Insulated Concrete Form (ICF) Market size was over USD 1.03 billion in 2023 and is projected to exceed USD 1.85 billion by 2036, growing at over 4.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of insulated concrete form is assessed at USD 1.07 billion. The growth of the market can be attributed to the growing demand for energy-efficient green buildings, rapid urbanization, and rising need for disaster-resistant building construction across the world. According to the World Bank, about 55 percent of the world’s total population live in urban areas. 80 percent of the global GDP share is generated in the cities. Along with these, growing promotion and awareness about ICF among consumers and manufacturers, and escalating number of government initiatives to promote sustainable building measures are also expected to drive market growth in the upcoming years. Furthermore, surge in the popularity of durable building insulation and prefabricated construction among builders to meet energy-conservation norms, is projected to offer abundant growth opportunities to the market in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
4.6% |
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Base Year Market Size (2023) |
USD 1.03 billion |
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Forecast Year Market Size (2036) |
USD 1.85 billion |
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Regional Scope |
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The market is segmented by material into polystyrene foam, polyurethane foam, and cement-bonded wood fiber, out of which, the polystyrene foam segment is anticipated to hold the largest share in the global insulated concrete form (ICF) market. This can be accounted to the high usage of the product to manufacture a wide range of consumer foams used in making ICF interior walls. Apart from these, high shock and chemical resistance of polystyrene foam is also predicted to drive growth to the market segment in the future. Additionally, on the basis of application, the residential segment is assessed to acquire the largest share over the forecast period owing to the increasing implementation of building codes requiring energy-efficiency, and growing construction of smart cities in developing nations.
Our in-depth analysis of the global market includes the following segments
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By Type |
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By Material |
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By Application
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On the basis of geographical analysis, the global insulated concrete form (ICF) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific industry is set to dominate majority revenue share by 2036, due to rising penetration of ICF blocks for commercial construction, and increasing economic growth in the region. In addition, growing investments on largescale infrastructure projects is also predicted to boost the region’s market growth in the coming years. Moreover, the market in North America is anticipated to occupy the largest share during the forecast period ascribing to the escalating consumer awareness regarding the benefits of insulated concrete form, and rapid growth of residential sector in the region. As of 2021, there are about 141 million housing units in the United States, out of which approximately 80 million housing units are owner-occupied.
September 2018- RPM International acquired Nudura Corporation, which is a leading distributor and manufacturer of insulated concrete form. Nudura offers four series of ICF wall systems, consisting of foam boards and integral hinged plastic webs.
Author Credits: Rajrani Baghel
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