Insulated Concrete Form Market - Forecast(2023 - 2028)

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) 

For more details on this report - Request for Sample

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:

1. BASF SE
2. Nudura Corporation
3. Quad-Lock
4. Fox Blocks
5. Airlite Plastic Company
6. Beco Product Ltd
7. Build block Building System
8. Conform
9. Durisol UK
10. Sunbloc, and more.

Relevant Reports:

 For more Chemicals and Materials related reports, please click here