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Formwork is permanent or temporary mold, in which the wet concrete is poured. It works as a support system to the concrete until it hardens and gains adequate strength. Traditionally, the formwork is fabricated using timber, but now it is been constructed using steel, prefabricated forms, and aluminum. The concrete formwork is available at a low cost and also has an ecological footprint. Further, the concrete formwork is resistant to fire, durable, built swiftly, and offers enhanced thermal and acoustic insulation. It is used in various structural elements of construction such as beam, column, wall, and ceiling. Majorly it is utilized in residential and commercial buildings.
The rising construction sector owing to rapid urbanization has led to rising the demand for concrete formwork. The ability to make the required shape and surface makes a concrete formwork an ideal choice when compared with other products. Further, the concrete formwork is strong enough to withstand all types of dead and live loads - efficiently propped, rigidly constructed, and braced both vertically and horizontally, to retain its shape. It is also cost-effective and durable. The advancement in concrete technology coupled with rising research and development activities towards the development of lightweight forms of formwork will surge the demand for concrete formwork, thereby provides lucrative growth in the concrete formwork market during the review period.
Key Market Driver -
Rising demand for concrete formwork in the construction industry to drive the market growth.
Key Market Restraint -
Reducing adoption of timber formworks to restrict the market growth
However, the timber formwork absorbs water from wet concrete which results in the reduction of strength in concrete. Also, it has limited re-usability and can not be utilized for a long time. These factors reduce the use of timber formwork, which is anticipated to restrict market growth.
Based on type, the concrete formwork market is segmented into aluminum formwork, steel formwork, timber and plywood formwork, other. Based on end-user, the market is segmented into residential and non-residential. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the concrete formwork market includes ULMA Group, ADTOMall Inc., PASCHAL, Turbo Scaffolding, Trimble Solutions Corporation, METSÄ WOOD, Bridgend Extrusion Ltd, MEVA Schalungs-Systeme GmbH,MC-Bauchemie,Wall-Ties & Forms, Inc., and Berger Construction Equipment GmbH.
Asia Pacific accounted for the highest revenue share during the forecast period. The growth is attributed to the presence of developing nations such as China, India, and Japan. Also, the rising construction industry is propelling the demand for concrete frameworks. In Europe, the growth is due to the rapidly growing commercial sector, which raises the need for concrete formwork. North America witnessed substainable growth, due to rapidly rising demand for aluminum and steel formworks in the construction sector. The Middle East & Africa will register signification growth, owing to the expansion of the residential sector in this region.
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