The global insulated concrete form market size is expected to reach USD 1.2 billion by 2025, accelerating at a CAGR of 5.2% over the forecast period, as per a new report by Grand View Research Inc. Higher insulation values, strength, durability, and lightweight properties offered by insulated concrete forms are likely to boost their demand in construction applications over the forecast period.
The product is witnessing high demand in low rise residential and commercial buildings on account of its easy application to build energy-efficient structures. The lightweight property of insulated concrete forms makes them a user-friendly product for shipping and handling during building construction activities. Furthermore, constructions using these products require lesser time as compared to conventional building solutions.
ICF walls can replace traditional wooden framed walls owing to their better performance against moisture and mold. They are manufactured using recyclable raw materials, which makes them more environment-friendly and cost-effective. Furthermore, insulated concrete form offers better flame resistance than wood, which provides them a competitive edge over wooden materials.
ICF walls are manufactured by sandwiching concrete in two layers of foam, which results in building insulation value of up to R40-50. As a result, this aids in reducing the cost required for heating homes by up to 70%. Growing demand for cost-efficient housing systems in temperate regions is expected to propel the insulated concrete form industry growth over the projected period.
Market players are focusing on advancements in the product to enhance its thermal insulation values and strength. Moreover, prominent ICF market players have patented the innovation of interlocking blocks for the rigid construction of walls and foundations, making it difficult for other players to penetrate the market. Manufacturers are concentrating on providing guidelines along with installation services to end users, which is likely to support the demand for insulated concrete form over the forecast period.
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Further key findings from the report suggest:
Residential application segment is expected to grow at a CAGR of 5.4% over the projected period on account of increasing acceptance of ICF blocks for energy-efficient single-family constructions
Polystyrene foam segment was the dominating product segment in the insulated concrete form market in 2018 on account of its favorable characteristics such as better thermal insulation, light weight, and low cost
The European market accounted for a share of over 30.9% in the overall revenue in 2018 owing to high consumer awareness regarding the cost-effectiveness of the product
Residential construction application segment in the U.S. accounted for 70.1% of the revenue share in 2018 on account of wide acceptance of modern construction technologies for energy-efficient constructions.
Grand View Research has segmented the global insulated concrete form market on the basis of product, application, and region:
Insulated Concrete Form Market Product Outlook (Revenue, USD Million, 2014 - 2025)
Cement-Bonded Wood Fiber
Insulated Concrete Form Market Application Outlook (Revenue, USD Million, 2014 - 2025)
Insulated Concrete Form Market Regional Outlook (Revenue, USD Million, 2014 - 2025)
Central & South America (CSA)
Middle East & Africa (MEA)
United Arab Emirates
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