Report : 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)
Solutions Segment to Dominate MEA Formwork System Market during 2020–2028
According to a new market research study on “MEA Formwork System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Offering and Material Used” is expected to reach US$ 305.39 million by 2028 from US$ 258.422 million in 2021. The market is estimated to grow at a CAGR of 2.4% from 2021 to 2028. The report provides trends prevailing in the MEA formwork system market along with the drivers and restraints pertaining to the market growth. Arrival of new formwork technologies is the major factor driving the growth of the MEA formwork system market. However, issues associated with limited construction projects in emerging nations, hinders the growth of MEA formwork system market.
The MEA formwork system market is segmented into offering and material used. Based on offering, the MEA formwork system market is segmented into solutions, services. The solutions segment held the largest market share in 2020. Based on material used, the MEA formwork system market is segmented into wood, metal, others. The wood formwork segment dominated the market in 2020.
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.
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; and PERI GmbH; are among the leading companies in the MEA 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, PERI launched its first 3D construction printer. The printer produces a wide range of prefabricated concrete elements.
The report segments the MEA Formwork System Market follows:
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
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