With its first confirmed case in Wuhan, China, in November 2019, COIVD-19 quickly spread worldwide, impacting 214 countries and territories, all of which felt a massive impact on their economies. Every industry has been affected, some more negatively than others. Construction, of course, has felt the effect and has suffered in its own way.
However, there is good news on the horizon for those leading construction firms and those employed by them. If your company has been facing a lack of projects, you may soon find yourself looking for concrete forms for sale. A recent study on the projected market shows promising signs for construction firms and their employees.
Concrete market projected to increase
A recent study showed a positive trend for the concrete formwork market for the next six years, which is welcomed news to those in construction. This report gathered information on the market size, industrial growth, and characteristics, and breaks down the data for each type of material, its application, and consumption.
The study shows that the concrete formwork market revenue in 2019 was 9,075 million USD. Research from business trends and market players suggests that the concrete formwork market will reach 10,501 million USD by 2025 and predict a compound annual growth rate of 2.46% for the next six years.
Welcomed news for construction
Since October 2020, there have been nearly 40 million cases of COVID-19 and over one million deaths attributed to the virus worldwide. The numbers are staggering, and fear and panic have spread to the countries that have been hit the hardest. Many governments and businesses have felt uncertain about the future, as so many economies have been reeling from the pandemic’s effects. In all parts of the globe, each construction company has felt a similar impact.
The virus has caused uncertainty for many in construction. Many commercial developers have put projects on hold, unsure if they will have the funding to support new projects while keeping their own businesses afloat. In the U.S., project costs have declined for the first time in 10 years, and over one million jobs have been lost, though recently, jobs are beginning to be recovered. While residential construction has been booming, projects and jobs have been uncertain for those in nonresidential construction.
However, this recently published report on the concrete formwork market is finally bringing some good news to those overseeing construction companies.
Aspects of the report
The report shows that while this upward trend for concrete formwork is positive, some regions of the world will feel the effects more than others. These regions include North America, Latin America, Europe, and Asia-Pacific.
Major players that are mentioned in the report are noted for their contributed data in sales and revenue. Some of these companies included but not limited w2 are ULMA, APA Wood, PERI, Tekla, and Ceco Concrete Construction. Among others, these companies were used in the report because they are the largest companies in the industry that contributed their data on their production, manufacturing, and distribution of their products. By accessing this report, other companies can analyze the data included for these larger companies and help them comprehend how these key players have strategized their businesses to beat out the competition.
Getting your company back in business
Depending on where your business is located, your company may have felt the impact more heavily than others. This report is hopeful information to big and small companies alike that business will pick up again.
Whatever you’re facing, Forming America is here to help. You can always count on Forming America to get you the quality materials you need for any job. Contact us today for your concrete forms, form ties, or to sell us your used materials.