A new report by Reports and Data predicts that the for Insulated Concrete Form (ICF) market will reach USD 1.40 Billion by 2027. The growth of urbanization in developing countries is expected to create positive prospects for the building sector, which will further enhance the industrial landscape. The ICF system provides better energy efficiency and substantial structural strength, which contributes to further implementation in the residential and non-residential sectors.
The continued growth of ICF in the construction and infrastructure sector, due to its technological superiority over traditional wood-frame walls and roofing systems, will promote the size of the insulated concrete form market. The growing concern over reduced carbon dioxide levels and rising electricity costs will further increase demand for the product, thereby providing lucrative opportunities for industry participants.
The rise in natural disasters such as tsunamis, hurricanes, floods, earthquakes, tornadoes, volcanic eruptions, and others will also lead to an increase in the construction of disaster-resistant houses, resulting in significant demand for ICF in walls and roofs.
ICF's key features such as energy efficiency and proper mitigation resonate with owners at all income levels, making it a popular building system in tropical and subtropical climatic environments. The migration of rural populations to urban areas, along with the conversion of large cities into cities, will increase the demand for new construction projects in developing economies. A positive development in the standard of living of consumers will stimulate significant demand for energy-efficient, highly durable, and comfort-enhancing products, thereby increasing the product portfolio.
Favorable government initiatives to raise awareness and provide subsidies for the use of green materials in the construction sector will lead to increased demand for the product. Significant regulatory developments that improve the mandatory thickness requirements in the building and the adoption of energy efficiency standards have further fueled the demand for insulated concrete formwork materials.
However, the COVID-19 pandemic is expected to have a significant negative impact on the global Insulated Concrete Form market in 2020, with a halt in non-residential applications responsible for significant demand in market share terms in 2019. Supply chain disruptions and production shutdowns have resulted in a downgraded outlook for residential applications, which are the most substantial market, leading to short-term impacts on market sales that could have lasting effects.
The report also identifies that insulated concrete forms made from polystyrene accounted for the largest market share in 2019 due to their higher thermal insulation values, lightness, and low cost. The non-residential segment is expected to grow at a CAGR of 5.3% from 2019 to 2027, and the early acceptance of ICF products and the growing need for green building solutions should propel the growth of the industry in Europe. The key participants in the market include BASF, IntegraSpec, Quad-Lock Building Systems Ltd., Airlite Plastics Co. (Fox Blocks), Superform Products Ltd., Future Foam, AMVIC, LOGIX Insulated Concrete Forms, ConForm Global, and RPM International Inc., among others.
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Insulated Concrete Form (ICF) Market: Drive factors
The Insulated Concrete Form (ICF) market is forecast to grow significantly in the coming years. Several factors are driving the growth of this market, including:
1. Growing urbanization: The increasing urbanization in developing countries is creating a positive outlook for the building sector, which is further improving the industrial landscape. ICF systems offer better energy efficiency and substantial structural strength, contributing to further implementation in the residential and non-residential sectors.
2. Technological superiority: The continued growth of ICF in the construction and infrastructure sector is due to its technological superiority over traditional wood-frame walls and roofing systems.
3. Rising energy costs: Growing concerns over reduced carbon dioxide levels and rising electricity costs are increasing demand for energy-efficient building products such as ICF, providing lucrative opportunities for industry participants.
4. Natural disasters: The multiplication of natural disasters, including tsunamis, hurricanes, floods, earthquakes, tornadoes, volcanic eruptions, and others, is leading to an increase in the construction of disaster-resistant houses. This will lead to significant demand for ICF in walls and roofs.
5. Migration and standard of living: The migration of the rural population to urban areas, as well as the conversion of large cities into cities, will increase the demand for new construction projects in developing economies. Besides, a positive development in the standard of living of consumers will stimulate significant demand for energy-efficient, highly durable, and comfort-enhancing products, thereby increasing the product portfolio.
6. Government initiatives: Favorable government initiatives to raise awareness and provide subsidies for the use of green materials in the construction sector will lead to increased demand for the product. Significant regulatory developments improving the mandatory thickness requirements in the building and the adoption of energy efficiency standards have further fueled the demand for insulated concrete formwork materials.
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