The global construction industry is on the verge of a significant upsurge, driven by a multitude of factors ranging from infrastructure development to residential and commercial construction projects. According to a recent report by TechSci Research titled “Global Wooden Formwork Systems Market – By Region, Competition, Forecast & Opportunities, 2028,” the global wooden formwork systems market is expected to witness a robust growth trajectory, with a projected Compound Annual Growth Rate (CAGR) of 6.02% during the forecast period from 2024 to 2028. This growth is propelled by several key trends and developments across different regions, indicating a promising outlook for stakeholders in the construction and formwork industries.
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Emerging Trends in the Construction Industry
Over the next few years, the construction industry is poised for significant expansion, with projections indicating a doubling in size by the year 2030 compared to 2020. This growth is attributed to the surge in building projects, particularly in emerging markets, where infrastructure development is a top priority for governments. Notably, governments worldwide are allocating substantial budgets for infrastructure projects to drive economic growth and address societal needs.
In Australia, for instance, the government has pledged a substantial investment of AUD 17.9 billion (USD 13.4 billion) for infrastructure projects, in addition to allocating USD 5.5 billion or AUD 7.4 billion for water infrastructure development. Similarly, India’s commercial construction sector is experiencing a resurgence after a two-year slump caused by the pandemic, with several new projects underway across the country. Furthermore, Malaysia is witnessing a revival of key infrastructure projects alongside initiatives to provide affordable housing under the 12th Malaysia Plan, driving demand for construction materials and formwork systems.
Segmentation and Market Dynamics
The global wooden formwork systems market is segmented based on type, application, and region, each offering unique growth opportunities and market dynamics.
The market segmentation by type includes China fir, pine wood, and plywood, among others. Among these, pine wood emerges as the dominant segment, owing to its widespread availability and suitability for constructing structures and frames. Pine wood is valued for its cost-effectiveness, high strength, and easy availability, making it a preferred choice for formwork systems in construction projects.
The application segment encompasses various sectors such as buildings, industrial facilities, and infrastructure projects. Within this segment, the buildings sector is expected to exhibit significant growth, driven by the rising demand for residential and non-residential construction. Factors such as population growth, urbanization, and the preference for nuclear families contribute to the increased need for housing, while the commercial sector sees a surge in hotel and resort construction, especially in rural areas. Additionally, industrial facilities are poised for notable growth due to increased industrialization and investments in infrastructure to meet regulatory requirements.
Geographically, the Asia Pacific region is poised to dominate the wooden formwork systems market during the forecast period. This dominance is fueled by increased construction spending, driven by new building projects and the refurbishment of existing structures. Countries like China, India, and Japan are at the forefront of this growth, driven by factors such as ease of construction and handling, cost-effectiveness, and product penetration.
Competitive Landscape and Major Players
The global wooden formwork systems market is characterized by intense competition, with several key players vying for market share and dominance. Some of the major companies operating in the market include Doka, PERI, ULMA, Acrow, The Heico Companies LLC, Outinord, MFE Formwork Technology Sdn. Bhd, Urtim Formwork and Scaffolding Systems, Waco International, and MEVA Systems Inc. These companies are focused on product innovation, strategic partnerships, and expansion into emerging markets to gain a competitive edge and strengthen their foothold in the global market.
Benefits of the Research Report:
The TechSci Research report on the global wooden formwork systems market offers valuable insights and analysis for stakeholders, including manufacturers, suppliers, investors, and policymakers. Some of the key benefits of the report include:
The global wooden formwork systems market is poised for substantial growth in the coming years, driven by the expansion of the construction industry and infrastructure development projects worldwide. With increasing investments in residential, commercial, and industrial construction projects, the demand for efficient and cost-effective formwork systems is expected to soar. Stakeholders in the construction and formwork industries stand to benefit from leveraging the insights and analysis provided by the TechSci Research report to capitalize on emerging opportunities, navigate market challenges, and drive sustainable growth in the global market.
Major companies operating in the Global Wooden Formwork Systems market are:
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“The global Wooden Formwork Systems market is driven by several key factors that shape its growth and development. Most of this growth is due to more money being put into infrastructure projects and more construction projects being started. Formwork systems made of wood are used to control the shape and size of buildings as they are being built or rebuilt. These systems are composed of a number of different parts, including forms, clamps, joints, and supports. Most wooden formwork systems are made of wood because it is strong enough to stand up to the forces that are put on it during construction but also flexible enough to fit the shapes of buildings. Wooden formwork is more in use because plywood and wood shutters are cheaper and more accessible. Wooden formwork systems, also called scaffolds or catwalks, are made from wooden boards and timbers to make temporary or permanent walkways or scaffolds. The formwork can be used to protect workers from the sky and help them get up safely on a surface that needs to be built, like repointing the bricks in a building’s wall or covering pipes while doing utility work, etc.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Wooden Formwork Systems Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by slide type (China fir, timber, pine wood, and plywood), by application (buildings, transportation, and industrial facilities), By Region, Competition, 2018-2028”, has evaluated the future growth potential of global Wooden Formwork Systems market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Wooden Formwork Systems market.
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