May 26, 2024
South Africa Formwork Market

South Africa Formwork Market Driven By High Demand From Growing Construction Industry

Formwork refers to a mould into which concrete or similar materials such as cement are poured and contained until they are set. It enables the creation of accurate architectural concrete structures. The formwork market in South Africa has been growing significantly owing to the rapid growth of the construction industry. Formwork finds application in construction of residential and commercial buildings as well as infrastructure projects. It saves significant time and cost compared to alternative construction methods.

The global South Africa Formwork Market is estimated to be valued at US$ 322.6 Bn  in 2024 and is expected to exhibit a CAGR of 8.4%  over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the key trends witnessed in the South Africa formwork market is the increasing adoption of aluminum formwork systems. Aluminum formwork offers advantages such as ease of handling, quick assembly and disassembly, and corrosion resistance. It also provides architects and contractors with flexibility in designing complex architectural concrete structures. Furthermore, increasing investments by governments in rail, road and other infrastructure projects have augmented the demand for formwork in South Africa. Rapid urbanization and growing population have also boosted construction activities in the country, fueling market growth. However, risks of accidents at construction sites as well as shortage of skilled labor continue to pose challenges to the market.

Porter’s Analysis

Threat of new entrants: Formwork market requires high capital and technical expertise for entry which acts as a barrier for new players.
Bargaining power of buyers: Presence of many formwork manufacturers in market shifts power towards buyers who can negotiate on price and demand customized products.
Bargaining power of suppliers: Few key raw material and component suppliers exist which enables them exert bargaining power on formwork manufacturers on pricing and quantities.
Threat of new substitutes: New construction methods are emerging but formwork currently has no cost effective substitute due to advantages it provides in concrete construction works.
Competitive rivalry: Large players dominate the market however small local players also exist leading to high competition based on product quality, reliability and pricing.

Key Takeaways

The global South Africa Formwork Market Demand is expected to witness high growth. The global South Africa Formwork Market is estimated to be valued at US$ 322.6 Bn  in 2024 and is expected to exhibit a CAGR of 8.4%  over the forecast period 2024 to 2031.

Regional analysis comprised Regional analysis focused on South Africa dominating the formwork market with highest demand emerging from infrastructure projects in country. Key players operating in South Africa Formwork market include Svenska Cellulosa AB, DSG International Ltd., First Quality Enterprises, Inc., and others.

Key players related content comprises Key players operating in the South Africa Formwork market are Svenska Cellulosa AB, DSG International Ltd., First Quality Enterprises, Inc. These key players are focusing on new product launches and expansion strategies to gain major share in South Africa.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it