North America Formwork System Market is expected to reach US$ 1,607.29 Mn by 2028

Solutions Segment to Dominate North America Formwork System Market during 2020–2028   

According to The Insight Partners market research study on “North America Formwork System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Offering and Material Used” is expected to reach US$ 1,607.29 million by 2028 from 1,221,54 US$ million in 2021. The market is estimated to grow at a CAGR of 4.0% from 2021 to 2028. The report provides trends prevailing in the North America formwork system market along with the drivers and restraints pertaining to the market growth. Rising infrastructure projects is the major factor driving the growth of the North America formwork system market.

The North America formwork system market is segmented into offering and material used. Based on offering, the North America formwork system market is segmented into solutions, services. The solutions segment held the largest market share in 2020. Based on material used, the North America formwork system market is segmented into wood, metal, others. The wood formwork segment dominated the market in 2020.

The US is the worst-hit country in North America due to the outbreak of COVID-19, with thousands of infected individuals facing severe health conditions across the country. Increasing number of infected individuals has led the government to impose lockdown across the nation’s borders during Q2. Most of the manufacturing plants were either temporarily shut or are operating with minimum staff; the supply chain of components and parts is disrupted; these are some of the critical issues faced by the North American manufacturers. The US is one of the largest markets for formwork system. Also, in Canada, construction projects deemed nonessential were shut down, and the essential projects are subject to public health guidelines.

Brand Industrial Services, Inc.; Doka GmbH; EFCO Corp; Encofrados Alsina; FORSA SA.; MEVA Schalungs-Systeme GmbH; MFE Formwork Technology Sdn Bhd; and PERI GmbH are among the leading companies in the North America formwork system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Brand Industrial Services, Inc. collaborated Windsor-Detroit Bridge Authority to complete Gordie Howe International Bridge.

The report segments the North America Formwork System Market follows:

North America Formwork System Market – By Offering

• Solutions
• Service

North America Formwork System Market – By Material Used

• Wood
• Metal
• Others

North America Formwork System Market – By Country  

• US
• Canada
• Mexico