
The ICF market forecast is segmented into concrete shape, material, application, and regions. The concrete shape segment is sub-segmented into flat wall system, screen grid system, waffle grid system, post & lintel system, and others. Among these, the double hull segment accounts for the largest market share.
The material segment is sub-segmented into polystyrene foam, polyurethane foam, cement-bonded wood fiber, cement-bonded polystyrene beads, and others. The application segment is further divided into commercial, industrial, infrastructure, and residential. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
North America dominates the global insulated concrete form market. The largest market share attributes to the growing consumer awareness of the ICF benefits. Rising consumption of ICF materials in constructing thermal residential and commercial buildings boosts the market size. Moreover, the growing consumption of these materials in residential and commercial building construction works boosts the region’s Insulated concrete form market size.
Europe stands second in terms of the global insulated concrete form market value. The market growth is driven by the increasing R&D expenditures for the development of cost-competitive building materials. Additionally, the increasing green building projects drive regional market growth. The high consumption potential and increasing production capacities in the region propel the Insulated concrete form market growth.
Besides, the rising use of construction materials in households and the booming construction sector witnessing constant renovation activities substantiates the region’s Insulated concrete form market share.
Additionally, the well-defined infrastructure creates significant market opportunities. Increasing production capacities and growing economy boost the regional market growth. Germany, Italy, and France are major Insulated concrete form markets in the region, holding sizable shares. Furthermore, increasing green building structures create substantial market demand.
The Asia Pacific a lucrative market in terms of Insulated concrete form market revenue. Ample raw material advantage and the availability of cost-competitive workforces are major driving forces behind the region’s insulated concrete form market growth. Moreover, the spurring rise in the construction industry due to the ever-increasing population and economic growth drive market growth.
Furthermore, the high consumption potential and increasing production capacities propel regional market growth. The rapidly growing construction industry, alongside growing numbers of production capacities and Insulated concrete form manufacturers, positively impacts market growth.
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The insulated concrete form market witnesses several strategic initiatives, such as mergers & acquisitions, collaboration, expansion, and product launches. Leading industry players make strategic investments in R&D activities and expansion plans.
For instance, recently, on Mar 10, 2021, Amvic, an industry-leading ICF manufacturer, announced the development of expanded polystyrene (EPS) insulation materials. Innovative building insulation solutions can provide exceptional quality, superior strength, and ease of installation.
In another instance, on Apr 29, 2020, UNiBLOCK, a leading manufacturer of insulated concrete form in the UK, announced its partnership with Empire, a market leader in property development. The partnership would allow Empire to use UNiBLOCK’s insulated concrete form (ICF) materials.
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