PUBLISHER: Orion Market Research | PRODUCT CODE: 1159164
PUBLISHER: Orion Market Research | PRODUCT CODE: 1159164
Global Insulated Concrete Form (ICF) Market Size, Share & Trends Analysis Report, By Material (Polystyrene Foam, Polyurethane Foam, Cement-bonded Wood Fiber, Cement-bonded Polystyrene Beads, and Cellular Concrete), By Application (Commercial, Industrial, Infrastructure, and Residential), Forecast (2022-2028).
The global insulated concrete form market is anticipated to grow at a significant CAGR of nearly 5.7% during the forecast period. One of the key trends in the ICF market includes the increasing number of building codes that demand energy efficiency has led to a rise in the number of ICF constructions in the residential sector. For instance, the new energy code in Canada demands continuous below-grade insulations in residential structures. The availability of ICF forms at a cheaper rate as compared to other alternatives which provide similar efficiency drives the demand for ICF. Hence, drives the market growth. However, the high cost of insulated concrete form hampers the market growth. On the other side, rapid urbanization across the developing economies is expected to lead to new opportunities for the market players in the future.
The global Insulated Concrete Form (ICF) market is segmented based on the material, and application. Based on the material, the market is segmented into polystyrene foam, polyurethane foam, cement-bonded wood fiber, cement-bonded polystyrene beads, and cellular concrete. Based on the application, the market is sub-segmented into the commercial, industrial, infrastructure, and residential.
The negative impact of the COVID-19 outbreak on the construction sector has in turn led to a decline in the growth of the insulated concrete form industry. Due to lockdown the supply chain disruptions and closing of contracts to control expenses. Every day about an estimated loss of $4,000.0 million is faced by the global market in this pandemic. The investment in the insulated concrete form market is decreased by 13.0-30.0% during the pandemic. The insulated concrete form market started recovery as industrial operations were normalized after the recovery.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the rest of the World. North American region has a prominent market share in the given forecast period. The US has a strong economy, and positive market fundamentals for commercial real estate, along with an increase in federal and state funding for public works and institutional buildings. The US residential sector's growth is slower than the non-residential sector. For instance, as per the US Census Bureau, in February 2020, a total of 1,366,697 residential and non-residential buildings were constructed across the US as compared to 1,288,951 buildings constructed in 2019, thus registering growth in building construction by 6.03%. due to all these factors, the demand for ICF in the region is expected to increase during the forecast period.
The major companies serving the global Insulated Concrete Form market include Airlite Plastics Company, Amvic Inc., Apex Block, and BASF SE. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market.
Research Methodology
The market study of the global Insulated Concrete Form market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: