by The formwork system market provides formwork equipment and systems ideal for construction of buildings, bridges, roads, dams and other infrastructure projects. Formwork systems enable fabricators to efficiently cast concrete structures with precise dimensions and smooth surfaces. Prefabricated formwork panels made of aluminum, steel or timber help accelerate construction work and reduce material wastage. The growing need for infrastructure such as roads, rail networks, airports and buildings has boosted demand for formwork systems across developing nations.
The global formwork system market is estimated to be valued at US$ 9,961.3 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the formwork system market are Acrow, Acrowmisr, Alsina, BEIS, Condor, Doka GmbH, Hankon, Intek, MEVA, NOE, PASCHAL, PERI, Pilosio, RMD Kwikform, Urtim.
The increasing investments in public infrastructure and the rising popularity of precast construction techniques present significant growth opportunities for formwork system manufacturers. Government initiatives to develop smart cities and affordable housing projects will further augment demand.
Major formwork system companies are focusing on expanding their geographical presence in developing Asian countries and other emerging economies through partnerships and acquisitions. They are also introducing technologically advanced, reusable and modular formwork solutions to appeal to a wider customer base globally.
Market Drivers
The swift growth of the construction industry, especially in Asia Pacific countries is a key driver for the formwork system market. Rising income levels and rapid urbanization have led to higher government and private spending on infrastructure, commercial, industrial and residential construction. According to industry estimates, over $15 trillion will be invested globally in building new infrastructure by 2040. This rising demand for construction will propel the need for formwork systems during the forecast period.
Formwork System Market Regional Analysis The Asia Pacific region accounts for the largest share of the global formwork systems market in terms of value. Factors such as robust economic growth, increasing urbanization, improving standards of living and infrastructure development are propelling demand in countries such as China, India. North America and Europe are also major markets driven by ongoing investments in non-residential construction.
By value, the Middle East region is forecasted to grow the fastest on account of multi-billion dollar projects underway particularly in Gulf countries to diversify their oil dependent economies. Mega developments across real estate, transport and energy sectors will significantly boost formwork system installation through the forecast period.
PEST Analysis:
Political: Governments across various countries are investing significantly in infrastructure projects such as roads, railways and buildings which is positively impacting the demand for formwork systems.
Economic: Growth in the construction industry due to rapid urbanization and industrialization is driving the demand for formwork systems. Countries experiencing strong economic growth offer significant opportunities.
Social: Population growth and migration towards cities are increasing the needs for housing, commercial and institutional infrastructure which require formwork systems.
Technological: Advancements in materials and mechanization have made formwork systems more durable and easier to install. Technologies such as BIM are enabling more efficient design and construction planning.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
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