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.
New York, June 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Formwork System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering and Material Used" - https://www.reportlinker.com/p06099470/?utm_source=GNW
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.
The overall formwork system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the formwork system market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the formwork system market. Brand Industrial Services, Inc.; Doka GmbH; EFCO Corp; Encofrados Alsina; FORSA SA.; MEVA Schalungs-Systeme GmbH; MFE Formwork Technology Sdn Bhd; PASCHAL-Werk G. Maier GmbH; PERI GmbH;S and Shandong Xingang Formwork Co., Ltd. are among the key players operating in the market.
Read the full report: https://www.reportlinker.com/p06099470/?utm_source=GNW
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