Insulated Concrete Form Market to exceed USD 970 million by 2024 : Global Market Insights Inc .
Global Insulated Concrete Form Market size contributed higher than $ 471 for 2015 and is anticipated to record CAGR of about 8.1 % during forecast timeline . Large number of homebuilders are turning to green building due to factors like growing health concerns , customer health awareness , quality of life , high power costs and depletion of natural resources . This has resulted in power efficacy , high quality construction and great air quality which is predicted to drive global insulated concrete form industry trends during forecast period . Furthermore , growing demand for natural disaster resistant construction and strict rules regarding power efficacy as well as lightweight substances particularly across developed areas is predicted to drive industry expansion . Middle East & Africa and Asia Pacific are experiencing substantial growth in construction expenditure and infrastructure spending and provide high future prospects for products .
But high product price as compared to price of wood is anticipated to hinder industry growth . However , enhanced consciousness among builders and new construction codes across European Union and U . S . is predicted to fuel insulated concrete form industry expansion in future .
Global insulated concrete form industry is segmented into infrastructure application , commercial application , residential application and industrial application .
Residential application is predicted to be an important segment and contributed for more than 55.1 % of global insulated concrete form market share for 2015 . The segment is projected to cross 150 million sq . foot by end of forecast timeline . Also , the world population is projected to grow from 7.1 billion in 2011 to 9 billion by end of forecast timeline , further increasing demand for residential construction segment .
Industrial application segment is predicted to expand at rapid rate during forecast timeline owing to dynamic rules and regulations . About $ 80.1 trillion is predicted to be spent on this global application segment during forecast timeframe which is predicted to stimulate its demand .