With developing concerns, consumer consciousness about wellbeing, quality of life, vitality energy costs and natural resources quickly being exhausted, an expanding number of homeb...
These materials are transforming the commercial, residential, and industrial building industries, with implementation growing at 10 percent to 12 percent on a yearly basis in recent times. Rising demand for natural disaster resistant construction, stringent energy efficiency, lightweight materials especially across developed regions, is expected to drive the insulated concrete form market size. APAC and MEA have been witnessing sizeable growth in infrastructure & construction spending and offer attractive prospects for these products.
ICFs give around 25 percent to 50 percent energy investment funds when contrasted with traditional houses built of wood or steel. According to industry analysis, the homes made from these save around 7.5 percent of energy in correlation with the routine homes. High product cost compared to wood is expected to restrain growth and can add up to 3 percent to 5 percent building costs, compared to wood. For a typical 232.25 square meter house (sale price of USD180,000), the additional cost amounts around USD6,900, which mainly depends on the cost of concrete available and used.
A survey conducted by NAHB Research Center, in 2004 shows that, for the below grade walls construction, ICF construction costs are 38 percent higher than the costs for wood foundations. Based on various studies, the added cost is USD2 to USD4 per square feet area for a typical home. This is a key challenge for industry participants, however, these buildings are generally cost-saving over a period of time, with low heating & cooling energy requirements compared to other methods. Additionally, increased awareness among builders as well as new buildings codes across the U.S. and EU, over construction parts is expected to boost ICF industry growth in the coming years.
Based on application area, residential usage is expected to remain the leading segment and accounted for over 55 percent of the global insulated concrete form market share in 2015 and may surpass 13.93 million square meter by 2024. Additionally, global population is expected to increase from 7 billion in 2011 to 8.9 billion by 2024, further escalating residential construction demand.
Industrial applications are expected to grow at the fastest rate during the forecast period followed by infrastructure due to a dynamic regulatory landscape. Overall, around USD80 trillion is expected to be spent globally between 2016 to 2024, which will also drive demand.
Polystyrene foam represents the largest product segment by material and accounted for 69 percent of insulated concrete form market share in 2015; owing to consumer preferences such as structural safety, comfort, energy efficiency, durability and low maintenance costs. Also, these buildings contain no wood, which is vulnerable to deterioration, is expected to aid demand.
Major part of the ICFs are made of polystyrene, basically EPS or XPS. Extended Polystyrene (EPS) is a magnificent material for bundling and development as it is light, yet unbending froth with better warm protection and high effect resistance. Besides, it can easily be recycled after its essential use.
Polyurethane foam market has witnessed fastest adoption in ICF construction, with current revenue was estimated at over USD100 million in 2015. China will continue to remain the largest producer as well as regional consumer for polyurethane foams.
Asia Pacific, with the world's largest construction and materials industry, continues to be an attractive regional industry, driven by China and India insulated concrete form market share, set to grow at over 10 percent. ICF penetration remains an issue, with low consumer awareness, weak regulatory push and cost issues.
Strong consumer awareness and regulatory compliance mandates will drive the U.S. insulated concrete form market growth. Canada is a large, stable construction industry with a robust green building segment driven by industry forces and government policies. Approximately 40,000 ICF homes have been built since the early 90s. Currently about 100 distributors and manufacturers of ICF systems serve the Canadian industry. Regional growth looks a fraction more attractive than that in the U.S.
Europe insulated concrete form market size, with over USD120 million in revenue for 2015. Latin America and MEA ICF markets are relative new and the industry is presently striving for generating awareness and penetration.