South Africa Formwork Market to Surpass US$ 327.5 Million by 2028
South Africa formwork market was valued at US$ 246.8 million in 2020, according to South Africa Formwork Market Report, by Material Type (Timber & Plywood, Aluminum, Steel, and Others) and by Application (Buildings, Transportation, Industrial Facilities, and Others), published by Coherent Market Insights.
South Africa formwork market is expected to surpass US$ 327.5 million by 2028 and exhibit a CAGR of 4.3% during the forecast period (2021-2028).
Formwork is a mold or open box like container into which fresh concrete is poured and compacted. When the concrete is set, the formwork is removed and a solid mass is produced in the shape of the inner face of the formwork. The formwork is built on site out of various materials such as timber & plywood, aluminum, steel, and others. Formwork is very easy to produce but it requires more time for big projects. It is mainly used in the countries where labour cost is very low.
The South African construction industry is rapidly expanding with the adoption of modern technology. Nowadays, building plans and designs of big structures are created using software, which has improved the pace, effectiveness, and safety of construction and substantially lowered the costs alongside. Construction material used is also far more robust and long-lasting than those used before, helping labors construct safer and more practical structures. Thus, rapidly expanding construction industry in South Africa is expected to boost the South Africa Formwork market growth.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/south-africa-formwork-market-4931
Browse 25 market data tables* and 20 figures* on “South Africa Formwork Market” - Forecast to 2028.
Key Takeaways of the Market:
By Application, South Africa formwork market can be segmented into buildings, transportation, industrial facilities, and others. The buildings segment held the highest market share of 53% in 2020 and is expected to keep its dominance during the forecast period.
Residential and commercial buildings hold an essential position in urbanization. Rapid urbanization implies more construction, which is an important factor driving the market growth. By using formwork, the quality of construction is improved.
Major players operating in the market include PERI Group, Doka Group, ULMA Construction, Waco International, RMD Kwikform, MESA İmalat Sanayii ve Ticaret A.Ş, Uni-Span Holdings (Pty) Ltd., Acrow, Faresin Formwork S.p.A, Pilosio S.p.A, Staluform (Pty) Ltd., and Pre-Form (Pty) Ltd. Key players are focusing on implementing strategies such as acquisitions and mergers to gain a competitive edge in the global market.
South Africa Formwork Market - Impact of Corona Virus (COVID 19) Pandemic
South Africa formwork market has been negatively impacted due to the ongoing COVID-19 pandemic. This can be attributed to the imposition of lockdown, travel restrictions, and shutting down of manufacturing facilities. Moreover, the unavailability of raw materials required for construction had further hampered the demand for formwork in South Africa. However, the restarting of international trade and ease of trade restrictions are expected to generate the demand for formwork in the near future. Moreover, the easing of restrictions and reopening of manufacturing facilities are expected to boost the South Africa formwork market growth over the post-pandemic period.
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