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Formwork System Market Reach USD 7,486.32 Million by 2028 at 4.2% CAGR | Global Analysis by The Insight Partners

The comprehensive industry research on Formwork System published by The Insight Partners research includes growth analysis and drivers analyzed in the report.

NEW YORK, UNITED STATES, December 2, 2022 / -- According to our latest market study on “Formwork System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering (Solutions and Services) and Material Used (Wood, Metal, and Others).

The formwork system market is expected to grow from US$ 5,552.33 million in 2020 to US$ 7,486.32 million by 2028; it is estimated to grow at a CAGR of 4.2% from 2021 to 2028. The advent of latest designs keeps encouraging the formwork manufacturers to roll out new and tailored solutions to fulfill the demand of abstract projects. The contemporary building system is getting dominated by ever-higher buildings and complex geometries. Therefore, success of such complex buildings relies on the efficiency of construction processes. With continuous technological developments, modular formwork systems are getting introduced with standardized component items and panels to lower the need of cutting material at site. Introduction of wireless temperature monitoring formwork system, fiberglass shuttering, tunnel formwork, concrete form lining formwork, and semi-system formwork are expected to propel the growth of the formwork system market in the coming years.

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Companies Profiled in this report includes: Brand Industrial Services, Inc.; Doka GmbH; EFCO Corp; Encofrados Alsina; FORSA SA.; MEVA Schalungs-Systeme GmbH; MFE Formwork Technology Sdn Bhd; PASCHAL-Werk G. Maier GmbH; PERI GmbH;S and Shandong Xingang Formwork Co., Ltd.

Based on materials used, the metal segment is expected to register the highest CAGR in the global formwork system market during the forecast period. Steel and Aluminum formwork is an expensive formwork material; however, it has a multi reuse property. The steel formwork offers uniform and smooth surface finish to concrete surfaces. Bridges, dams, columns, tanks, sewer, chimneys, tunnel, and retaining wall are a few mass structures, which needs steel formwork as it keeps the structure stronger and safer. The steel formwork is becoming popular owing to properties such as strength, reuse, and durability for a longer period. Additionally, the steel formwork is completely moisture-proof/ waterproof and lower honeycombing effect, which further makes it ideal for circular/curved structures and over other material like timber.

Impact of COVID-19 Pandemic on Formwork System Market

The outbreak has created significant disruptions in primary industries, such as construction and manufacturing. A sharp decline in the growth of these industries is negatively impacting the growth of the global formwork system market as they are the major supply and demand sources for formwork system products and solutions. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the spread of novel coronavirus have adversely impacted the manufacturing, supply, and sales of various formwork products required at construction site.

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Key Findings of Study:

With the developing economy, innovative building technologies have initiated to transform the urban landscape. The surge in construction work across residential, commercial, and several industries, owing to the growing urbanization and industrialization, is expected to drive the growth of the formwork system market during the forecast period. The government is putting additional emphasis on strengthening the construction and infrastructural development, which is projected to create lucrative opportunities for the scaffolding and formwork industry in coming years. For instance, PERI India has expanded their footprints in all construction segment of India. The company has worked on landmark projects including Statue of Unity, ITPO, Mahatma Mandir, Agra-Lucknow Expressway, ITC Colombo One, Hyderabad Metro, Bengaluru metro, and Surat Diamond Bourse. The company has provided their formwork and scaffolding system to make mentioned projects cost-effective.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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