Report : 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)
Wood Segment to Dominate APAC Formwork System Market during 2020–2028
According to a new market research study on “APAC Formwork System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Offering and Material Used” is expected to reach US$ 3,690.17 million by 2028 from US$ 2,683.72 million in 2021. The market is estimated to grow at a CAGR of 4.7% from 2021 to 2028. The report provides trends prevailing in the APAC formwork system market along with the drivers and restraints pertaining to the market growth. Construction sector witnessing growth is the major factor driving the growth of the APAC formwork system market. However, issues associated with relatively low construction projects in developing countries, hinders the growth of APAC formwork system market.
The APAC formwork system market is segmented into offering and material used. Based on offering, the APAC formwork system market is segmented into solutions, services. The solutions segment held the largest market share in 2020. Based on material used, the APAC formwork system market is segmented into wood, metal, others. The wood formwork segment dominated the market in 2020.
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.
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; and Shandong Xingang Formwork Co., Ltd. are among the leading companies in the APAC 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, the company inaugurated new offices in India, such as Doka India, to expand its presence in the east APAC region.
The report segments the APAC Formwork System Market follows:
APAC Formwork System Market – By Offering
APAC Formwork System Market – By Material Used
APAC Formwork System Market – By Country
- South Korea
- Rest of APAC
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