Formwork System Market Comprehensive Study Explores Huge Growth in Future

According to our latest market study on "Formwork System Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Offering (Solution and Service) and Material Used (Wood, Metal, and Others)," the 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. Adoption of wood for manufacturing formwork solutions dominated market in 2020

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Key Companies:
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., Ltd.

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 Metsä 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.

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.

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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Market Insights
Growing Scope of Wood Formwork across the Globe

The wood formwork is a commonly used formwork compared to other materials such as steel, aluminum, plastic, and fabric. The wooden formwork is extensively utilized in construction from traditional times, thus is the oldest type of form in construction industry. The plywood and timber shuttering are available at cheaper rate and are easily accessible, which makes their usage more often. Factors such as, the wooden shuttering is easy to make compared to other materials and labour cost is less compared to procurement of reusable form work material, therefore these systems are appropriate for small scale project. Climbing form work, beam formworks, flexible formwork, staircase shuttering, slab formwork, construction of concrete roads, 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 some of the wooden formwork system providers operating in the market and catering different requirements of construction sector.

Formwork System Market Segmentation:
By Offerings
Solutions
Service

By Material Used
Wood
Metal
Others

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