Europe Insulated Concrete Form (Icf) Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Europe Insulated Concrete Form (Icf) Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Europe Insulated Concrete Form (ICF) market is anticipated to register a CAGR of greater than 5% during the forecast period.

• During the outbreak of COVID-19, insulated concrete form manufacturers encountered several issues, including supply chain disruptions, production shutdowns, labor shortages, and cash flow constraints. Besides, demand also witnessed a slowdown in the market as construction projects in the residential and non-residential sectors came to a halt. Currently, the insulated concrete form (ICF) market has recovered from the pandemic and is growing significantly.
• Over the short term, the demand for energy-efficient buildings and high-rise residential buildings, along with increasing preparedness for disasters, is projected to fuel market growth throughout the forecast period.
• However, it is estimated that fluctuating raw material prices for ICF are the major factor that is likely to hamper the growth of the European insulated concrete form market.
• Still, as both manufacturers and consumers learn more about insulated concrete forms (ICF), the Europe-insulated concrete form (ICF) market is likely to have more opportunities to make money.

The increasing number of building laws and regulations focusing on energy efficiency has increased the number of ICF residential constructions.

In Europe, the construction industry is vital to the economy. It not only constructs new residential, industrial, and commercial structures for Europeans to live and work in, but it also maintains and fixes older structures and buildings. As ICF provides exceptional comfort, energy efficiency, strength, and noise reduction, as well as structural benefits for any style of building, both building owners and contractors gain from the use of insulated concrete forms.

According to the International Monetary Fund's World Economic Outlook, in 2021, the building sector will contribute four to seven percent of the GDP in most European nations. Besides, various large multi-family residential construction projects in Europe were initiated in 2021.

A 40-story residential tower and a 14-story office building are being constructed on Albion Street in Central Manchester, United Kingdom, which will utilize funds worth USD 333 million allotted to the Viaduct Mixed-Use Community project. The project aims to improve residential, commercial, and office space to fulfill the region's expanding demand for luxury homes and commercial needs. It will generate 350 new employees. The third quarter of 2024 is the anticipated completion date for the construction, which started in the third quarter of 2021.

A residential community with six buildings that range in height from two to fifteen floors will be built on 3.59 hectares of land as part of the Sackville Road Residential Community project. The project's goal is to renovate the Sackville Trading Estate and Hove Goods Yard property to provide better housing options in the area. It will generate 560 new employees. Construction began in the third quarter of 2021 and is projected to be completed in the second quarter of 2025.

Eurostat says that the index for building permits issued for the construction value of residential buildings in Germany rose from 122 index points in 2020 to 126.7 index points in 2021.

All the aforementioned factors are expected to drive the residential segment, which may also impact the demand for insulated concrete form (ICF) during the forecast period.

• In 2021, the German economy was by far the largest in Europe, with a GDP of about USD 3.69 trillion. The construction industry is relatively important in the German economy, accounting for around 5.9% of the country's gross domestic product (GDP) in 2021.
• According to the World Bank, the construction industry's share of GDP was 26.6% in 2021, compared to 26.5% in 2020.
• According to data from the country's two largest construction associations, the German construction sector is predicted to generate USD 155.87 billion in sales in 2022, projecting a 5.5% increase over this year. But after taking into account an expected inflation rate of 4% in the construction industry, growth is expected to be only 1.5%.
• The country's two largest construction associations also forecast that residential sales will increase by 7% to USD 61.21 billion in 2022, up from USD 57.19 billion in 2021, while commercial building sales will increase to USD 55.02 billion in 2022.
• According to the Association for Manufacturing Technology, from January to September 2022, there was a strong increase in orders (+13%), especially in building construction (+18%), but building permits show a very differentiated picture depending on the type of building.

Thus, all the above-mentioned factors are likely to contribute to the increasing demand for the European insulated concrete market during the forecast period.

The Europe Insulated Concrete Form (ICF) market is partially fragmented in nature. Some of the major manufacturers in the market include ICF Solutions, Green Life Buildings, PolySteel United Kingdom Ltd, ICF Tech Ltd., and Nuform Building Technologies Inc. among others (in no particular order).

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