The global formwork market is expected to display higher growth rate in the upcoming period. Rapid surge in the market is credited to the rising number of construction activities, particularly in the Asia Pacific and North America region. Rising number of construction projects such as smart cities and growing infrastructural spending by local governments are expected to drive the growth of the market over the forecast period. Globally, market is predicted to generate massive revenue over the forecast period, providing numerous opportunities for industry participants to invest in research and development of formwork market.
Formwork structures and its support is typically used in building & construction industry over the past few decades. It is formed from various raw materials including timber and plywood, steel, aluminum and plastic. Use of formwork structures and its support limits overall time and costs required for a construction project. Growing preference towards formwork structures and its support is credited to the minimal considerations, while building and reusing the mold. However, rising cost associated with transportation of formwork from one place to other is expected to restrain market growth to a certain extent.
Additionally, rapid urbanization has led to requirement for residential buildings such as schools, colleges, clinics, roads, and commercial spaces. Massive funding from the local government to cater to demands for public infrastructures is predicted to drive market expansion in the upcoming years. Moreover, improvement in the existing infrastructures is one of the key drivers for a robust market growth.
The formwork market is broadly categorized into three major segments based on the product type such as timber & plywood formwork, aluminum formwork and steel formwork. Timber & plywood formwork segment is growing rapidly in the with substantial revenue generation in the last few years. Growing popularity of timber & plywood formwork segment is attributed to the easy availability, lower cost and easy transport.
The formwork market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in building & construction industry, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth over the coming years.
Asia-Pacific region is estimated to hold a major share in the formwork market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, rising commercial infrastructural activities, increasing governmental funding for public infrastructure, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the formwork market are PERI GmbH, Doka Group Co., Brand Energy & Infrastructure Services Co., ULMA Construction Ltd., Acrow Corp., PASCHAL Group, Inc., STRABAG SE, NOE Formwork Co., Mascon Ltd., INTERFAMA Srl, Faresin Industries S.p.A., MFE Formwork Technology Sdn. Bhd., Wall-Ties & Forms, Inc., WACO, Inc., MEVA Formwork Systems, Inc., TITAN Formwork Systems Co., and Gifu Kogyo CO., LTD.
Leading players of Formwork including:
• RMD Kwikform
• Waco International
• Mesa Impala
• Alpi SEA
• Wall-Ties & Forms
• Xingang Group
Market split by Type, can be divided into:
• Timber Formwork
• Steel Formwork
• Aluminum Formwork
Market split by Application, can be divided into:
• Industrial Facilities
Market split by Sales Channel, can be divided into:
• Direct Sales
• Distribution Sales
Market segment by Region/Country including:
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
Research Support Specialist, USA