The Insulated Concrete Form 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 construction industry witnessed a significant change with the introduction of insulated concrete form as an energy-efficient, eco-friendly, highly durable, impact resistant, and sound & fireproof material with excellent insulating properties. Insulated concrete form finds its application in roofs, floors, and wall construction. Changing lifestyles, growing urbanization trend, and increasing demand for energy-efficient and eco-friendly residential and non-residential buildings have forced architects and engineers to innovate the design of concrete structures suited for various applications and requirements. Lack of awareness regarding latest technologies in emerging economies is acting as a key challenge to the growth of the insulated concrete form market.
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Based on material, the insulated concrete form market has been segmented into expanded polystyrene foam, polyurethane foam, and others (that include cement-bonded wood fiber and cellular concrete). The shifting interest of contractors and builders toward the insulated concrete form method is driving the growth of the insulated concrete form market. Factors such as lightweight, rigid, closed cell insulation, moisture resistance, durability, acoustic absorption, and low thermal conductivity are contributing to the increased consumption of extruded polystyrene foam. This material provides high compressive strength to withstand load and back-fill forces. It is increasingly used in insulated concrete form due to its closed cell structure, which causes minimal water absorption and low vapor permanence. Expanded polystyrene foam is used as a construction material to provide insulation for walls, foundation, and roofs.
Based on end-use industry, the residential segment of the insulated concrete form market is projected to grow at the highest CAGR during the forecast period. 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.
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The insulated concrete form market is led by players that 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).
North America accounted for the largest share of the insulated concrete form market in 2017. The increasing number of new housing units and rising investments in public and private sectors are key factors projected to drive the growth of the insulated concrete form in North America.
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