[Research Report] The insulated concrete form market size was valued at US$ 935.50 million in 2022 and is projected to reach US$ 1,494.15 million by 2030; it is anticipated to record a CAGR of 6.0% from 2022 to 2030.
Insulated concrete form is cast-in-place concrete wall that is sandwiched between layers of insulation material. Insulating concrete formwork is a simple construction system using purpose made insulating panels or blocks as the formwork for in-situ concrete. This construction method is known for its high strength and energy efficiency. Some common applications of insulated concrete form include residential and commercial low-rise buildings. Walls are made from interconnected forms, which stay in place as permanent structures.
GROWTH DRIVERS AND CHALLENGES
Concrete is the widely used construction material in the world and is increasingly used to achieve more sustainable buildings, some of which are constructed using insulating concrete forms. Insulated concrete forms are stay-in-place concrete forms used to develop building parts such as walls, columns, pilasters, floors, and roofs. The construction industry in various countries across the globe is rapidly growing. Rise in government investments and increase in demand for residential constructions are propelling the growth of the construction industry. Further, European countries are creating and strengthening their infrastructure by enacting reforms and legislation, which drives the growth of the real estate and infrastructure industries. According to the European Construction Industry Federation, the volume of permits for new buildings (excluding civil engineering) in Germany was US$ 130 billion in 2021, 8% more than 2020. In North America, the construction industry is one of the significant contributors to the region's economy. According to the Associated General Contractors of America (AGC), the US construction industry constructs structures worth US$ 1.8 trillion each year. The rise in construction activities due to the increasing population and rapidly growing commercial sector across the region are driving the construction sector in North America. In November 2021, the US government approved a US$ 1.2 trillion infrastructure bill to aid federal investments in various infrastructure projects. Also, construction spending is expected to increase by 5.5% by 2023. Such initiatives generate demand for construction services, equipment, and materials. The governments and regulatory authorities in the Asia Pacific are focusing on additional infrastructure investment. In India, the growth in construction activities is driven by growing industrialization, increasing population, growing middle-class income, and increasing infrastructure development. According to the National Investment Promotion & Facilitation Agency (India), the Indian construction industry is projected to reach US$ 1.4 trillion by 2025. Moreover, the government of India initiatives such as Housing for All, Smart Cities Mission and Swachh Bharat Abhiyan is projected to boost the demand for building materials in India. Thus, the growing construction activities in several regions across the globe creates an enormous demand for insulated concrete form.
REPORT SEGMENTATION AND SCOPE
The "Global Reclamation Sand Market Forecast to 2030" is a specialized and in-depth study with a major focus on the global insulated concrete form market trends and opportunities. The report aims to provide an overview of the market with detailed market segmentation on the basis of material, application, and geography. The global insulated concrete form market has been witnessing significant growth over the past few years and is expected to continue this trend during the forecast period. The report provides key statistics on the use of insulated concrete form worldwide, along with their demand in major regions and countries. It also provides a qualitative assessment of various factors affecting the insulated concrete form market performance in major regions and countries. The report also includes a comprehensive analysis of the leading market players and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative insulated concrete form market opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global insulated concrete form market, which helps understand the entire supply chain and various factors affecting the market growth.
The global insulated concrete form market is bifurcated on the basis of material and application. In terms of material, the market is segmented into polystyrene foam, polyurethane foam, cement-bonded wood fiber, and others. By application, the market is segmented into residential, commercial, and others.
Based on material, the polystyrene foam segment held a significant global insulated concrete form market share in 2022. Polystyrene foam consists of expanded polystyrene foam and extruded polystyrene foam. The insulation material most widely used with concrete is expanded polystyrene foam. By application, the residential segment led the global insulated concrete form market with a significant market share in 2022. Insulated concrete form is popular for both residential and commercial construction. Insulated concrete forms create homes and businesses that are energy-efficient, fire-resistant, sound-proof, and durable. They provides resistance to natural calamities such as tornado, hurricane, earthquake, fire, and other natural disasters.
The report provides a detailed overview of the global insulated concrete form market with respect to five major regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South & Central America. APAC accounted for a significant part of the global insulated concrete form market share. The insulated concrete form market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. This region has been noticed as one of the prominent markets for the utilization of insulated concrete form owing to the surge in construction activities. Moreover, government initiatives and policies such as Make-in-India encourage the setup of different manufacturing plants in India. The rise in foreign direct investments also leads to economic growth in the region.
The growing use of insulated concrete form in residential and nonresidential sectors is anticipated to fuel the demand in Asia Pacific. The building & construction industry is a strong contributor to the market's growth. For instance, in India, the construction industry is the second-largest industry after agriculture, accounting for about 11% of the country's GDP.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnerships, acquisitions, and new product launches are a few prominent strategies adopted by the players operating in the global insulated concrete form market.
In April 2019, Airlite Plastics acquired TRUEGRID, adding the permeable paving grid system to its line of environmentally sustainable construction products..
IMPACT OF COVID-19 Pandemic/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
Lockdowns, travel restrictions, and business shutdowns due to the COVID-19 pandemic adversely affected economies and industries in various countries across the globe. The crisis disturbed supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. These disruptions restricted the availability of construction materials. It caused delays in production and increased costs, negatively impacting the overall supply of insulated concrete form. Many manufacturing activities were temporarily halted or scaled back during the COVID-19 pandemic to comply with lockdown measures and ensure the safety of workers. In addition, the pandemic impacted the global economy, leading to fluctuations in commodity prices and reduced demand for construction materials.
The global marketplace is recovering from the losses as governments of different countries have announced relaxation in the restrictions. Construction activities are rebounding as countries gradually recover from the pandemic and vaccination efforts continue. Manufacturers are permitted to operate at full capacity to overcome the supply gap. Increased infrastructure investments and stimulus packages in many regions drive the demand for construction industry. Thus, the global insulated concrete form market is anticipated to grow strongly during the forecast period.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
RPM International Inc., Amvic Inc., Logix Brands Ltd., Airlite Plastics Company & Fox Blocks, BuildBlock Building Systems LLC, BASF Neopor, Beco Products Ltd, Polycrete International, Rastra, and SISMO are a few of the major players operating in the global insulated concrete form market.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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to segments covered.
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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to country scope.
1.RPM International Inc
3.Logix Brands Ltd
4.Airlite Plastics Company & Fox Blocks
5.BuildBlock Building Systems LLC
7.Beco Products Ltd
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- Data Collection and Secondary Research:
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- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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