Concrete Formwork System Market Size, Share, Competitive Landscape and Trend Analysis Report, by Material Type, by End-user Industry and Region: Global Opportunity Analysis and Industry Forecast, 2023-2033

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.