The Formwork System market comprises formwork equipment and services that help construct and support concrete structures until the concrete gains enough strength. Formwork equipment includes panels, joists, hand-held formwork supporting devices, and engineering formwork.
Formwork Systems provide safety, strength, quality, and efficiency during concrete construction works. They assist in designing and erecting temporary or permanent molds into which concrete is poured and formed. With the rapid growth of infrastructure development projects worldwide, the demand for Formwork Systems is increasing significantly.
The Global Formwork System Market is estimated to be valued at US$ 7,029.6 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Formwork System market are Doka GmbH, BEIS Ltd., MFE Formwork Technology Sdn Bhd, PERI Group, WACO International, and ULMA Construction.
Rising infrastructure development activities are fueling the Formwork System Market Demand. According to the Global Infrastructure Outlook, the world will need to invest $94 trillion in infrastructure by 2040, equivalent to $6.9 trillion a year, to keep up with economic growth.
Technological advancements such as modular Formwork Systems and lightweight aluminum formwork are driving the adoption of Formwork Systems. These solutions provide benefits such as reduced construction time and costs, easy handling, dismantling and re-erection.
Market Trends
The increasing automation of Formwork Systems - Major players are focusing on automation technologies such as modular robotic Formwork System, movable tables, and self-climbing platforms to improve work efficiency on construction sites.
Growing popularity of aluminum Formwork Systems - The usage of aluminum formwork is growing due to benefits such as reduced weight, corrosion resistance, quick assembly/disassembly, and greater span capacity compared to wood or steel formwork.
Market Opportunities
Possibilities in green construction - Formwork manufacturers can explore opportunities in developing formwork solutions that utilize eco-friendly and recycled materials.
Growth in emerging markets - With rapid urbanization and infrastructure development, emerging countries such as India, China, Indonesia, and Brazil present significant growth opportunities for Formwork System providers.
Impact of COVID-19 on Formwork System Market Growth
The COVID-19 pandemic has significantly impacted the Formwork System market. During the initial lockdown phases in early 2020, construction activities were brought to a halt which negatively affected the demand for Formwork Systems. With projects being delayed or cancelled, revenues of formwork rental companies dropped drastically. However, as restrictions have now eased in most countries, construction work has gradually resumed while following necessary safety protocols. Nonetheless, the market has not recovered fully and is expected to take longer to reach pre-COVID levels. Several factors like labour shortages, supply chain disruptions and financial troubles for developers continue posing challenges.
To ensure business continuity amid such uncertain conditions, formwork suppliers have implemented various strategies. They are focusing more on digital and technological advancements to optimize operations remotely. Adopting modular and lightweight formwork designs allows for faster construction with lesser manual intervention. Furthermore, producers are strengthening their supply chains through local sourcing and inventory management. Strong emphasis is also given to staff health and safety. With the pandemic continuing to evolve, flexibility will remain crucial for the Formwork System market to navigate these testing times.
Pacific region has emerged as the largest market for Formwork Systems in terms of value. Countries like China, Japan, South Korea and Australia have witnessed substantial growth in infrastructure and real estate development activities which boosted formwork demand. The region accounted for over 40% of global formwork rental revenues prior to the pandemic. Looking ahead, India is projected to become the fastest growing regional market supported by huge government investments in transportation, urbanization and housing projects under various development schemes. Rising construction expenditures across major cities will drive the Indian Formwork System market in the coming years.
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