Insights on the Formwork System Global Market to 2028

DUBLIN, Sept. 8, 2021 /PRNewswire/ — The “Formwork System Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Offering and Material Used” report has been added to ResearchAndMarkets.com’s offering.

The formwork system market is expected to grow from US$ 5,552.33 million in 2020 to US$ 7,486.32 million by 2028; it is estimated to grow at a CAGR of 3.81% during 2020-2028.

The advent of latest designs keeps encouraging the formwork manufacturers to roll out new and tailored solutions to fulfil the demand of abstract projects. The contemporary building system is getting dominated by ever-higher buildings and complex geometries. Therefore, success of such complex buildings relies on the efficiency of construction processes. With continuous technological developments, modular formwork systems are getting introduced with standardized component items and panels to lower the need of cutting material at site. Introduction of wireless temperature monitoring formwork system, fiberglass shuttering, tunnel formwork, concrete form lining formwork, and semi-system formwork are expected to propel the growth of the formwork system market in the coming years.

Based on materials used, the metal segment is expected to register the highest CAGR in the global formwork system market during the forecast period. Steel and Aluminum formwork is an expensive formwork material; however, it has a multi reuse property. The steel formwork offers uniform and smooth surface finish to concrete surfaces. Bridges, dams, columns, tanks, sewer, chimneys, tunnel, and retaining wall are a few mass structures, which needs steel formwork as it keeps the structure stronger and safer. The steel formwork is becoming popular owing to properties such as strength, reuse, and durability for a longer period. Additionally, the steel formwork is completely moisture-proof/ waterproof and lower honeycombing effect, which further makes it ideal for circular/curved structures and over other material like timber.

The COVID-19 outbreak across the world is negatively impacting the growth of the formwork system market. The lockdowns and other restrictions restricted the activities in construction sector, which restrained the growth of the formwork system market. However, the ease of lockdown restrictions along with the rising emphasis on the effective restoration of the construction industry is expected to support the speedy recovery of the market during the post-lockdown period.

Reasons to Buy

Story continues

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Formwork System market.

• Highlights key business priorities in order to assist companies to realign their business strategies.

• The key findings and recommendations highlight crucial progressive industry trends in the global Formwork System market, thereby allowing players across the value chain to develop effective long-term…