The global concrete formwork system market is experiencing significant growth and is expected to grow considerably in the next few years. A concrete formwork is a temporarily designed mold which is used to cast and shape concrete structures such as columns, slabs, and beams. Concrete formworks are generally made up of aluminum, steel, and timber. Furthermore, concrete formwork systems are majorly used in the construction of all concrete-based buildings. Due to its optimal features of easy workability and better finish, timber is often used for building formwork. In addition, a concrete formwork system can be used to cast and mold any type of shape in concrete. Furthermore, the common features that are looked for when selecting the form work are lateral load capacity, gravity load capacity, and lateral pressure handling capacity. Moreover, concrete formworks are widely used construction elements in the construction sector. Major players in the concrete formwork industry adopt advanced material technologies to increase the efficiency and capacity of their products to sustain the competition in the concrete formwork system market.
Market Scope and Structure Analysis
Description
The Concrete formwork system acts as a support system for the wet concrete until it gets hard and gains adequate strength. After this, the formwork is taken off. Concrete formwork systems are traditionally made of timber, but the recent advancement in material technology has introduced new materials such as aluminum, fiberglass, and plastic. These formworks are predominantly used in the construction of concrete buildings.
COVID-19 Impact analysis
- The COVID-19 pandemic ceased the production of various products in the concrete formwork systems industry, which is attributed to the global lockdown. This has hampered the growth of concrete formwork system market in the years and the same trend may continue in the first half of 2022.
- The major demand for concrete formwork systems was previously noticed from giant developed and developing countries, including the U.S., Germany, Italy, the UK, India, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for concrete formwork.
- Furthermore, potential long-term impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Concrete formwork system manufacturers can afford a lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis
- Concrete formwork system manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
Increase in private-public partnerships (PPPs) to promote infrastructural development is one of the important driving factors for the concrete formwork market. PPPs have been implemented in various countries, such as South Korea, India, and others. The boost in PPPs and surged investments through private channels can assist in boosting the infrastructure industry, thereby driving the demand and growth of the concrete formwork system market. Furthermore, the availability of various types of formworks to choose from for various works is expected to drive the growth of the concrete formwork system market. Surge in the construction sector has been witnessed across the world, especially in developing countries. This factor is expected to positively influence the demand for concrete formwork systems. However, the cost of installation and maintenance of concrete formwork systems is one of the restraining factors hindering the growth of the concrete formwork system market. Furthermore, technological developments in 3D printing technology can not only allow complex shapes to be made but also help in reducing the overall cost of concrete formwork. This is anticipated to create lucrative opportunities for the growth of the concrete formwork systems market during the forecast period.
Market Trends
- New products that contain improved capabilities are launched by leading market players. They take necessary steps to improve the overall functionality of the products. For instance, in 2019, PERI India unveiled its large area slab formwork system under the brand Alphadeck, which allows for faster and safer operation of the formwork. This launch helped PERI India to gain an edge in the concrete formwork market.
- Similarly, competitors in the concrete formwork market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, in September 2021, MEVA Formwork Systems Inc., based in Germany, acquired Arcopol Group, a formwork and shoring tower rental company. Through this acquisition, MEVA expects to serve its customers very efficiently in market of Luxemburg and Belgium.
- Moreover, business expansion strategies assist in enhancing the geographic footprint of the company and help in gaining significant market share for the concrete formwork systems. For instance, in September 2019, DOKA GmbH, based in the Austria opened a new production facility in the Russia. The facility extends over an area of 3,500 square meters. This facility is expected to improve the service offerings by the company for concrete formwork consumers in the Russia.
Key Benefits of the Report
- This study presents the analytical depiction of the concrete formwork system industry along with the current trends and future estimations to determine the future investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the concrete formwork system market share.
- The current market is quantitatively analyzed to highlight the concrete formwork system growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed concrete formwork system market analysis based on competitive intensity and how the competition will take shape in coming years.
Concrete Formwork System Market Report Highlights
| Aspects | Details |
 By Material Type |
|
 By End-user Industry |
|
 By Region |
|
 Key Market Players | Suzhou TECON Construction Technology Co., Ltd., RMD Kwikform, Doka Group, Waco International, Paschal Group, Meva Formwork Systems, Peri Group, LLC, NOE Formwork, ULMA Construction, GCS German Construction Systems |
Loading Table Of Content...
