Global Insulated Concrete Form Market Report offers in-depth analysis of the market size, share, industry statistics, major segments, different geographic regions, forecast for the next seven years, key players and premium industry trends. It also focuses on the key growth drivers, restraints, opportunities and challenges.
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Insulated concrete forms find extensive applications across the infrastructure and industrial sectors. Industrial applications are expected to grow at a CAGR of more than 10% over 2016-2024, driven by strict government rules favoring infrastructural development along with increased funding for commercial construction projects. Residential applications, which accounted for more than 55% of insulated concrete form market share, are forecast to gain a sizable revenue over the coming seven years. Nearly 80% of insulated concrete forms find applications across residential sectors – ICF market from residential applications are slated to reach a targeted revenue margin of USD 500 million by 2024.
The worldwide construction sector is expected to hit USD 15 trillion by 2030, with the U.S., India, and China contributing nearly 57% towards the overall construction spending. APAC is predicted to make notable contributions toward the global construction sector, which in turn will stimulate the development of insulated concrete form market. Asia Pacific insulated concrete form market is likely to make notable gains of over 10% during the period from 2016 to 2024. The growth can also be attributed to high consumer inclination towards the usage of PU foam based insulated concrete form across the construction sector. PU foam based insulated concrete form market contributed over USD 15 million to the APAC industry revenue in 2015. India, China, Japan, and Australia were the major regional revenue pockets.
North America insulated concrete form industry is anticipated to expand remarkably over the years ahead, subject to growing consumer preference toward green buildings. U.S. insulated concrete form industry from the residential sector was worth USD 100 million in 2015, is likely to drive the regional growth over the coming years. Insulated concrete form market in Europe is expected to witness a high surge in the future, having attained a revenue of more than USD 120 million in 2015.
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Insulated Concrete Form Market size is expected to rise prominently, driven by escalating demand for green construction across the residential and commercial sectors. The ability of the product to provide material strength, sound absorption, high indoor air quality, fire protection, energy efficiency, and ecological sensitivity to the buildings will generate profitable avenues for the business. Manufacturers have recognized the importance of minimizing operating costs, which will play a crucial role in shaping the industry trends in the next few years.
The Federal and State governments are also contributing toward the business expansion. For instance, the European Union has introduced new building codes to be agreed upon by the construction sector. Even the U.S. government has implemented energy conservation programs. These initiatives are sure to leverage the business expansion. As per Global Market Insights, Inc., “Insulated concrete form industry, which collected the revenue of USD 470 million in 2015, is set to surpass USD 970 million by 2024.”
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