Formwork Market Size, Share, and COVID-19 Impact Analysis, By Material (Timber & Plywood, Aluminum, Steel and Others), By Application (Buildings, Transportation, Industrial Facilities), By End-User (Residential, Commercial), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The Formwork Market was valued at USD 5.82 Billion in 2021. The market is projected to grow USD 8.93 Billion in 2030, at a CAGR of 4.9%.

Concrete can be poured and molded into temporary molds using a process called formwork. Formerly made of wood, formwork is now made of a number of materials, including steel, aluminum, plastic, and others. The type of concrete used and the pour's temperature both have an impact on the pressure applied. Therefore, both influence the choice of formwork. Infrastructure projects, which fuel the expansion of the formwork systems market, are impacted by factors including the expanding construction sector supported by favorable government aid and a preference for building green structures. Additionally, because it is more affordable and versatile than other materials, plywood, and wood have a higher penetration rate.

COVID-19 ANALYSIS

The COVID-19 epidemic has significantly hampered real estate and building structure construction, especially the hardware supporting formwork systems. Construction industry specialists have calculated that the industry will experience a supply chain lag of at least 25% as a result of lockdown scenarios resulting from this crisis. Up to mid-2021, this disruption is anticipated to cause tremors. Following the gradual lifting of the different containment measures by governments all over the world to boost the economy, the manufacturing and construction industries are set to pick up speed. Beginning in 2022, it is projected that the pace of residential and commercial development will pick up, which will support the production of construction tools, including the hardware for formwork systems.

Advent of New Formwork Technologies

The formwork manufacturers are continuously encouraged by the introduction of new ideas to introduce innovative, custom solutions. Modern architecture is becoming increasingly dominated by complicated geometry and ever-higher skyscrapers. Therefore, the effectiveness of the construction procedures is crucial to the success of such intricate constructions.

Growing Number of Infrastructure Projects Across the World

Building trends are on the rise, and this trend is causing construction activity to rise as well, which helps the formwork market expand. Formwork is in high demand as a result of this factor. Commercial and residential sectors play a crucial role in urbanization. More urbanization entails more building.

Reduced Adoption of Timber Formworks to Hamper the Market Growth

Concrete loses strength as a result of the timber formwork absorbing moisture from wet concrete. Additionally, it can only be used briefly and has a limited capacity for reuse. These elements decrease the utilization of timber formwork, which is expected to limit market expansion.

SEGMENTATION INSIGHT

The global formwork market is segmented by Material (Timber & Plywood, Aluminum, Steel and Others), By Application (Buildings, Transportation, Industrial Facilities), By End-User (Residential, Commercial and Region. Based on the material, the market is categorized timber & plywood, aluminum, steel and others. Based on application, the market is categorized into buildings, transportation, industrial facilities. Based on end-user, the market is categorized into residential & commercial. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.

REGIONAL INSIGHTS

The global formwork market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

North America region is dominating the market share of the global formwork market owing to the building industry's continuously expanding demand for aluminum and steel formworks. Construction has increased as a result of urbanization, consumer wealth growth, and customer choice for a variety of dietary lifestyles. However, the Asia Pacific region is anticipated to grow over the next few years global formwork market owing to the presence of developing nations like China, India, and Japan is said to be the cause of the expansion. The demand for concrete frames is also being driven by the expanding building sector. The commercial sector's rapid expansion in the region is the cause of the boom, which increases the demand for formwork.

LIST OF KEY COMPANIES PROFILED:

• Acrow
• Faresin Formwork SPA Unipersonale
• INTERFAMA Srl
• MFE Formwork Technology
• NOE-Schaltechnik
• PASCHAL International
• PERI SE
• SCH Scaffolding & Formworks LLC
• Shandong Xingang Formwork Co., Ltd.
• STRABAG
• Waco Kwikform
• Wall Ties & Forms Inc.
• Others

Key Developments:

• January 2019- PERI India announced the launch of ALPHADECK which allows safe and fast-forming operations with a systematic assembly sequence.

SEGMENTATION

By Material

• Timber & Plywood
• Aluminum
• Steel
• Others

By Application

• Buildings
• Transportation
• Industrial Facilities

By End-User

• Residential
• Commercial

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa