South America Formwork System Market
Geographically, the formwork system market in SAM is segmented into Brazil and Argentina. Despite many economic challenges, favorable government initiatives would propel the growth of the region’s economy during the forecast period. The region has the highest urbanization rate globally owing to the government initiatives that support the industrial growth. With the growth in industrial sector, the scope of integrating advanced technologies for constructing buildings such as formwork solutions is expected to increase. The region has the highest urbanization rates globally, which is ~80% of the total rate owing to government initiatives to support industrial growth. For instance, Argentina concentrates on attracting more FDIs by easing import restrictions, signing international bilateral agreements, and lifting restrictions imposed on foreign investment, among others. Such initiatives are expected to help in the development of businesses in South America.
Brazil has the highest number of COVID-19 cases, followed by Peru, Chile, and Argentina, among others. The government of South America has taken an array of actions to protect their citizens and contain COVID-19’s spread. The containment protocols have been implemented for the construction sector to ensure the safety of construction workers. However, some of the new protocols and restrictions require construction to continue only if the project is considered critical. For instance, in Chile, CODELCO stopped all projects and started reviewing all construction contracts individually to identify the next steps to follow. The coronavirus spread has resulted in the slowdown of the construction industry in the region, which has negatively affected the growth of formwork system in the region.
Strategic insights for the South America Formwork System provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 124.16 Million |
| Market Size by 2028 | US$ 143.82 Million |
| Global CAGR (2021 - 2028) | 2.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered | South and Central America
|
| Market leaders and key company profiles |
The geographic scope of the South America Formwork System refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The formwork system market in SAM is expected to grow from US$ 124.16 million in 2021 to US$ 143.82 million by 2028; it is estimated to grow at a CAGR of 2.1% from 2021 to 2028. Despite the political and economic uncertainties in the region, the construction industry in Brazil, Chile, Colombia, and Peru, among others, expanded by 1.1% in 2019. Brazil holds the largest of construction market of the region, and the country’s government continuously invests substantial amounts in the development of its commercial and industrial infrastructures. According to the AEM, Colombia and Argentina are expected to witness faster growth in terms of construction, which is mainly attributed to the PPP projects; however, the growth in other SAM countries is expected to remain stagnant over the next couple of years. This is foreseen to result in the saturated growth of the formwork system market. In addition, post lockdown caused by COVID-19, the construction industry throughout South America is anticipated to recommence in key country markets with growth observed in hotels, housing, and other architectural market segments.
The SAM formwork system market is segmented into offering and material used. Based on offering, the SAM formwork system market is segmented into solutions, services. The solutions segment held the largest market share in 2020. Based on material used, the SAM formwork system market is segmented into wood, metal, others. The wood formwork segment dominated the market in 2020.
A few major primary and secondary sources referred to for preparing this report on the formwork system market in SAM are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Brand Industrial Services, Inc.; Doka GmbH; EFCO Corp; Encofrados Alsina; FORSA SA.; MEVA Schalungs-Systeme GmbH; MFE Formwork Technology Sdn Bhd; and PERI GmbH.
The South America Formwork System Market is valued at US$ 124.16 Million in 2021, it is projected to reach US$ 143.82 Million by 2028.
As per our report South America Formwork System Market, the market size is valued at US$ 124.16 Million in 2021, projecting it to reach US$ 143.82 Million by 2028. This translates to a CAGR of approximately 2.1% during the forecast period.
The South America Formwork System Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South America Formwork System Market report:
The South America Formwork System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Formwork System Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Formwork System Market value chain can benefit from the information contained in a comprehensive market report.
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