Report : South 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)
Metal Segment is Expected to be Fastest Growing During the forecast Period for SAM Region
According to a new market research study on “SAM Formwork System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Offering and Material Used” is expected to reach US$ 143.82 million by 2028 from US$ 2124.16 million in 2021. The market is estimated to grow at a CAGR of 2.1% from 2021 to 2028. The report provides trends prevailing in the SAM formwork system market along with the drivers and restraints pertaining to the market growth. Number of infrastructure projects are expanding, and this is the major factor driving the growth of the SAM formwork system market. However, issues associated with less construction activities in emerging nations, hinders the growth of SAM formwork system market.
The SAM formwork system market is segmented into offering and material used. Based on offering, the SAM formwork system market is segmented into solutions, services. The solutions segment held the largest market share in 2020. Based on material used, the SAM formwork system market is segmented into wood, metal, others. The wood formwork segment dominated the market in 2020.
Brazil has the highest number of COVID-19 cases, followed by Peru, Chile, and Argentina, among others. The government of South America has taken an array of actions to protect their citizens and contain COVID-19’s spread. The containment protocols have been implemented for the construction sector to ensure the safety of construction workers. However, some of the new protocols and restrictions require construction to continue only if the project is considered critical. For instance, in Chile, CODELCO stopped all projects and started reviewing all construction contracts individually to identify the next steps to follow. The coronavirus spread has resulted in the slowdown of the construction industry in the region, which has negatively affected the growth of formwork system in the region.
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 leading companies in the SAM 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, Brand Industrial Services, Inc acquired Big City Access.
The report segments the SAM Formwork System Market follows:
SAM Formwork System Market – By Offering
- Solutions
- Service
SAM Formwork System Market – By Material Used
- Wood
- Metal
- Others
SAM Formwork System Market – By Country
- Brazil
- Argentina
- Rest of SAM
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