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Insulated Concrete Form Market Overview
The global market trends suggest that the insulated concrete form market was valued at USD 1.05 billion in 2017 and is projected to reach USD 1.49 billion by 2027. The global market will be growing at a CAGR of 5.95% from 2021 to 2027. The base year considered for the study is 2017, and the forecast period is from 2021 to 2027.
Insulated concrete form structures are recognized for being energy-efficient, extremely durable, sound & fire resistant, and environment-friendly. Sustainable materials such as Expanded Polystyrene Foam (EPS) and polyurethane are used to construct insulated concrete form buildings that enhance energy efficiency and improve the insulation of the construction space, making them excellent raw materials for these buildings. Insulated concrete form types, such as flat wall systems, grid systems, and post & lintel systems, can absorb radiation and easily be recycled, making the construction energy-efficient.
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The insulated concrete form market has the following key players:
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The insulated concrete form market has been segmented to meet the rising needs of the global target audience, and the segmentation will help in the expansion of the market share. The segmentation is mentioned as follows:
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According to the International Monetary Fund, the construction industry has been growing at 10% for a few years now in Middle Eastern countries such as Saudi Arabia, the UAE, and Qatar. According to Financial Express, the North American region will witness the highest number of new constructions by 2022. According to the Organisation for Economic Co-operation and Development (OECD), information suggests that construction spending is expected to be 5.6% in the US, 6.0% in Canada, and 4.8% in Mexico. In the Asia Pacific region, the Make in India project, introduced by the Government of India in 2015, helps and promotes new construction projects. In 2009, the sub-prime crisis of the US region had caused a recession in the construction industry.
However, the insulated concrete form market industry has recovered and is growing at a moderate pace. The global construction activities are expected to contribute one-tenth to the global GDP. It is expected to reach about USD 8 trillion by 2030, based on the information circulated by Oxford Economics.
The migration of the rural population to urban areas and the conversion of towns into cities are increasing the demand for new construction projects, which, in turn, is stimulating the demand for insulated concrete form. According to the Asia Pacific Human Development Report published by the United Nations Development Programme, the total population in the Asia Pacific region is projected to reach 4.84 billion by 2050, of which 64% is projected to be the urban population. The global insulated concrete form market growth in disposable income enables consumers to opt for new, latest, and environment-friendly construction materials.
4.2 Value Chain Of Insulated Concrete Form Market
5 Industry Overview Of Insulated Concrete Form Market
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