The formwork system market in Europe is expected to grow from US$ 1,330.51 million in 2021 to US$ 1,739.64 million by 2028; it is estimated to grow at a CAGR of 3.9% from 2021 to 2028. With the developing economy, innovative building technologies have initiated to transform the urban landscape. The surge in construction work across residential, commercial, and several industries, owing to the growing urbanization and industrialization, is expected to drive the growth of the formwork system market. The government is putting additional emphasis on strengthening the construction and infrastructural development, which is projected to create lucrative opportunities for the scaffolding and formwork industry. In addition to government support, companies are working on infrastructural projects. Moreover, formwork solutions are used for conventional power plants, nuclear power plants, and other public work projects. Therefore, growing infrastructural projects coupled with favorable government support for strengthening construction sector across the world would positively contribute the adoption of formwork system during the forecast period. Additionally, rising application of wood formwork is among the other factors expected to fuel the demand for formwork system in Europe.
Based on material used, the wood segment led the Europe 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 highest quality concrete cast finish.
In Europe, Russia is the hardest-hit country due to COVID-19 outbreak, followed by the UK and others.Majority of European countries are expected to suffer an economic hit due to a lack of revenue from various industries, as these countries record the highest number of COVID-19 cases and deaths in the past year.
Due to business lockdowns, travel bans, and supply chain disruptions, the region is most likely to face an economic slowdown in 2021.The construction industry in Europe suffered its one of the biggest drops in activities after the building sites were closed, and the supply of safety equipment and workers were disrupted due to the pandemic.
The drop in the construction activities in the region has directly affected the sales of the formwork solutions in Europe. Owing to the decline in construction, the formwork system market will witness an abrupt downturn in the year 2021, however a slow recovery will be witnessed in next year, and normalization is expected to start by 2022.
The overall Europe 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 Europe 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 Europe 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; and PERI GmbH are among the key players operating in the Europe formwork system market.