Insulated Concrete Form Market - Forecast(2024 - 2030)
Insulated Concrete Form Market Overview
Insulated
Concrete Form Market size is forecasted to reach US$1.8 billion by 2026, while growing
at a CAGR of 5.8% during 2021-2026, owing to the increasing demand of insulated
concrete form from the residential, commercial, and industrial sector. The insulated
concrete form is a system for reinforced concrete of expanded polystyrene rigid
insulation blocks which are separated by plastic webbing. Insulated
concrete form offers various properties such as easy to install, excellent strength, high durability, and the
ability to be well-sealed for new construction. Insulated concrete form is used
to prevent air leakage through the walls which is one of the major driving
factors for the insulated concrete form industry growth from the construction
sector. In addition, insulated concrete materials such as polystyrene
and polyurethane are used to improve the thermal insulation property of
concrete. Thus, due to the growing demand for lightweight
concrete is growing the demand for concrete materials which is estimated to grow
insulated concrete form industry.
Impact of COVID-19
Due to the COVID-19 pandemic, the requirement of insulated concrete form
has been negatively affected by various end-use industries. The demand for insulated
concrete form is decreased mainly from construction sector because of the COVID-19 pandemic. Due to lockdown,
the insulated concrete form materials were stopped in 2020. According to the India
Brand Equity Foundation (IBEF), construction sectors shrunk by 50.3% in Q1
2020. Hence, the lack of
production of concrete materials is hampering the requirement of insulated
concrete form. However, a gradual increase in the opening of the manufacturing
facilities are expected to increase the demand for insulated concrete form in
the coming years.
Report Coverage
The
report “Insulated Concrete Form Market–
Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the
following segments of the insulated concrete form industry.
Key Takeaways
- Asia
Pacific dominates the insulated concrete form market due to demand from building
and infrastructure activities in emerging and developing countries such as
India, China, and Thailand.
- According
to the, National Investment Promotion and Facilitation Agency, in India, by
2025, the construction sector is forecast to reach on average by 7.1 in every
year.
- The
increase in demand for polystyrene material is high as it offers excellent water
resistance properties, thermal insulation, and high strength to concrete. Thus,
the use of polystyrene material for insulated concrete forms is driving the market.
- Increasing the
consumption of polyurethane can improve energy efficiency and
improve the insulation of the construction space which is growing
the consumption of polyurethane material for concrete which is also hugely driving the insulated concrete form
industry.
Figure: APAC Insulated Concrete Form Market, 2021-2026 (US$ Billion)
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Insulated Concrete Form Market Segment Analysis – By Material
Polystyrene
segment held the largest share of the global insulated concrete form industry
in 2020 and is growing at a CAGR of over 30% during 2020-2026. Polystyrene
material is majorly used in insulated concrete as it doesn't burn and
reduces fire hazards. Additionally, polystyrene is lightweight material that
provide excellent thermal insulation in walls and roofing. Thus, driving
the need for polystyrene in industrial cold storage facilities which is growing
demand for polystyrene in turn is expected to drive the insulated concrete form
market in the assessment years.
Insulated Concrete Form Market Segment Analysis – By Systems Type
Flat wall systems held the largest share of
the global insulated concrete form market in 2020. The flat wall system is easy to pour and steel reinforcing for the
insulated concrete.
Flat wall system is used to increase the thickness of
concrete; thus, this system is widely used for concrete formwork which
is one of the major factors driving the flat wall system segment in the
insulated concrete market.
Insulated Concrete Form Market Segment Analysis – By End-Use Industry
Residential
construction held the largest share in the insulated concrete form market in
2020 and is growing at a CAGR of 42% during the forecast period 2021-2026. Insulated
concrete form walls are designed as reinforced concrete, commonly made with thermal
insulation, which is used in
homes due
to their various properties such as temperature stability, sound reduction, to
increase energy efficiency, and fire resistance. This also helps to reduce
heat in buildings which is growing the demand for insulated concrete form
industry. According to the National Bureau of Statistics, China's real
estate market investment jumped from 15.7% in 2019 to 38.3% in January-February
2021. According
to the U.S. Census Bureau, building permits in the United States increased 0.3
percent to an adjusted annual rate of 1.76 million in April 2021 from 1.75
million in March 2021. According
to the, National Investment Promotion and Facilitation Agency, real Estate Industry in India is expected to
reach US$1 trillion by 2030. The growth of the construction sector is continuously increasing which
is expected to create demand for the insulated concrete form market owing to
the growing need for energy performance of
the buildings and infrastructures.
Insulated Concrete Form Market Segment Analysis – By Geography
Asia Pacific dominated
the global insulated concrete form market in 2020 with a share of around 35%
due to growing construction activities in India, China, and Thailand.
According to the India Brand Equity Foundation (IBEF), India is expected to
become the third largest construction market globally by 2022 which is
estimated to grow the consumption of insulated concrete form. According to the
National Development and Reform Commission (NDRC), 14 construction investment
projects were approved worth CNY177.8 billion (US$25.2 billion), following
approvals of CNY68.9 billion (US$10.1 billion) in August 2020. According
to the National Economic and Social Development Council (NESDC), in Thailand,
the total construction spending rose by 1.5% (to THB1.321 trillion) in 2020 as
compared to 2019. Hence, with the growth in construction activities will
increase the demand for insulated concrete forms industry in Asia Pacific
region.
Insulated Concrete Form Market Drivers
Increasing Demand from Building & Construction Sector
The increase in the demand for insulated concrete form from the building and construction sector is driving the market size. Insulated concrete forms designed for reinforced concrete make them suitable for highly seismic zones and are used to protect the interiors of the house from outdoor sounds, as a result of large increases soundproof buildings are increasing demand from the buildings sector. According to Central Sanctioning and Monitoring Committee (CSMC), 1,68,606 new homes were approved to construct in urban areas under Pradhan Mantri Awas Yojana in 2021 in India. According to the India Brand Equity Foundation (IBEF), the real estate sector of India will grow Rs. 65,000 crore (US$ 9.30 billion) by 2040. According to China Electronic Information Industry Development (CCID), the country is expected to spend CNY10 trillion (US$1.4 trillion) on new infrastructure projects between FY20-FY25. In addition, in February 2020, the Asian Development Bank approved a loan of US$631 million to develop the Vishakhapatnam-Chennai industrial corridor. Furthermore, according to the National Development and Reform Commission (NDRC), 14 construction investment projects were approved worth CNY177.8 billion (US$25.2 billion), following approvals of CNY68.9 billion (US$10.1 billion) in August 2020. Thus, these factors are expected to increase construction activities in the building & construction industry which will help to build demand for insulated concrete form industry size in the review period.
Growing Urban Development
Insulated Concrete Form Market Challenges
Higher Cost Compared to its Alternatives
Insulated concrete forms require more energy to produce as compared to conventional wood-framed construction. Insulated concrete forms are costlier than wood frame concrete materials. The cost of insulated concrete forms is about $150 per square foot, which is 2% to 7% more than wood-frame construction. Hence, the high price of insulated concrete forms compared to other concrete forms, is expected to act as one of the major challenges by the insulated concrete form market in the coming years.
Insulated Concrete Form Industry Outlook
Technology launches, acquisitions, and R&D
activities are key strategies adopted by players in the Insulated concrete form
market. Major players in the Insulated Concrete Form Market include:
- BASF SE
- Nudura Corporation
- Quad-Lock
- Fox Blocks
- Airlite Plastic Company
- Beco Product Ltd
- Build block Building System
- Conform
- Durisol UK
- Sunbloc, and more.
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