Middle East and Africa 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 MEA is expected to grow from US$ 258.42 million in 2021 to US$ 305.39 million by 2028; it is estimated to grow at a CAGR of 2.4% from 2021 to 2028.
Saudi Arabia, South Africa, and UAE are major economies in MEA. Arrival of new formwork technologies is the major factor driving the growth of the MEA formwork system market. 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. Tunnel formwork: The tunnel form is a formwork system enabling contractor to cast slabs & walls in one operation on a daily cycle. The tunnel formwork unites quality, accuracy, and speed with flexibility and economy of an in-situ construction. Also, hi-tech technologies of steel formwork production make the tunnel formwork durable and stronger. The system can create efficient load-bearing structures that are also known as earthquake resistant structures. Therefore, development of such new construction technologies in formwork industry would positively foster the market growth.
To reduce the impact of COVID–19, the governments have adopted contingency plans such as complete lockdown and 24-hour sterilization program. The introduction of lockdowns has resulted in a halt of construction activities in the region. The slowdown in construction activities in the region has directly impacted the sales of formwork system in the region. Also, various countries have imposed travel bans, which will create challenges in recruiting and moving employees; this will impact the projects that are in the initial stage. Also, most of the businesses in the region have come to a halt and are expected to continue slower than usual pace. The countries are taking significant containment measures to reduce the number of infected patients. COVID-19 pandemic outbreak, which has severely affected the construction industry and has resulted in the declining sales of the formwork system in MEA.
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 MEA formwork system market. The MEA formwork system market is expected to grow at a good CAGR during the forecast period.
MEA Formwork System Market Segmentation
MEA Formwork System Market – By Offering
- Solutions
- Service
MEA Formwork System Market – By Material Used
- Wood
- Metal
- Others
MEA Formwork System Market, by Country
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
MEA 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
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the MEA 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 MEA 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 MEA 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