Insulated Concrete Form (ICF) Market by Material Type (Polystyrene, Cement Bonded Fiber, Polyurethane) and Application (Residential and Non-Residential): Global Opportunity Analysis and Industry Forecast, 2021-2030

Insulated Concrete Form (ICF) Market Outlook - 2021-2030

The global insulated concrete form market was valued at $974.8 million in 2020, and is projected to reach $1,657.5 million by 2030, growing at a CAGR of 5.5% from 2021 to 2030.

COVID-19 pandemic outbreak across the globe has halted the construction activities across the globe amid government imposed lock down measures. Owing to this the demand for insulated concrete form is expected to decline during the forecast period.

Insulated concrete form (ICF) is defined as a hollow block or panel, which is made up of insulating foam or polystyrene that can be stacked to complete the form of a building’s walls. It is a system of form work used for reinforced concrete (RCC), which is made with rigid thermal insulation, and is placed as a substrate for roofs, walls, and floors. They are interlocking modular units, which are filled with concrete and are dry-stacked without using mortar. These modular units lock together like Lego bricks, which creates formwork for the floors or structural walls of a building. Insulated concrete forms are used to cast concrete walls, which are sandwiched between two layers of insulation material. ICF finds its extensive application in low-rise buildings. Owners of buildings prefer ICF, as it provides benefits such as high energy-efficiency, cost savings, strong walls, sound blocking ability, and disaster resistance. Moreover, it offers safety against insects, rot, mold, and mildew. Contractors and builders prefer ICF, as it provides advantages such as fast & easy construction, and ease of installation & shipping due to lightweight. ICF further imparts the properties such as sound attenuation, strength, airtightness, and insulation to the wall.

Rise in demand from non-residential construction sector is expected to drive the growth of the extruded polystyrene insulation material market. Due to globalization a shift in the industry trends has been observed owing to rapid economic growth in India and China. Moreover, surge in working population in these countries is expected to boost the demand for non-residential infrastructure that includes offices and tech-parks, which in turn is projected to drive the global insulated concrete form market. In addition, increased impact of building construction on environment and health fuels the need for green buildings. Green building refers to the incorporation of environment friendly and resource efficient processes at each stage of construction. The concept of green building concentrates mainly on increasing the energy efficiency of the building and minimizing the wastage associated with the use of energy, water, and materials. Insulated concrete form is a crucial part of green building because it is a key to reduction of the energy usage of a structure. This serves both the immediate owner by lowering energy costs and reduces greenhouse gasses. This factor is anticipated to increase the demand for insulated concrete form during the forecast period.

However, high costs of insulated concrete form are expected to hamper the growth of the insulated concrete form market during the forecast period. Furthermore, rapid urbanization across the developing economies is expected to provide growth opportunities for the insulated concrete form market during the forecast period.

The insulated concrete form market size is segmented on the basis of material type, application, and region. By material type, it is analyzed across polystyrene, cement bonded fiber, and polyurethane. By application, it is segmented into residential and non-residential. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major key players operating in the global insulated concrete form market include Nudura Corporation, BASF SE, Quad-Lock Building Systems, AMVIC, Fox Blocks, Logix Insulated Concrete Forms, ConForm Global, KORE, Polycrete International, and LiteForm.

Global Insulated Concrete Form Market, By Region

North America accounted for a major market share in 2020. The construction industry in the U.S. continued to expand, owing to 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 U.S. residential sector’s growth is slower than the non-residential sector. In the country, the rise in population is expected to boost the demand for housing. According to the U.S. Census Bureau, in February 2020, a total of 1,366,697 residential and non-residential buildings were constructed across the U.S. as compared to 1,288,951 buildings constructed in 2019, thereby registering a growth in building construction by 6.03%. Owing to all these factors, the demand for ICF in the region is expected to increase during the forecast period.

Global Insulated Concrete Form Market, By Material Type

The polystyrene segment accounted for a major share in the insulated concrete form market in 2020. Polystyrene is generally composed of 95.0 to 98.0% of air concentration. A majority of insulated concrete forms are developed using a polystyrene material, mainly XPS or EPS. Fundamental properties such as lightness, high rigidity, active impact resistance, high thermal insulation, and easy recyclability will offer solid prospects for business growth. Besides, many product applications, including floors, walls, industrial cold storage, refrigerators, and freezers, will stimulate the overall industrial landscape.

Global Insulated Concrete Form Market, By Application

The residential segment accounted for a major share in the insulated concrete form market in 2020. The increase in 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 in the residential construction sector.

COVID-19 Analysis:

According to the International Monetary Fund (IMF), owing to the outbreak of novel coronavirus (COVID-19), the global economy shrunk by 3.0% in 2020. The coronavirus pandemic has given a very tough time to most of the manufacturing, developing, production, and logistic units of the market. The construction sector is very sensitive to the economic cycles and it has been impacted very seriously due to this pandemic.

The negative impact of COVID-19 outbreak on the construction sector has in turn led to decline in growth of insulated concrete form industry. Due to lockdown restrictions, no person was allowed to work so there was no labor to work in the construction sector and if there was adequate labor available then there was a shortage of ICFs and other materials as the manufacturing industries were also closed. Other factors like 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. Now as the COVID situation is improving and the restrictions have become lighter there is a sudden growth in the construction markets.

Key benefits for stakeholders

• The global insulated concrete form market analysis covers in-depth information of major industry participants.
• Porter’s five forces analysis help analyze potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• Major countries have been mapped according to their individual revenue contribution to the regional market.
• The report provides in-depth analysis of the global insulated concrete form market forecast for the period 2021–2030.
• The report outlines the current global insulated concrete form market trends and future scenario of the global insulated concrete form market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets. 
• Key drivers, restraints, & opportunities and their detailed impact analysis are explained in the global insulated concrete form market study.

Key market segments

By Material Type

• Polystyrene
• Cement Bonded Fiber
• Polyurethane

By Application

• Residential
• Non-Residential

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Rest of Asia-Pacific
• LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA