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Asia Pacific Formwork System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offering and Material Used

Asia Pacific Formwork System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offering and Material Used

  • July 2021
  • 108 pages
  • ID: 6134580
  • Format: PDF
  • The Insight Partners

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The formwork system market in APAC is expected to grow from US$ 2,683.72 million in 2021 to US$ 3,690.17 million by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028. The advent of latest designs keeps encouraging the formwork manufacturers to roll out new and tailored solutions to fulfill the demand of abstract projects. 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. Wireless Temperature Monitoring Formwork System: The constitution of current wireless temperature monitoring system is in Korea. The mentioned system conveys temperature data measured from sensors wirelessly in a real-time into personal PCs in site office and predicts maturity and concrete strength. Additionally, the collected data is stored in a computer server and the information is later shared with experts for offering technical support. Additionally, construction sector witnessing growth is among the other factors expected to fuel the demand for formwork system in APAC.
Based on material used, the wood segment led the APAC formwork system market in 2020.Plywood and timber are the major form of woods that are used in formwork.

The timber formwork is a commonly used formwork material among all other available formwork materials.This material provides onsite fabrication of required size and shape; and is easily utilized in construction.

The plywood formwork is a re-molded timber resin-bonded plywood sheets, which are attached to the timber frames.The plywood formwork is flexible, light weight, strong, and easy to handle.

Companies such as Metsä Wood Plywood panels is engaged in the business of offering formwork plywood panel for wall casting, flat/curved surface to achieve the highest quality concrete cast finish.
The APAC constitutes the world’s two most populated countries as well as leading manufacturing hubs: India and China.The governments of various countries in the APAC has taken necessary steps to reduce its effects by announcing lockdowns, and thus, impacting the growth of the formwork system market.

The introduction of lockdowns has resulted in the halt of construction projects in the region, which negatively impacted the growth of formwork system in the region.After a prolonged lockdown, various countries have started easing the restrictions.

On the contrary, second wave of COVID-19 has hit India, which has negatively impacted the construction sector of entire country and would further adversely impact the number of infrastructure projects.
The overall APAC 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 APAC 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 who typically take part in such a 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 APAC 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; and Shandong Xingang Formwork Co., Ltd. are among the key players operating in the APAC formwork system market.

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