Insulated Concrete Form Market is Expected to Reach $1,657.5 million by 2030

According to a new report published by Allied Market Research, titled, “Insulated Concrete Form Market: Global Opportunity Analysis and Industry Forecast, 2021–2030,”

The global insulated concrete form market size was valued at $974.8 million in 2020, and is projected to reach $1,657.5 million by 2030, growing at a CAGR of 5.5% from 2021 to 2030.

An insulated concrete form is a strong and energy-efficient system of formwork for buttress concrete which is made with help of rigid thermal insulation that stays in its place as a permanent coating for roof walls and floors internally as well as externally. The ICF material makes the buildings natural disaster-resistant. ICFs result in concrete walls that are placed in between the two layers of insulation material. The walls made up with such material are usually thicker and some paintwork and finishes are done so that the building looks like other typical construction. The advantages attached to using ICFs are strong walls, sound blocking ability, provides overall comfort, money-saving, and most importantly disaster-resistant.

The growth of the extruded polystyrene insulation material market is driven by surge in in demand for ICF from the residential and non-residential construction sector and rise in construction activities across the globe especially in emerging economies such as India and China, due to rapid urbanization. The urban population of India is estimated to reach 600 million by 2030, owing to the demand for new houses is anticipate to surge significantly which is expected to fuel the demand for ICF, thereby supplementing the growth of the market. However, high costs of insulated concrete form are expected to hamper the growth of the insulated concrete form market during the forecast period. Furthermore, rapid urbanization across the developing economies is expected to provide growth opportunities for the insulated concrete form market during the forecast period.

By material type, the global insulated concrete form market size is studied polystyrene, cement bonded fiber, and polyurethane. The polystyrene segment accounted for the largest market share in 2020, owing to its surge in application in construction industry in applications such as floors and walls. The polystyrene segment dominated the global insulated concrete form market with more than two-fifths of the total market share in 2020.

By application, the global insulated concrete form market is studied across residential and non-residential. The residential segment accounted for the largest market share in 2020, owing to surge in demand for ICF from developing economies such as China and India due to rise in residential construction activities amid rapid urbanization. The residential segment dominated the global insulated concrete form market with more than three-fifths of the total market share in 2020.

Region-wise, the global insulated concrete form market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a major insulated concrete form market share in 2020, and dominated the global market with more than one-third of the total market share in 2020.

The major players studied and profiled in the global insulated concrete form market are Nudura Corporation, BASF SE, Quad-Lock Building Systems, AMVIC, Fox Blocks, Logix Insulated Concrete Forms, ConForm Global, KORE, Polycrete International, and LiteForm.

COVID-19 Analysis:

According to the International Monetary Fund (IMF), owing to the outbreak of novel coronavirus (COVID-19), the global economy shrunk by 3.0% in 2020. The coronavirus pandemic has given a very tough time to most of the manufacturing, developing, production, and logistic units of the market. The construction sector is very sensitive to the economic cycles and it has been impacted very seriously due to this pandemic. The negative impact of COVID-19 outbreak on the construction sector has in turn led to decline in growth of insulated concrete form industry. Due to lockdown restrictions, no person was allowed to work so there was no labor to work in the construction sector and if there was adequate labor available then there was a shortage of ICFs and other materials as the manufacturing industries were also closed. Other factors like supply chain disruptions and closing of contracts to control expenses. Every day about an estimated loss of $4,000.0 million is faced by the global market in this pandemic. The investment in the insulated concrete form market is decreased by 13.0-30.0% during the pandemic. Now as the COVID situation is improving and the restrictions have become lighter there is a sudden growth in the construction markets.

Key findings of the study

• By region, North America dominated the global insulated concrete form market with around 36.3% share, in terms of revenue, in 2020.
• By region, Asia-Pacific projected to grow at the highest CAGR of 6.2% in terms of value.
• By material, the polystyrene segment dominated the global insulated concrete form market with around 46.9% of the share in terms of revenue.
• By application, the residential segment dominated the global insulated concrete form market with around 64.5% of the share in terms of revenue.
• By application, the non-residential segment is projected to grow at the highest CAGR of 6.2% in terms of revenue.