Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) -- According to our latest market study on “Insulated Concrete Form Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Material and Application,” the global 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. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
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Insulated Concrete Form Market: Competition Landscape
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 key players operating in the global insulated concrete form market. Many market players are focused on developing high-quality, innovative product offerings to fulfill the customer’s requirements.
In 2022, Asia Pacific dominated the insulated concrete form market. The insulated concrete form market in Asia Pacific has witnessed major growth in recent years, owing to the well-established construction sector and increased emphasis on sustainable practices. Countries in the region are witnessing a growth in urbanization, and a rise in residential construction, which offer ample opportunities for key market players in the insulated concrete form market. China is among the largest markets for insulated concrete form, driven by the country's large construction set-up. China is one of the fastest-growing economies in the world. Almost all industries in the country are flourishing due to improving living standards, increasing population, and growing per capita income. China is anticipated to invest US$ 13 trillion annually on the construction of buildings by 2030.
According to the National Bureau of Statistics of China, the construction output in the country grew from US$ 1.51 trillion in 2010 to US$ 4.18 trillion in 2020. In addition to the continuous population growth, rising household income levels and the increasing number of people migrating from rural to urban areas favor the proliferation of the residential construction industry in the country. The augmented focus on affordable housing by the public and private sectors further contributes to progress in the residential construction industry, thereby boosting the demand for insulated concrete form. Further, the housing authorities of Hong Kong have launched various measures to encourage low-cost housing. The officials aim to offer 301,000 public housing units by 2030. Such proactive initiatives by the government of China fuel the insulated concrete form market growth in the country. On the other hand, several emerging enterprises looking for cost-efficient manufacturing units are venturing into the Indian marketplace. Several international chemical and materials manufacturers are setting up their production units in India due to the remarkable availability of a cheap workforce in the country.
According to Invest India, estimated FDIs in the construction development sector (housing, townships, built-up infrastructure, and construction development projects) and construction (infrastructure) activities reached US$ 24.72 billion in March 2021 to US$ 26.08 billion in April 2000. By 2025, the construction business in India is expected to hike up to stand as the third largest in the world. The stable growth of the building and construction industry is supporting the growth of the insulated concrete form market in India. The key investments related to the insulated concrete form technologies in the region are projected to fuel the insulated concrete form market during the forecast period.
The report includes the segmentation of the global insulated concrete form market as follows:
The global insulated concrete form market, based on material, is segmented into polystyrene foam, polyurethane foam, cement-bonded wood fiber, and others. By application, the market is segregated into residential, commercial, and others. By geography, the global insulated concrete form market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The global insulated concrete form market in North America is further segmented into the US, Canada, and Mexico. The global insulated concrete form market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The global insulated concrete form market in Asia Pacific is further categorized into Australia, India, Japan, China, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. Further, the global insulated concrete form market in South & Central America is categorized into Brazil, Argentina, and the Rest of South & Central America.
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Impact of COVID-19 Pandemic on Global Insulated Concrete Form Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 outbreak disrupted the supply chain of key raw materials and hampered the growth of the insulated concrete form market. The adverse effects of the pandemic on the construction industry reduced the demand for insulated concrete form from these industries across the globe.
Various economies have started reviving their operations. As a result, the demand for insulated concrete form has started increasing. The rising use of insulated concrete form in construction is expected to offer opportunities for the global insulated concrete form market during the forecast period.
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