Formwork System Market Size Worth $8.73 Bn, Globally, by

November 06, 2023 06:16 ET | Source: The Insight Partners The Insight Partners

Pune, India, Nov. 06, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Formwork System Market  Forecast to 2030 – Global Analysis – by Offerings (Solutions and Services), Material Used (Wood, Metal, and Others), and Geography,” the market was valued at US$ 5.81 billion in 2022 and is expected to reach US$ 8.73 billion by 2030; it is anticipated to record a CAGR of 5.2% from 2022 to 2030. Okoume Marine Plywood

Formwork System Market Size Worth $8.73 Bn, Globally, by

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Formwork System Market: Competitive Landscape and Key Developments

Alsina Formwork, Brand Industrial Services, Inc; Doka GmbH; Efco Corp.; Forsa S.A; Meva Formwork Systems; MFE Formwork Technology Sdn Bhd; Paschal International; PERI; and Shandong Xingang Formwork Co., Ltd. are among the key formwork system market players profiled during this study. In addition, several other important formwork system market players have been studied and analyzed during the study to get a holistic view of the formwork system market and its ecosystem. For instance,

In October 2023, Nova Formworks planned to expand its manufacturing capabilities by investing a considerable amount in India. The company planned to expand its plastic monolithic formwork systems manufacturing capabilities to meet the growing demand for formwork systems.

Formwork System Market Analysis: Material Used Overview

Based on the material used, the formwork system market is segmented into wood, metal, and others. In 2022, the wood segment held the largest share of the market and is expected to hold the largest share during the forecast period. The density of aluminum is comparatively less than that of steel, due to which it is a lightweight material and has better strength than steel. Aluminum formwork has a similar formwork that is built from steel. Also, aluminum formwork is economical in case of repetitive usage at a large scale, which is usually a common occurrence during construction. The aluminum formwork is often used in prefabricated formworks and reused many times. Easy handling and dismantling function and the advantage of building monolithic crack-free structures are a few of the other benefits associated with aluminum formwork.

Global Formwork System Market Scope:

Growing Adoption of Metal Formwork Fuels The Formwork System Market Growth

The growing adoption of metal formwork is a significant driver of the formwork system market. Metal formwork, typically made from steel or aluminum, offers several advantages that contribute to its increasing popularity in construction projects. Metal formwork is known for its exceptional durability and longevity. Unlike traditional wooden formwork, which can wear out quickly and require frequent replacements, metal formwork can withstand the rigors of multiple construction cycles. This durability reduces the overall cost of formwork over the long term. Metal formwork provides precise and consistent results in terms of dimensions and surface finishes. This precision is crucial for achieving high-quality concrete structures, such as walls, columns, and slabs. Builders and contractors prefer metal formwork to ensure uniformity and structural integrity. Metal formwork's reusability and long service life contribute to sustainability in construction projects by reducing material waste and the carbon footprint associated with formwork production. As construction practices evolve to prioritize efficiency, quality, and sustainability, the adoption of metal formwork systems is likely to continue growing. This trend aligns with the broader goals of the construction industry to enhance productivity and reduce waste, ultimately benefiting both builders and project stakeholders.

European countries are concentrated with prominent industries such as automotive, chemicals, food & beverages, and pharmaceuticals. In addition to the abovementioned countries, Norway, Finland, Sweden, the Netherlands, Denmark, and Switzerland are the other European countries offering robust contributions to technological advancements in the region, and they are anticipated to propel the growth of the formwork system market in the coming years.

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According to Euroconstruct, the European construction industry is expected to experience slow growth in the coming years. Euroconstruct, in one of its reports, published the following growth rate figures for the construction industry in Europe—in 2017, 2018, 2019, and 2020, the industry registered growth rates of 4.2%, 3.1%, 1.9%, and 1.5%, respectively. The drop in the performance of this industry is expected to reduce the demand for various products, solutions, and services, including formwork for building structures. However, with the projected rise in construction activities in Nordic countries, Spain, Portugal, Belgium, and Ireland, among others, the formwork system market is also expected to grow in the coming years.

In addition, Europe has established a few standards for designing formwork and executing DIN 18218:2010-01; it is a German standard focusing on the execution of concrete structures on vertical formwork. The development of such standards is creating pressure on builders and contractors to use advanced building materials, including formwork solutions. In addition, the region experiences imprints of leading formwork players within its territory, which further influences the market growth. PERI, Doka, FORSA S.A, and Paschal International are a few of the prominent players operating in the market. The region has also witnessed a few recent developments, which fostered the use of formwork solutions.

In November 2020, a three-floor apartment building was constructed by PERI using a 3D construction printer. The company has stated that 3D house printing is projected to receive high significance in the forthcoming period of residential construction.

In Poland, PERI has constructed the deepest diving pool. A number of PERI systems were utilized during the construction of a pool with a depth of up to 45.50m. Under this project, a range of technologically & geometrically complex PERI Formwork solutions, such as TRIO Panel Formwork and VARIO GT 24 Girder Wall Formwork, were used.

Such developments in construction projects have significantly contributed to the growth of the European formwork system market.

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Formwork System Market Size Worth $8.73 Bn, Globally, by

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