Wooden Formwork Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Wooden Formwork Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The global market for wooden formwork systems is expected to register a CAGR of greater than 5% during the forecast period.

• The COVID-19 outbreak caused a lot of problems in real estate and building construction, especially with the hardware used in formwork systems.The lockdowns that were put in place to stop the spread of the virus slowed down the construction supply chain.This hurt the market for wooden formwork systems, which led to less demand and less money for companies in the market.
• 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.
• China fir is the most popular type of slide on the market because it stays the same size and doesn't let water in. But the market for slides made of wood is growing faster because there is more demand from the building industry. The market for pine wood slide types is expected to grow at a slower pace as compared to other slide types due to a lack of awareness among buyers about its advantages. In terms of geography, North America leads the slide-type market, then Europe. Asia Pacific is expected to witness the fastest growth rate in the next few years owing to increased demand from countries such as India and China.

Over the next few years, the construction industry around the world is expected to steadily bring in more money. In 2030, it is projected to be more than twice as big as it was in 2020. Over the next few years, the construction market is likely to grow because there are more building projects in emerging markets. In March 2022, when the Australian government released its budget, it promised to spend another AUD 17.9 billion (USD 13.4 billion) on infrastructure projects in the country.In addition, the Australian government has promised to spend another USD 5.5 billion or AUD 7.4 billion on building water infrastructure.After a two-year slump caused by a pandemic, India's commercial construction industry is on a strong growth path in 2022.

Construction companies have started a number of brand-new commercial construction projects across India. Alongside the revival of key infrastructure projects in Malaysia, the government is also looking to provide people with affordable housing under the 12th Malaysia Plan. Consequently, several new housing projects have received approval in the country. In June 2022, nearly 68,000 homes received construction approval under the Residensi Wilayah Keluarga Malaysia project. Notably, under its 12th Malaysian Plan, the government aims to provide 500,000 affordable homes in the country.

In February 2022, France became the first country to partner with China in building seven key infrastructure projects globally. France and China will jointly build USD 1.7 billion worth of seven key infrastructure projects across Africa, Southeast Asia, and Eastern Europe. France is putting money into important building projects around the world, and the country is also trying to get other countries to put money into infrastructure projects in France. Switzerland said in May 2022 that it might invest in infrastructure projects in France, especially the French Rhine Line. Saudi Arabia has started a number of new housing projects in different parts of the country to make it easier for people to buy their own homes. As part of its strategy to boost the ownership of houses to at least two-thirds of the Kingdom's people, Saudi Arabia launched projects to build 150,000 houses in seven key cities, such as Riyadh, Medina in western Saudi Arabia, and the western Red Sea port of Jeddah. According to an industry group, the construction market as a whole was worth USD 8.2 trillion in 2021 and is expected to be worth USD 14.4 trillion by 2030. This huge growth in the building industry will be a big reason why people want to buy wooden formwork systems.

Even though timber framing has been used in most buildings around the world, forests have been cut down all over the world. Human societies around the world have used timber as a building material for thousands of years. As wood is the only significant biological building material, we are naturally inclined to believe that using wood in construction is good for the environment. As a matter of fact, the environmental benefits of using timber are not straightforward: although it is a natural product, a large amount of energy is used to dry and process it.

Much of this can come from the biomass of the tree itself, but that requires investment in plants, which is not always possible in an industry that is widely distributed among many small producers. Wood is also a major driver of deforestation. About a third of the wood extracted from natural forests worldwide is used for timber products. In the countries that account for most of the deforestation, wood products contribute about 10% of the total. Deforestation and forest degradation are important drivers of climate change and biodiversity loss, the two key environmental challenges of our time. Forests, especially tropical forests, store enormous amounts of carbon. When forests are destroyed, that carbon is released into the atmosphere, accelerating global warming.

The Food and Agriculture Organization of the United Nations (FAO) estimates that 420 million hectares of forest — an area larger than the European Union — were lost to deforestation between 1990 and 2020. In terms of net area loss (the difference between the area of forest cleared and the new surface of forests planted or regenerated), the FAO estimates that the world lost around 178 million hectares of forest cover in the same period of time, which is an area triple the size of France. Deforestation accounts for around 10% of total heat-trapping emissions—roughly the same as the yearly emissions from 600 million cars. This negative impact of using wood in construction may become a restraint on market growth.

Alternatives like steel are better for the environment, can be recycled, and can last for a long time. They can cut down on logging, save forests, and reduce or stop global warming and greenhouse effects. Even though using steel formwork helps cut down on construction waste, it costs a lot to set up, so small and medium-sized building contractors may not be able to afford to use it. Timber is easy to get, cheap, and easy to work with. Steel, on the other hand, needs welders and complicated welding equipment. So, even though wood has some bad effects, it is still used a lot in the building industry, especially in the structural sector.

The global wooden formwork systems market is fragmented and highly competitive. Competition and pricing have increased strongly, and new investors and developers have entered the market. Moreover, both the demand and supply of wooden formwork are increasing. Some key players operating in the market include Doka, PERI, ULMA, Acro, The Heico Companies LLC, MEVA Systems Inc., etc. The increasing number of construction projects across the globe makes it easier for new players to enter the market. Still, these small players face fierce competition from established major players. The major players in the market mostly offer a wide range of products to have a competitive edge over other players. Start-ups try to break into the market with innovative products and technology integration.

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