New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Formwork System Market: Key Insights
According to our new research study on “Formwork System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offering, Material, and Geography,” the Formwork System Market is projected to reach US$ 7,486.32 million by 2028 from US$ 5,618.35 million in 2021; it is expected to grow at a CAGR of 4.2% from 2021 to 2028. Adoption of wood for manufacturing formwork solutions dominated market in 2020.
Formwork System Market: Competitive Landscape and Key Developments
Alsina Formwork, Brand Industrial Services, Inc, Doka GmbH, Efco Corp., Forsa S.A, Meva Formwork Systems, MFE Formwork Technology Sdn Bhd, Paschal International, PERI, and Shandong Xingang Formwork Co., Ltd. are among the key market players profiled in the formwork system market study.
In 2021, Brand Industrial Services, Inc. collaborated with Windsor-Detroit Bridge Authority to complete Gordie Howe International Bridge.
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In 2020, DOKA GmbH formed strategic partnership with American scaffolding manufacturer AT-PAC.
The proliferation of the construction industry, supported by favorable government initiatives and growing inclination toward green buildings, is a key factor impacting the infrastructural projects, thus driving the formwork system market growth. Also, timber and plywood products are adopted to a greater extent than other materials as they are available at lower prices and can be used for multiple applications. Moreover, with advent of sophisticated technologies such as tunnel formwork, fiberglass shuttering, and wireless temperature monitoring formwork system in formwork industry is projected to generate ample of growth prospects for formwork.
In 2020, APAC held the largest share of global formwork system market. The region is estimated to register the highest CAGR in the market during the forecast period. The projected market growth in APAC is primarily attributed to growing urbanization and industrialization in the region. A large population in the region has been posing high demand for the commercial and residential construction. Moreover, the construction activity is growing significantly in the Southeast Asia, which is expected to support the growth of the formwork system market in the region.
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The COVID-19 pandemic has severely affected the growth of the formwork system market. Lockdowns and other restrictions, as well as halt in the construction sector, has hindered the growth of the formwork system market. However, the ease of lockdown restrictions since Q4 2020, along with the rise in emphasis on the effective restoration of the construction sector, is expected to support the speedy recovery of the market during the post-lockdown period.
The wood formwork is a commonly used formwork compared to other materials such as steel, aluminum, plastic, and fabric. The wooden formwork has been a conventional choice in the construction sector. The plywood and timber shuttering are available at lower prices and are easily accessible. Factors such as the easier process of production of wooden shuttering, involving low labor costs, boosts their procurement of reusable form work material, therefore these systems are appropriate for small scale project.
Climbing formwork, beam formworks, flexible formwork, staircase shuttering, slab formwork, concrete road construction, and supporting metallic shuttering are among the applications of wooden formwork in concrete. SVA Formwork Solution, PASCHAL, METSÄ Group, TECON Formwork, and G.B.M. Building Equipments S.r.l. are a few of the wooden formwork system providers catering to different requirements of construction sector.
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Formwork System Market: Offering Overview
Based on offering, the formwork system market is segmented into solutions and services. The solutions segment held a larger market share in 2020, and it is further expected to account for a larger market share during the forecast period. The projected growth of the market for this segment is attributed to increasing demand for aluminum and wood formwork systems. Contractors in the construction sector are adopting advanced solutions to make infrastructural projects cost-effective, while boosting the speed of construction and flexibility as well as the surface quality of construction property. At present, builders and contractors are facing high competition, which is creating demand for economic formwork solutions for ensuring greater speed of operations, timely completion of construction projects, enhanced safety of workers, and improved quality of work.
Concrete is one of a well-recognized construction building materials as it is durable, safe, economical, and sustainable. Formwork is an essential part of concrete-based construction; they are considered temporary/permanent molds, into which concrete is poured and kept until it is self-supporting. Traditional timber formwork engineered formwork system, reusable plastic formwork, permanent insulated formwork, stay-in-place formwork, and flexible formwork are among the formwork types used in concrete construction.
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