Formwork in construction involves using support structures and molds to shape concrete, with significant costs associated, often making up 20-25% of total construction expenses. Different types of formwork include conventional timber, modern modular systems, and engineered prefabricated options, each with specific characteristics and reusability. Key considerations for effective formwork include easy removal, rigidity, and the prevention of leakage, with failures often resulting from improper installation or external stressors.