February 21, 2024

South Africa Formwork Market Poised To Grow At A Robust Pace Due To Advancements In Formwork Materials

Formwork provides support and shape to fresh poured concrete until it becomes self-supporting. Growth in construction spending and infrastructure development projects are fueling demand for formwork in South Africa.

 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 2030.

Key Takeaways
Key players operating in theSouth Africa Formwork Market  are Svenska Cellulosa AB, DSG International Ltd., First Quality Enterprises, Inc., Kimberly-Clark Corporation, Abena A/S, Attends Healthcare Products, Inc., Unicharm Corporation, Kao Corporation, Ontex Group, Chiaus (Fujian) Industrial Development Co Ltd and others. The growing construction of residential, industrial and commercial infrastructure has opened new opportunities for key formwork material manufacturers and rental service providers. Advancements in formwork materials such as aluminum and plastic have increased the reusability of formwork, reducing costs. These materials are lightweight and require lesser time and effort for assembling and disassembling formwork.

Market drivers
The growth of the construction industry fueled by increasing government investments in public infrastructure such as roads, bridges, dams, airports is a major driver for the South Africa formwork market. Rapid urbanization and growth of metropolitan areas have increased demand for housing and commercial construction in South Africa. This is driving the need for formwork during concrete casting of structures. The government’s focus on expanding electricity generation capacity through renewable energy projects and construction of new power plants is also propelling the formwork market.
Market Name- South Africa Formwork Market

Current challenges in the South Africa Formwork market:
Scarcity of skilled labor is a major challenge faced by the formwork market in South Africa. Formwork structures require expert skills for safe and efficient installation and dismantling. However, there is shortage of certified and experienced formwork specialists, supervisors and erectors in the country. This often leads to delays in project schedules and increased cost overruns. Additionally, increasing prices of raw materials like timber, plywood and steel is putting pressure on margins of formwork contractors and construction companies. Strict government regulations around workplace safety also increase compliance costs. Infrastructure funding constraints in the post-pandemic period can also negatively impact demand growth in the near term.

SWOT Analysis
Strength: Growing infrastructure investment in sectors like transportation, energy and commercial buildings is driving growth opportunities. Weakness: Shortage of skilled labor increases project costs and delays. Opportunity: Development of prefabricated forms can boost efficiency. Threats: Rising raw material prices and financing issues posed by pandemic related economic slowdown.

In terms of value, Gauteng region accounts for over 30% share of the South Africa formwork market led by large infrastructure and building construction projects in Johannesburg and Pretoria. Western Cape is another major regional market supported by strong construction activity in Cape Town metro area.

The fastest growing region for South Africa formwork market is expected to be KwaZulu-Natal over the forecast period. This is prompted by multibillion-rand infrastructure upgrades around Durban city including ports, roads, airports and energy projects. Cooperative public-private initiatives are also encouraging construction of new commercial and residential spaces.

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