Plastic Formwork Market: Highlights
- Formwork is used to hold freshly placed concrete at its position until it attains enough strength. Concrete can be easily manipulated with the help of formwork. It can be constructed into various shapes and forms.
- Different materials can be used to manufacture formwork. These include timber, steel, plastic and aluminum. These offer various advantages including durability, cost effectiveness, and flexibility compared to other materials.
- Plastic formwork also provides environmental protection and energy saving, recycling, economic benefits, waterproof and corrosion resistance, large format, no deformation, good toughness, and easy stripping. As a result, plastic formwork is gradually replacing plywood formwork.
- Plastic formwork is primarily used in applications such as buildings, transportation, and industrial facilities
Key Drivers of Plastic Formwork Market
- Increase in demand for plastic formwork in various construction activities is expected to boost the market during the forecast period. Construction activities have been rising across the globe. According to the Bureau of Labor Statistics, construction is the fastest growing industry in 2020. Thus, growth in the construction industry is anticipated to augment the demand for plastic formwork.
- Exceptional properties offered by plastic formwork is another factor driving the market. Plastic formwork is light weight and easier to handle and manage. It is durable, cheaper, and can be used repeatedly. This is estimated to drive the market during the forecast period.
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Plastic Formwork Market: Application Segment
- Based on application, the global plastic formwork market can be segmented into buildings, transportation, industrial facilities, and others
- The buildings segment is projected to account for major share of the global plastic formwork market by 2027. The transportation segment is estimated to expand at a healthy pace during the forecast period. It is expected to account for significant share of the market by 2027.
- According to the U.S. Census Bureau, the U.S. Government spent approximately US$ 1,303,469 Mn in construction activities in 2019.
- The industrial facilities segment is projected to expand at a healthy pace and create significant incremental opportunity during the forecast period. Demand for plastic formwork in other applications is expected to remain moderate to high in various regions in the near future.
Asia Pacific to be Key Region of Global Plastic Formwork Market
- In terms of region, the global plastic formwork market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. China and India in Asia Pacific aim to promote investments in their respective construction sectors. This is expected to boost the plastic formwork market.
- In terms of demand, Asia Pacific held major share of the global market in 2018, followed by North America and Europe. Asia Pacific is a highly promising region of the global market. This trend is expected to continue in the next few years. With economic contraction and saturation in markets in Europe and North America, demand for plastic formwork is shifting toward Asia Pacific. Manufacturers of plastic formwork are targeting Asia Pacific.
- The market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period. The construction industry in Mexico has been expanding steadily. Furthermore, the construction sector in the UAE is expanding significantly. This is expected to drive the demand for plastic formwork in Latin America and Middle East & Africa during the forecast period.
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Key Manufacturers Operating in the Market
The global plastic formwork market was highly fragmented in 2018. Key manufacturers operating in the global market include:
- GETO GROUP
- Condor S.p.A.
- Farina Formworks
- MEVA Schalungs-Systeme GmbH
- Wall-Ties & Forms, Inc.
- NOE Formwork
- PASCHAL group
- ULMA Group
Global Plastic Formwork Market: Research Scope
Global Plastic Formwork Market, by Product Type
- Walls Formwork
- Column Formwork
Global Plastic Formwork Market, by Application
- Industrial Facilities
Global Plastic Formwork Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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