The scope of study involves understanding the factors contributing to the growth of the formwork system market. It also includes estimating and forecasting the revenues as well as conducting the market size analysis, along with spotting significant market players and their key developments.
According to the new research report titled “Formwork System Market Forecast to 2027 – COVID-19 Impact and Global Analysis” published by The Insight Partners, the market is expected to reach US$ 7,486.32 billion by 2028, registering a CAGR of 4.2% during 2021–2028.
APAC Formwork System Market to Register Highest CAGR during Forecast Period
The formwork system market players in APAC are experiencing significant demand for their products due to constant development in transportation infrastructure, along with road and rail infrastructure across the region. Most of the countries in APAC are economically developing and are focusing majorly on the rising environmental issue; thus, the investments are directed toward advanced technologies to precisely deal with it. There are many ongoing tunnel construction projects across APAC, which require formwork systems to precisely monitor the environment inside the tunnels. A few ongoing tunnel construction projects in the region are Mumbai–Ahmedabad Bullet Train (India), The Melbourne Metro Rail Project (Australia), and China–Laos railway tunnel (China).
The scope of formwork system in the Asian market is increasing at an exponential rate. China dominated the APAC formwork system market in 2020. China has a massive construction industry, and the Chinese government constantly emphasizes on the development of robust, attractive, and safe construction structure, which propels the demand for formwork system. The country also has significantly large industrial sector, encompassing several industries. The number of manufacturing facilities, warehouses, and storage facilities continues to surge year-on-year (YoY). With continuous increase of mentioned facilities, the demand for formwork system eventually increases. Additionally, the country is putting additional efforts on using advanced building materials during the production phase of the buildings, especially residential buildings.
Impact of COVID-19 Pandemic on Formwork System Market
The outbreak has created significant disruptions in primary industries, such as construction and manufacturing. A sharp decline in the growth of these industries is negatively impacting the growth of the global formwork system market as they are the major supply and demand sources for formwork system products and solutions. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the spread of novel coronavirus have adversely impacted the manufacturing, supply, and sales of various formwork products required at construction site.
Key Findings of Study:
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 in coming years. For instance, PERI India has expanded their footprints in all construction segment of India. The company has worked on landmark projects including Statue of Unity, ITPO, Mahatma Mandir, Agra-Lucknow Expressway, ITC Colombo One, Hyderabad Metro, Bengaluru metro, and Surat Diamond Bourse. The company has provided their formwork and scaffolding system to make mentioned projects cost-effective.