Growing Adoption of Modular and Reusable Formwork Systems Are Creating Opportunities For The Formwork System Market Growth
According to our latest market study on "Formwork System Market Forecast to 2030 – Global Analysis – by Offerings and Material Used," the market was valued at US$ 5,812.03 million in 2022 and is expected to reach US$ 8,731.06 million by 2030; it is anticipated to record a CAGR of 5.2% from 2022 to 2030.
Modular and reusable formwork systems are cost-effective in the case of long-run construction projects. While the initial investment might be higher than traditional formwork, the ability to reuse the system across multiple projects reduces overall costs. Construction companies can realize substantial savings on formwork expenses over time. Traditional formwork often leads to significant material waste, including timber and plywood. Modular systems are designed for efficiency and minimal material waste, contributing to sustainability goals and cost savings. Modular formwork systems are designed for easy assembly and disassembly. These systems accelerate construction processes, allowing for shorter project timelines. Contractors can commit to more projects and increase their overall efficiency. Modular formwork systems can be customized and adapted to various project requirements. They are suitable for a wide range of structures, including walls, columns, slabs, and even curved or irregular shapes. This versatility makes them attractive for contractors working on diverse projects. Thus, the growing adoption of modular and reusable formwork systems is driven by their cost efficiency, sustainability, versatility, and safety benefits. These systems offer a practical and environmentally friendly solution for construction projects, making them highly attractive to contractors. Thus, the growing adoption of modular and reusable formwork systems is expected to create lucrative opportunities for the formwork system market growth in the coming years.
Formwork System Market Share — by Region, 2022
Formwork System Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Offerings (Solutions and Services) and Material Used (Wood, Metal, and Others) and Geography
Formwork System Market Strategies and Forecast by 2030
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Source: The Insight Partners Analysis
Established economies and technological advancements support the growth of diversified industries and markets in Asia Pacific. The presence of a large population in APAC has led to an increased demand for residential as well as commercial construction. There are several developing economies, including India and many other Southeast Asian countries, in the region, which pose a strong demand for infrastructure projects. Further, governments of various countries in the region are taking various measures to attract private investments in infrastructure development projects. Rising investments in construction projects for residential and commercial buildings boost the growth of advanced building materials, including formwork system market, in APAC countries.
Several industry-recognized formwork system market players have a presence in APAC, which leads to the easy availability of formwork solutions to the construction industry players. The smooth supply chain of formwork solutions significantly supports the growth of the market. A few of the prime companies operating in the formwork system market in APAC include Doka; PERI; Shandong Xingang Formwork Co., Ltd.; Alpi Sea; and GETO; among others. Companies such as Doka provide an array of formwork solutions to cater to the construction needs of LNG tanks in Taiwan and India, forming the Xayaburi hydroelectric power project using a new solution for high loads—d3 in Laos and constructing double containment for Tianwan Power Station in China.
Additionally, the company has expanded its presence in Kuala Lumpur. Under Malaysia’s Capital, the Tun Razak Exchange (TRX) is one of the biggest construction projects having Signature Tower—one of the tallest buildings in the country. The height of a building is approximately 400 meters. For this building, the company offers mixed solutions of automatic climbing formwork, including SKE50 & SKE100, Protection screen Xclimb 60, and large-area formwork Top 50. Footprints of such gigantic players in the Asian market would help to accelerate the formwork system market.
Similarly, Ratec Asia is another company that has received and implemented numerous customer-centric projects in the first year of its incorporation. In Singapore, the company has developed a simple and flexible magnetic formwork system for a construction companies such as Bechtel Corporation, and Turner Construction. Also, an Innoland Development Corporation in the Philippines is utilizing Ractec Asia’s formwork solution for the prefabrication of their components at construction sites. Thus, the rise in such construction and development projects drives the formwork system market share in the region.
Alsina Formwork, Brand Industrial Services, Inc; Doka GmbH; Efco Corp.; Forsa S.A; Meva Formwork Systems; MFE Formwork Technology Sdn Bhd; Paschal International; PERI; and Shandong Xingang Formwork Co., Ltd. are among the key formwork system market players profiled during this study. In addition, several other important formwork system market players have been studied and analyzed during the study to get a holistic view of the formwork system market and its ecosystem.
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