Market Introduction
Geographically, the formwork system market in SAM is segmented into Brazil and Argentina. Despite many economic challenges, favorable government initiatives would propel the growth of the region’s economy during the forecast period. The region has the highest urbanization rate globally owing to the government initiatives that support the industrial growth. With the growth in industrial sector, the scope of integrating advanced technologies for constructing buildings such as formwork solutions is expected to increase. The region has the highest urbanization rates globally, which is ~80% of the total rate owing to government initiatives to support industrial growth. For instance, Argentina concentrates on attracting more FDIs by easing import restrictions, signing international bilateral agreements, and lifting restrictions imposed on foreign investment, among others. Such initiatives are expected to help in the development of businesses in South America.
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.
Market Overview and Dynamics
The formwork system market in SAM is expected to grow from US$ 124.16 million in 2021 to US$ 143.82 million by 2028; it is estimated to grow at a CAGR of 2.1% from 2021 to 2028. Despite the political and economic uncertainties in the region, the construction industry in Brazil, Chile, Colombia, and Peru, among others, expanded by 1.1% in 2019. Brazil holds the largest of construction market of the region, and the country’s government continuously invests substantial amounts in the development of its commercial and industrial infrastructures. According to the AEM, Colombia and Argentina are expected to witness faster growth in terms of construction, which is mainly attributed to the PPP projects; however, the growth in other SAM countries is expected to remain stagnant over the next couple of years. This is foreseen to result in the saturated growth of the formwork system market. In addition, post lockdown caused by COVID-19, the construction industry throughout South America is anticipated to recommence in key country markets with growth observed in hotels, housing, and other architectural market segments.
Key Market Segments
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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the formwork system market in SAM are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Brand Industrial Services, Inc.; Doka GmbH; EFCO Corp; Encofrados Alsina; FORSA SA.; MEVA Schalungs-Systeme GmbH; MFE Formwork Technology Sdn Bhd; and PERI GmbH.
Reasons to buy report
SAM Formwork System Market Segmentation
SAM Formwork System Market - By Offering
SAM Formwork System Market - By Material Used
SAM Formwork System Market - By Country
SAM Formwork System Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 124.16 Million |
| Market Size by 2028 | US$ 143.82 Million |
| CAGR (2021 - 2028) | 2.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Formwork System Market is valued at US$ 124.16 Million in 2021, it is projected to reach US$ 143.82 Million by 2028.
As per our report South America Formwork System Market, the market size is valued at US$ 124.16 Million in 2021, projecting it to reach US$ 143.82 Million by 2028. This translates to a CAGR of approximately 2.1% during the forecast period.
The South America Formwork System Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South America Formwork System Market report:
The South America Formwork System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Formwork System Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Formwork System Market value chain can benefit from the information contained in a comprehensive market report.
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