Global Insulated Concrete Form (ICF) Market Highlights 2022 – 2030
The global insulated concrete form (ICF) market is estimated to garner a sizeable revenue by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing demand for energy-efficient green buildings, rapid urbanization, and rising need for disaster-resistant building construction across the world. According to the World Bank, about 55 percent of the world’s total population live in urban areas. 80 percent of the global GDP share is generated in the cities. Along with these, growing promotion and awareness about ICF among consumers and manufacturers, and escalating number of government initiatives to promote sustainable building measures are also expected to drive market growth in the upcoming years. Furthermore, surge in the popularity of durable building insulation and prefabricated construction among builders to meet energy-conservation norms, is projected to offer abundant growth opportunities to the market in the near future.
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The market is segmented by material into polystyrene foam, polyurethane foam, and cement-bonded wood fiber, out of which, the polystyrene foam segment is anticipated to hold the largest share in the global insulated concrete form (ICF) market. This can be accounted to the high usage of the product to manufacture a wide range of consumer foams used in making ICF interior walls. Apart from these, high shock and chemical resistance of polystyrene foam is also predicted to drive growth to the market segment in the future. Additionally, on the basis of application, the residential segment is assessed to acquire the largest share over the forecast period owing to the increasing implementation of building codes requiring energy-efficiency, and growing construction of smart cities in developing nations.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Insulated Concrete Form (ICF) Market Regional Synopsis
On the basis of geographical analysis, the global insulated concrete form (ICF) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rising penetration of ICF blocks for commercial construction, and increasing economic growth in the region. In addition, growing investments on largescale infrastructure projects is also predicted to boost the region’s market growth in the coming years. Moreover, the market in North America is anticipated to occupy the largest share during the forecast period ascribing to the escalating consumer awareness regarding the benefits of insulated concrete form, and rapid growth of residential sector in the region. As of 2021, there are about 141 million housing units in the United States, out of which approximately 80 million housing units are owner-occupied.
The global insulated concrete form (ICF) market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global insulated concrete form (ICF) market includes the following segments:
By Type
- Flat
- Grid
- Screen
- Waffle
- Post & Lintel Systems
By Material
- Polystyrene Foam
- Polyurethane Foam
- Cement-Bonded Wood Fiber
By Application
- Residential
- Commercial
- Institutional
Growth Drivers
- Growing Demand for Energy-Efficient Green Buildings
- Rising Need for Disaster-Resistant Building Construction Worldwide
Challenges
- High Cost of Insulated Concrete Form
Top Featured Companies Dominating the Market
- Amvic Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- RPM International Inc.
- Logix Insulated Concrete Forms Ltd
- BuildBock Building Sysetms LLC
- Nudura Corporation
- PFB Corporation
- Rastra Holding LLC
- Quad-Lock Building Systems Ltd.
- Beco Products Ltd.
- Superform Products Ltd.
