Insulated Concrete Forms Market Share
PU foam-based insulated concrete form market to accrue modest proceeds by 2025, global industry to be characterized by surging product demand across hurricane prone regions
With the demand for sustainable construction escalating by the day, insulated concrete form market has come to garner immense popularity. Indeed, the industry trends are specifically influenced by the requirement of affordable in regions experiencing rapid urbanization or harsh weather conditions. A unique formwork system, insulated concrete forms involve the fixation of lightweight foam blocks made of expanded polystyrene (EPS) to attain desired wall shapes, which are then filled with concrete. This system provides improved energy savings, greater safety and by far a more healthy and comfortable living experience for its occupants. These benefits that have led to an upsurge in the product acceptance in the commercial, residential, infrastructural, and industrial sectors worldwide, gradually augmenting the global ICF industry size.
North America Insulated Concrete Form Market, By Material, 2018 & 2025, (USD Million)
The goal of reducing energy consumption for heating and cooling is one of the major factors driving the ICF market. The product is estimated to save about 20% or more on energy bills, mainly as concrete in ICFs acts as a thermal mass which transfers heat significantly slower, eventually reducing heat penetration during summer and loss during winter. Additionally, increasing occurrence of natural disasters like hurricanes, tsunamis, floods, earthquakes, volcanic eruptions and more will increase construction of ICF based disaster-resistant houses.
For instance, a category 4 hurricane had struck Florida in 2018, destroying 54% of homes, however, one home built using insulated concrete form was reported to stand undamaged following the event. Thus, aided by high-performance and excellent capability, the ICF market will gain immense traction in hurricane prone regions.
How will the demand for PU foam by construction companies enhance the commercialization landscape of insulated concrete form market?
Nowadays, home builders are increasingly turning towards a variety of cost-efficient construction methods to improve the thermal performance of the overall project. One such method includes the use of polyurethanes form which can significantly help conserve natural resources and further preserve the environment by reducing energy usage. Due to its excellent insulation properties, strength-to-weight ratio, versatility and durability, polyurethane is frequently used in building and construction applications.
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Rigid polyurethane, a type of polyurethane, is mostly used to maintain uniform temperature and lower noise levels in commercial spaces and homes. The form works as an insulation material that is used in wall and roof insulation, insulated doors, windows and air barrier sealants and can significantly cut energy costs while making homes and offices more efficient and comfortable. Irrefutably, polyurethane building materials add design flexibility to new homes and remodeling projects, whereas foam-core panels offer a wide variety of colors and profiles for walls and roofs. As the frequency of construction projects rises and the demand for durable yet aesthetic material depicts an upsurge, PU foam based ICF industry share is expected to increase in the years ahead.
Demand for new residential projects to augment ICF market growth
In the past few years, there has been an increase in the migration of rural population to urban areas which has in turn led to a growing pressure on the global construction sector. For instance, as per data projected by the United Nations, around 68% of the world’s population is expected to reside in urban areas by 2050 – indicating the addition of about 2.5 billion people to the urbane locales. Close to 90% of the increase may be taking place in Asia and Africa. Thus, to meet growing residential demands, the construction industry players will incline toward the adoption of affordable techniques like ICF to build sustainable homes more quickly and efficiently.
Elaborating on the Asia Pacific, it is vital to mention here that the region is likely to emerge as one of the most profitable grounds of the ICF industry. This projection can be credited to the increasing infrastructure investments in the developing countries such as Malaysia, Indonesia and India on account of the enhanced economic prospects across these nations and their growing population. Furthermore, significant government regulations to promote energy efficiency in the building sector, reduction in construction time and improvement in infrastructure safety will also stimulate the global ICF market size.
A system of reinforced concrete made up from rigid thermal insulation, insulated concrete form (ICF) remains as a permanent interior and exterior substrate in roofs, floors and walls. The technique has become extensively popular in the construction sector in both high performance residential and low-rise commercial infrastructures and is gaining significant traction given that it adheres to strict natural disaster resistant & energy efficiency building codes.
Author Name :Mateen Dalal