Insulated concrete forms market is projected to grow at a CAGR of 6.08% during the forecast period, reaching the total market size of US$793.630 million in 2024 from US$556.956 million in 2018. Insulated concrete forms (ICF) are hollow foam blocks which are stacked into the shape of the exterior walls of a building, reinforced with steel rebar, and then filled with concrete. They are used for building structures for residential, commercial, and industrial purposes. These blocks are steadily gaining traction in the market owing to growing awareness among the general public regarding its benefits such as less energy consumption, disaster resistance, and environment-friendly. Burgeoning construction activities across the globe is expected to boost the market for insulated concrete form.
By material type, expanded polystyrene is projected to grow at a significant CAGR. Expanded polystyrene foam is lightweight, durable, and moisture resistant and has low thermal conductivity resulting in an increase in its demand during the forecast period.
Geographically, North America and Europe hold a major share of the market due to the presence of the majority of players. Market share is expected to be low in emerging nations of Asia Pacific, Africa, Middle East, and South America due to lack of awareness about the latest construction technologies in these regions.
DRIVERS
Growing construction activities
A rise in demand for energy-efficient buildings
RESTRAINTS
High cost involved in the use of ICF for construction
INDUSTRY UPDATES
In September 2018, RPM International Inc. acquired Nudura Corporation, the leading manufacturer and distributor of insulated concrete forms in North America.
As per a thermal study conducted in March 2017 by ICFMA, an ICF wall can achieve up to 60% energy savings and 58% greater R-value/RSI.
SEGMENTATION
The insulated concrete form market has been analyzed through the following segments:
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