Formwork System Market to Grow at a CAGR of 4.2% to reach US$ 7,486.32 mn By 2028

"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 was valued at US$ 5,552.33 million in 2020 and is projected to reach US$ 7,486.32 million by 2028; it is expected to grow at a CAGR of 4.2% from 2021 to 2028.

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. 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.

Report Coverage Details
Market Size Value in US$ 5,552.33 Million in 2020
Market Size Value by US$ 7,486.32 Million by 2028
Growth rate CAGR of 4.2% from 2021-2028
Forecast Period 2021-2028
Base Year 2021
No. of Pages 181
No. Tables 61
No. of Charts & Figures 59
Historical data available Yes
Segments covered Offering and Material Used
Regional scope North America; Europe; Asia Pacific; Latin America; MEA

Formwork System Market: Competitive Landscape and Key Developments
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, Shandong Xingang Formwork Co., and Ltd. are among key players profiled during the study of the Formwork System market.

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Plywood and timber are the major form of woods that are used in formwork. The timber formwork is a commonly used formwork material among all other available formwork materials. This material provides onsite fabrication of required size and shape; and is easily utilized in construction. On the other hand, the plywood formwork is a re-molded timber resin-bonded plywood sheets, which are attached to the timber frames. The plywood formwork is flexible, light weight, strong, and easy to handle. Companies such as MetA Wood Plywood panels is engaged in the business of offering formwork plywood panel for wall casting, flat/curved surface to achieve highest quality concrete cast finish.

Based on geography, APAC holds a significant share in the formwork system market. The region is estimated to register the highest growth rate in the market during the forecast period owing to the growing urbanization and industrialization. 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 Southeast Asia, which is supporting the growth of the formwork system market in the region.

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Impact of COVID-19 Pandemic on Formwork System Market

The COVID-19 pandemic is adversely affecting the industries worldwide. The global economy witnessed worst hit in 2020, and it is likely to continue in 2021. The outbreak has created significant disruptions in primary industries, such as construction and manufacturing. A sharp decline in the growth of these industries is adversely 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. However, the trend of smart windows and green roofs would help regain the significance of formwork system post lockdown. Gradually, the number of infrasturctural developments, such as hospitals, are anticipated to increase to combat COVID-19 crisis, which would further create lucrative growth opportunities for formwork systems market.

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