(MENAFN- America News Hour) REPORT HIGHLIGHT
The formwork market was valued at USD 5.19 billion in 2017, growing with the 1.9% CAGR during the forecast period 2018-2025.
Market Dynamics
Formwork is a name given to mould in which concrete is kept. It is usually made up of timber, steel, aluminium, plastic and others. It should posses enough strength so that it can tolerate the weight of wet concrete without any distortion. Once the concrete gains enough strength, the formwork is removed or it can be kept as it is in case of permanent solution. In the upcoming years, the increase in expenditure on infrastructure development by government will augment the product demand. Also with the increase in commercial and residential sectors due to new construction and revamp of old sites, the demand for formwork is expected to increase.
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Formwork minimizes the time and cost required in the completion of construction work. The global market is anticipated to rise by taking into account the vast use of simple and reusable molds. The necessity to give support to newly constructed buildings is expected to boost the revenue of global market. In addition, augmentation of saturation in urban population will generate demand of residential buildings which in turn will drive the industry growth.
Formwork is known for maintaining the quality of construction work while speeding up the work. However, lack of flexibility and high maintenance cost are some of the restraints of this material, but its excellent strength to support concrete will accelerate the market in near future.
Material Takeaway
Formwork can be made up of Timber & Plywood, Aluminium, and others. Timber & Plywood are the widely used material in the market. This segment is anticipated to capture 36% of overall global market share by 2025. The plywood material results in superior quality of finished concrete. Large plywood sheets cut the building cost. Moreover, its smooth surface minimizes the expenses of concrete finishing.
On the contrary, aluminium is also gaining popularity because of its light weight and low density. Durability and long life of aluminium makes it economical as it can be reused at various construction sites. And this reuse-ability also makes it eco-friendly. By considering all these facets, the aluminium formwork is projected to experience high demand especially in developed economies.
Regional Takeaway
The Europe formwork market has reached USD 1.89 billion in 2017 and it is anticipated to grow with 1.7% growth rate over the forecast period. Increase in infrastructure development and housing sector investment will augment the regional market. On the other side Asia-Pacific region is expected to rise at a CAGR of 2.9% in the forecast period because of rapid increase in industrial construction in India and China. Many foreign investments specifically from China are happening due to housing construction projects. Hence the housing sector growth will expedite the construction equipment industry which will result in acceleration of product demand.
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Key Vendor Takeaway
Companies which are playing a leading role in the industry includes Doka Group; Acrow; ULMA Construction; PASCHAL Group; STRABAG SE; Mascon; Interfama; Faresin; MFE Technology; Wall-Ties & Forms, Inc.; MEVA Systems and others. STRABAG is the leader in formwork market and the company is expected to maintain its dominance in the forecast period owing to its state-of -the-art practices. Most of these companies strive to cater customized services as per the demand of construction industry. The services offered by these key vendors are considered to satisfy the demand of modern infrastructure market.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
TARGET AUDIENCE
Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies and Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY APPLICATION
Timer & Plywood
Steel
Aluminium
Others
MARKET, BY REGION
North America
U.S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
Middle East and Africa
Latin America
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