Insulated Concrete Form Market to exceed USD 970 million by 2024: Global Market Insights Inc.
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.
Application Trends
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.
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