Insulated Concrete Form (ICF) Market – Growth Analysis, Industry Size, Market Opportunities and Future Estimations

The insulated concrete form market is set to witness substantial growth by 2027 owing to mounting demand for sustainable infrastructure around the world.
Insulating concrete forms (ICFs) produce cast-in-place concrete walls with two layers of insulation. These systems are energy efficient and durable. ICFs possess a variety of functional benefits including disaster resistance, sound proofing ability, energy efficiency, and easy construction, among others, making it a widely preferred construction material globally.
Notably, key industry players are implementing lucrative strategies to strengthen their footing in the market, which has positively impacted the overall business landscape. For instance, in March 2021, BuildBlock Building Systems, a leading manufacturer of ICFs, inked a partnership deal with the National Ready Mixed Concrete Association (NRMCA). This partnership was part of NRMCA’s Build with Strength 2.0 program, according to which, BuildBlock offered to build sustainable housing in collaboration with Habitat for Humanity International over a span of five years.
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The insulated concrete form market has been segmented based on application, material, and region. In terms of material, the market has further been categorized into cellular concrete, polyurethane foam, polystyrene foam, cement-bonded wood fiber, and cement-boiled polystyrene beads.
The cement-bonded polystyrene beads sub-segment is projected to witness significant growth by 2027, expanding at a CAGR of about 5.8% over the analysis period. The material is obtained by combining cement and polystyrene. Prevalent product demand in the construction of green buildings is likely to fuel segmental growth through the study timeline.
The cellular concrete sub-segment is expected to grow at a steady pace over the estimated timeframe. Cellular concrete, which is also known as aerated concrete, is produced by replacing the stone aggregate material with air bubbles that are created by blending foaming agents. It can be used in both precast and pour-in-place applications in the manufacturing of lightweight concrete panels, which is set to propel segmental adoption in the coming years.
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With respect to application, the market has been segregated into residential, infrastructure, commercial, and industrial. The infrastructure sub-segment is slated to amass notable gains through the forecast period owing to increasing government expenditure on infrastructure across MEA and Asia Pacific regions. Moreover, favorable government regulations encouraging the use of environment-friendly materials in the infrastructure sector are anticipated to boost segmental expansion over the following years.
From the regional point of view, the Europe insulated concrete form market held a considerable market share of approximately 26% in terms of revenue in 2020 and is speculated to see optimistic growth through the assessment period. Surging demand for construction materials with properties like lower emissions and fire resistance across major economies, such as Germany and the UK, is likely to augment product demand in the upcoming years.
The Latin America insulated concrete form market accounted for more than 9% of the overall industry revenue in 2020 and is estimated to expand at around 7.7% CAGR over the review period.
The Middle East & Africa insulated concrete form market is foreseen to showcase substantial growth over the analysis period. Increased product utilization in the domestic commercial sector is expected to stimulate regional market adoption over the forthcoming years.