Asia Pacific Formwork System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offering (Solutions and Service) and Material Used (Wood, Metal, and Others)
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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.
Australia, China, India, Japan, and South Korea are major economies in APAC. Construction sector witnessing growth is the major factor driving the growth of the APAC formwork system market. At present, construction sector is witnessing an upward trend. With buildings getting taller and the floor plates getting bigger, the final users are seeking forward to advanced formwork system, which are light, reusable, cost-effective, durable, flexible, and easy to assemble & dismantle. There are a few companies, which offers end-to-end formwork design system for small & large projects. Peri, Doka, MFE, BSL Scaffolding, Waco, and Paschal are among a few well-established players existing in the market. With increasing number of commercial, residential, and industrial projects, the construction industry is booming, which is drawing the attention of government to provide financial assistance. Also, advanced building materials are getting emerged to make construction cost effective. China, and India are projected to lead the path and account more than half of the share of all APAC growth. Also, increasing demand for data centers coupled with retail need for refurbishment is anticipated to positively impact the construction sector. Moreover, investment to renovate old buildings and structures, and increasing inclination toward greener future is boosting the scope of green buildings, which is projected to nurture construction sector. For example, South-North Water Transfer Project in China – The construction project would help the masses residing in the north of China to have an access on greater water supply.
The APAC constitutes the world’s two most populated countries as well as leading manufacturing hubs: India and China. The government 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 which would further adversely impact the number of infrastructure projects.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC formwork system market. The APAC formwork system market is expected to grow at a good CAGR during the forecast period.
APAC Formwork System Market Segmentation
APAC Formwork System Market – By Offering
- Solutions
- Service
APAC Formwork System Market – By Material Used
- Wood
- Metal
- Others
APAC Formwork System Market, by Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
APAC Formwork System Market - Companies Mentioned
- 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
- Shandong Xingang Formwork Co., Ltd.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC formwork system market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the APAC formwork system market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the formwork system market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution