The global formwork market size is expected to reach USD 6.06 billion by 2024. The growth is attributed to rapidly expanding residential and commercial construction sector due to new construction activities and renovation of old sites across the globe. Demand for residential spaces due to rising population will also present potential growth opportunities for the global market.
Companies involved in the global formwork market are leveraging effective tools including Building Information Modelling (BIM) tool, which is used to depict the entire lifecycle of a structure from planning to execution. BIM automates the process of designing and developing formwork structure systems according to the requirements of the construction site.
Timber and plywood are the key raw materials used in manufacturing formworks. However, aluminum formworks are increasingly gaining popularity as they are light weight and have low density. Aluminum formworks have longer lifespan compared to their counterparts made of timber and plywood and therefore are more economical as well. Over the years to come, the market is expected to derive significant growth from aluminum formworks.
Spending on real estate and infrastructure development are also expected to present potential growth opportunity to the formwork market. In 2015, the global spending on real estate and infrastructure sectors was USD 4.8 trillion and USD 9.5 trillion, respectively. In the infrastructure development market, China accounted for 38.0% of the global infrastructure spending, followed by North America with 21.0%.
U.S. and Canada are among the key construction markets in North America. Construction activity in South and West regions of U.S. will contribute the most to the growth with Texas expected to remain strong. In Canada, demand for formwork will mainly be from non-residential and infrastructure projects, such as hotels and office buildings. Demand from the residential sector will be led by single-family projects.
In 2016, Europe contributed over 35.0% of the global formwork market and is expected to grow further over the forecast period. Demand from Europe is driven by the housing industry. Germany, U.K., France, Italy, and Spain are the key markets in Europe. In 2013, the European Union (EU) commissioned Construction 2020, an action plan to drive the regional construction sector through concrete measures.
Some of the key companies in the global formwork market include PERI GmbH; Doka Group; Brand Energy & Infrastructure Services; ULMA Construction; Acrow; PASCHAL Group; STRABAG SE; NOE Formwork; Mascon; Interfama; Faresin Industries; MFE Formwork Technology Sdn. Bhd.; Wall-Ties & Forms, Inc.; WACO International Holdings Ltd.; and MEVA Formwork Systems, Inc. Most of these companies focus on offering customized solutions in line with needs of the construction industry.
Some companies are offering formwork rental and maintenance services as well. In the forthcoming years, Asia Pacific will present potential growth opportunities, as countries, such as China and India, are expected to witness significant growth in the construction sector.
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Hexa Research has segmented the global formwork market report based on material type:-
Segmentation by Material Type
• Timber & Plywood
Key Players Analyzed:
• PERI GmbH
• Doka Group
• Brand Energy & Infrastructure Services
• ULMA Construction
• PASCHAL Group
• NOE Formwork
• MFE Formwork
• Wall-Ties & Forms
• WACO Intenational
• MEVA Formwork Systems, Inc.