North America Formwork System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offering (Solutions and Service) and Material Used (Wood, Metal, and Others)

North America Formwork System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offering (Solutions and Service) and Material Used (Wood, Metal, and Others)

The formwork system market in North America is expected to grow from US$ 1,221.54 million in 2021 to US$ 1,607.29 million by 2028; it is estimated to grow at a CAGR of 4.0% from 2021 to 2028. The wood formwork is a commonly used formwork compared to other materials such as steel, aluminum, plastic, and fabric. The wooden formwork is extensively utilized in construction from traditional times, thus is the oldest type of form in construction industry. The plywood and timber shuttering are available at cheaper rate and are easily accessible, which makes their usage more often. Factors such as, the wooden shuttering is easy to make compared to other materials and labour cost is less compared to procurement of reusable form work material, therefore these systems are appropriate for small scale project. Climbing form work, beam formworks, flexible formwork, staircase shuttering, slab formwork, construction of concrete roads, and supporting metallic shuttering are among the applications of wooden formwork in concrete. SVA Formwork Solution, METSÄ Group, TECON Formwork, and G.B.M. Building Equipments S.r.l. are some of the wooden formwork system providers operating in the market and catering different requirements of construction sector. Additionally, rising infrastructure projects is among the other factors expected to fuel the demand for formwork system in North America.

Based on offering, the solutions segment led the North America formwork system market in 2020. The construction sector is getting advanced with continuous technological developments. Advanced solutions are being used by the contractors to make infrastructural projects cost-effective, while boosting the speed of construction and flexibility or the surface quality of construction property. At present, the builders and contractors are going through high degree of competition, which is creating demand for economic formwork solutions to provide greater speed, timely completion of construction projects, enhance safety of workers, and quality. Concrete is one of a well-recognized construction building material as it is durable, safe, economical, and sustainable. Formwork is an essential ingredient utilized in concrete construction and are considered temporary/permanent molds, into which concrete is poured until concrete is self-supporting. Traditional timber formwork engineered formwork system, reusable plastic formwork, permanent insulated formwork, stay-in-place formwork, and flexible formwork are among the formwork types used in concrete construction.

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.

The overall North America 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 North America 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 North America formwork system market. 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 key players operating in the North America formwork system market.

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