July 25, 2024
Formwork System Market

Formwork System Market is Estimated to Witness High Growth Owing to Increasing Adoption of Technological Advanced Systems

A formwork system provides a mold structure or skin to the desired shape or size for construction structures such as columns, beams, walls and others. Formwork structures allow construction of buildings and infrastructure projects by pouring concrete or similar materials into the cavity formed between the formwork panels. It provides advantages such as time & cost saving, safety, form finish quality and reusability. The rising demand for housing and commercial construction globally is driving significant demand for formwork systems.

Key Takeaways

Key players operating in the formwork system are Acrow, Acrowmisr, Alsina, BEIS, Condor, Doka GmbH, Hankon, Intek, MEVA, NOE, PASCHAL, PERI, Pilosio, RMD Kwikform, Urtim. Key players are focusing on developing advanced formwork systems integrated with digital technologies for improved productivity, safety and quality.

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.

The growing demand for infrastructure and construction projects globally is driving significant demand for formwork systems. Rapid urbanization and infrastructure development in emerging economies of Asia Pacific and Middle East are expected to create lucrative growth opportunities for formwork system providers.

Major formwork system manufacturers are focusing on global expansion through partnerships, acquisitions and new facilities to cater to the rising international demand. Spreading operations in emerging markets allow companies to reduce supply chain costs and improve access to new customers.

Market key trends

One of the key trends in the formwork system market is the growing adoption of advanced digital technologies. Major players are introducing new formwork systems integrated with Internet of Things (IoT) and Building Information Modeling (BIM) for better construction management. Digital formwork solutions help collect real-time data on materials usage, schedule tracking, safety compliance and quality control. This aids in optimized resource utilization and early issue identification. The trend towards smart digital formwork is expected to significantly transform construction project execution in the coming years.

Formwork System Market  Regional Analysis  as Threat of new entrants: High fixed costs for R&D and production facilities pose a barrier for new players. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like timber formwork. Bargaining power of suppliers: Major raw materials required are steel, plywood and fibre, the suppliers have low bargaining power due to the prevalence of global suppliers.

Threat of new substitutes: New substitutes like aluminium formwork and slip forming pose a threat.

Competitive rivalry: Intense competition among the key established players keeps pricing and profit margins low.

Geographical regions: North America region accounts for the largest share in the formwork system market in terms of value. This is attributed to high investments in the construction industry and presence of leading market players. Asia Pacific region is expected to witness fastest growth during the forecast period driven by rising infrastructure development activities in emerging economies like India and China.

The fastest growing region for formwork system market is Asia Pacific. China continues to see huge investments in infrastructure, transportation and residential construction sector which will drive the demand for formwork systems in the region. Government initiatives like ‘One Belt, One Road’ project is focusing on building roads, railways, pipelines and utility lines across dozens of Asian and European countries which will augment the usage of formwork systems during the forecast period.

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