Market Research Report
South Africa Formwork Market, by Material Type (Timber & Plywood, Aluminum, Steel, and Others) and by Application (Buildings, Transportation, Industrial Facilities, and Others) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028
|South Africa Formwork Market, by Material Type (Timber & Plywood, Aluminum, Steel, and Others) and by Application (Buildings, Transportation, Industrial Facilities, and Others) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028|
Published: February 18, 2022
Coherent Market Insights
Content info: 80 Pages
Delivery time: 2-3 business days
Formwork is the temporary or permanent molds into which concrete materials are poured. In the context of concrete construction, the false work supports the shuttering moulds. Most of the buildings which are made to stand for a long time are made of concrete and mortar. These building materials are strongest and most suitable but at the same time they are a bit tedious to deal with. Formwork serves as mold for concrete structural components unless such mold is provided by soil and other structural components. It molds the placed fresh concrete, which in this stage is normally viscous, to the shape. Formwork has a fundamental role in concrete construction. It must have enough strength to bear all the loads present during casting operations and hold its shape while concrete hardens.
The flourishing construction industry in South Africa is expected to propel the formwork market.
The construction industry forms the largest single sector in South Africa. As per the statistics of South Africa Labour Ministry construction industry contributes a 4% share to the GDP. In 2019, the value added by the construction sector accounted for around 4% of the GDP, and it employed over 1.3 million people. The South African construction industry is expected to grow by 6.2% in real terms in 2021, following four consecutive years of decline, including a contraction of 20.3% in 2020. The government announced to provide US$ 45.3 billion of investment for infrastructure development in the 2020 Budget, which includes the repair and replacement of existing dam, bridge, and railway line along with the development of housing, energy, agriculture, transport, water and sanitation, and digital infrastructure sectors. Thus, rapidly developing construction industry is expected to boost the formwork market.
Power supply shortage is a major concern for construction companies in South Africa. The reduction in public sector spending coupled with delays such as the delays at Eskom's Medupi and Kusile power stations has led to an uncertainty in the energy sector, which in turn, could affect the construction sector. During March 2015, construction on Eskom's 4800MW Medupi coal-fired power station was ceased due to strike by laborers, resulting in a major delay. In the long run, increasing power shortages may force the construction industry to start investing in automation which could affect the formwork market in the near future.
"*" marked represents similar segmentation in other categories in the respective section.