Global Formwork Market Size By Material Type, By Application, By Geographic Scope And Forecast

Report Highlights

Formwork Market Size And Forecast

Formwork Market was valued at USD 5.32 Billion in 2018 and is projected to reach USD 6.37 Billion by 2026, growing at a CAGR of 2.29% from 2019 to 2026.

Global Formwork Market Overview

Formwork is usually made up of steel, aluminum, timber, plastic, and other materials. It possesses strength which can tolerate the entire weight of wet concrete without any distortion. With the increasing building and construction activities, the formwork market will see favorable growth. The government is spending heavily on infrastructure development which in turn will create huge demand for formwork. Furthermore, the growth of residential and commercial sectors owing to rapid urbanization and construction activities to revamp the old site, the demand for the formwork market is anticipated to get a huge boost. Formwork maintains the quality of construction work while speeding up the work. The global market for formwork is anticipated to witness huge growth owing to the rising use of simple and reusable molds. Moreover, the construction of residential buildings is being done very fast to cater to the needs of the saturated urban population which will generate demand for formwork and in turn boost the growth of the overall global market.