According to a new market research report "Insulated Concrete Form Market by Type (Flat, Grid (Screen, and Waffle), and Post & Lintel Systems), Material (Expanded polystyrene Foam, Polyurethane Foam), End-Use Industry (Residential, and Non-residential), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated to be USD 1.11 billion in 2018 and is projected to reach USD 1.49 billion by 2023, at a CAGR of 5.95% from 2018 to 2023. The growth of the Insulated Concrete Form Market can be attributed to the increase in demand for new constructions due to rapid urbanization and industrialization, coupled with large-scale investments in the residential sector. The rising number of construction activities in emerging economies and the increasing inclination toward sustainable construction methods are increasing the reliance on modern construction techniques, thereby creating growth opportunities for the Insulated Concrete Form Market.
Based on end-use industry, the residential segment of the Insulated Concrete Form Market is expected to gain maximum traction during the forecast period.
The residential end-use industry segment is estimated to lead the Insulated Concrete Form Market in 2018. The growth of the residential end-use industry segment can be attributed to rapid urbanization, primarily driven by the surge in demand for new residential constructions worldwide. In addition, the increasing demand for energy-efficient and durable residential spaces is also contributing to the growth of the residential end-use industry segment of the Insulated Concrete Form Market.
Based on material, the expanded polystyrene foam segment is estimated to account for the largest share of the Insulated Concrete Form Market in 2018.
Expanded polystyrene foam is used in the residential and non-residential sectors for a wide range of applications, such as roofs, floors, and walls. The market for expanded polystyrene foam is projected to grow at the highest CAGR during the forecast period, owing to its superior properties that include compressive strength, durability, moisture resistance, acoustic absorption, low thermal conductivity, and resistance to adverse climatic conditions.
The North America region accounted for the largest share of the Insulated Concrete Form Market.
North America contributed a major share to the Insulated Concrete Form Market in 2017. This large share can be attributed to the increasing residential projects in the US, Canada, and Mexico. The demand for insulated concrete form from the construction sector due to its energy-efficiency, durability, and eco-friendly properties is another significant factor driving the growth of the Insulated Concrete Form Market in North America. Additionally, government investments in residential constructions provide potential for growth of the Insulated Concrete Form Market in the North American region.
Key players operating in the Insulated Concrete Form Market include NUDURA Corporation (Canada), Quad-Lock Building Systems (Canada), AMVIC (Canada), Fox Blocks (US), BASF (Germany), LOGIX Insulated Concrete Forms (UK), ConForm Global (US), KORE (Ireland), Polycrete International (Canada), LiteForm (US), Sunbloc (UK), Rastra (US), SuperForm Products (Denmark), Durisol (Australia), and Beco Products (UK).
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