The formwork system market size is projected to reach US$ 8,731.06 million by 2030 from US$ 5,812.03 million in 2022. The market is expected to register a CAGR of 5.2% during 2022–2030. The increasing development in the construction sector and the rising number of infrastructure projects in developing nations are likely to remain a key trend in the market.
Urban growth is projected to take place in slums and other informally built parts of the states and countries in the coming years. With the swift growth of the urban population, along with city inhabitants, the government is putting additional emphasis on constructing new residential and commercial buildings. The major end-users of the formwork system market include the industrial, commercial, and residential sectors.
The key stakeholders in the global formwork system market include hardware/component providers, formwork system manufacturers/providers, and end users. Component/hardware providers provide various components/parts/raw materials to formwork system manufacturers for the manufacturing of the end product. Different types of raw materials are used to make formwork, such as timber, plywood, steel, aluminum, fabric, plastic, etc. The mentioned properties have their respective benefits and applications, which makes them ideal for small and large concrete structures. Along with these materials, a complete product line of formwork, including column & beam mold, stair mold, and climbing mold, among others. A few of the key market players/manufacturers in the global formwork system market include Doka, PERI, Vollert, and Faresin Formwork SPA, among others.
Rental services provides a viable and cost-effective solution for construction companies, contractors, and several industries that demand interim access solutions. Renting a formwork system is frequently more cost-effective than procuring, as it reduces the necessity for a large direct investment. This appeals to businesses seeing to handle expenses while still accessing advance formwork systems. Infrastructure projects often imply complicated designs and large-scale structures. Several projects have differing formwork needs. Rental services offer the elasticity to select the most appropriate formwork system for the explicit project's needs, which is predicted to certainly influence the adoption of the formwork systems market globally.
The number of infrastructural projects in residential and commercial sectors is rapidly increasing in emerging economies, which is positively impacting the overall construction industry. With the construction of tall buildings and bigger floor plates, the end users are seeking advanced formwork systems that are light, reusable, cost-effective, durable, flexible, and easy to assemble & dismantle. With the increasing number of commercial, residential, and industrial projects, the construction industry is increasing, which is encouraging governments of various countries to provide financial assistance. Also, the rising use of advanced building materials makes the overall construction to be cost-effective. Moreover, growing investment in renovating old buildings and structures and increasing inclination toward a greener future are boosting the scope of green buildings, which is projected to expand the construction sector in the coming years.
Key segments that contributed to the derivation of the formwork system market analysis are offering, and material used.
The geographic scope of the Formwork System Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is leading the market. The region is focusing on developing the overall infrastructure sector by adopting advanced construction technologies, which is estimated to thrust market growth over the coming years. Growing government focus on the development of smart cities and increasing renovation and maintenance work of old buildings are also having a positive impact on the demand for formwork systems in the Asia Pacific. ChinaIndia, , Japan, and South Korea are some of the major countries contributing to the major development of the formwork systems market in the region.
The regional trends and factors influencing the Formwork System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Formwork System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 5,812.03 Million |
| Market Size by 2030 | US$ 8,731.06 Million |
| Global CAGR (2020 - 2030) | 5.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2022-2030 |
| Segments Covered |
By Offerings
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Formwork System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Formwork System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Formwork System Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Formwork System Market are listed below:
The “Formwork System Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
5.2% is the expected CAGR of the formwork system market.
US$ 9,097.25 million estimated value of the formwork system market by 2031.
Alsina Formwork, Brand Industrial Services, Inc, Doka GmbH, Efco Corp, Forsa S.A, Meva Formwork Systems, MFE Formwork Technology Sdn Bhd, Paschal International, PERI, Shandong Xingang Formwork Co., Ltd. are some of the leading players in the market.
The advent of new formwork technologies is the future trend of the formwork system market.
Asia Pacific dominated the formwork system market in 2023.