Plastic Formwork Market Expected to Expand at a Steady CAGR of 5.1% through 2031

Plastic Formwork Market: Introduction

Transparency Market Research delivers key insights on the global plastic formwork market. In terms of revenue, the global plastic formwork market is estimated to expand at a CAGR of 5.1% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global plastic formwork market.

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The global plastic formwork market is broadly affected by several factors, including increase in usage of plastic formwork in the construction industry. Rapid urbanization in developed and developing economies is boosting the demand for residential and commercial construction. Thus, expansion of the construction industry is propelling the demand for plastic formwork across the globe.

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Plastic Formwork Market: Dynamics

Formwork is an arrangement that is used to shape reinforced concrete or similar material while it sets. It influences the success of construction of any structure in terms of safety, cost, quality, and speed. Formworks are made of wood or metals such as steel or aluminum; however, a revolutionary material, plastic, has taken precedence. Plastic is affordable and offers environmentally-friendly benefits. Plastic formwork is a successful formwork. Plastic formworks are modular; therefore, they are used for construction of columns and pillars of different shapes and dimensions, walls, and foundations of different thickness and height. Plastic formworks are manufactured from a specific grade plastic. Additionally, it is a labor-friendly system, as not only does it fit and plug easily; however, it is also considerably lightweight compared with other types of formwork systems. Furthermore, plastic forms can be cleaned with water easily after its utilization. If they break due to bad handling, a low voltage hot air gun is used to seal them. These benefits of plastic over timber and steel or aluminum formwork is anticipated to drive the global plastic formwork market.

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Plastic Formwork Market: Prominent Regions

Asia Pacific held major share of the global plastic formwork market in 2020. The market in the region is anticipated to expand at a CAGR of more than 5% during the forecast period. Increase in demand for plastic formwork for residential as well as commercial construction in Asia Pacific is driving the plastic formwork market in the region. China is a key country of the plastic formwork market in Asia Pacific. It held a significant share of the plastic formwork market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.

Europe also held key share of the global plastic formwork market in 2020. Germany is a prominent country in the Europe plastic formwork market. It accounted for a significant share of the plastic formwork market in Europe in 2020. Rise in various construction activities in Europe is driving the plastic formwork market in the region.

Plastic Formwork Market: Major Players

The global plastic formwork market is consolidated, with the presence of key players. Prominent players operating in the global plastic formwork market include BOFU, Geoplast S.p.A., Suzhou TECON Construction Technology Co., Ltd., ADTO Group, Beizhu Group, Nova Formworks, MEVA Schalungs-Systeme GmbH, Shandong Jingfang Import and Export Co., Ltd, MOD SCAFF PVT. LTD., and Siscon Construction.

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