Formwork System Market is Anticipated to Witness Steady Growth Owing to Increasing Infrastructure Development

The formwork system market comprises formwork equipment and accessories that are used to provide temporary structure to hold wet concrete in place until it is strong enough to support itself. Formwork systems help enhance productivity in concrete construction projects by allowing faster and safer concreting. Formwork equipment include panel forms, fabricated forms, shores, scaffolding, and other form-related hardware that are used to construct columns, beams, walls, floors, foundations, and other structural elements. Rising development of infrastructure and commercial real estate due to growing urbanization worldwide has been driving the demand for formwork systems.
 
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, and Urtim. Acrow being the global leader with around 17% market share.
Growing construction of commercial buildings, industrial infrastructure, and rapid urbanization worldwide has been boosting the demand for formwork equipment. Asia Pacific region especially China and India account for around 45% of global demand for formwork systems.
Technological advancements in formwork system manufacturing like use of light-weight but strong composite materials and computer-controlled engineering has improved formwork productivity, quality, and safety. Prefabricated formwork systems that can be reused multiple times have gained popularity.

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.

Market Trends

Growing construction of roads, bridges, dams, and other infrastructure projects globally is a major market trend expected to drive the demand for formwork systems. Governments across regions are investing heavily in development of transportation and utility infrastructure which will promote usage of formwork equipment. Another key trend is increasing adoption of aluminum formwork systems due to their light weight, recyclability, and reuse capability making concrete construction more cost-effective.

Market Opportunities

Growing construction industry in developing countries of Asia Pacific and Middle East Africa regions presents sizeable opportunities for formwork system manufacturers globally. Governments are focusing on improving road connectivity and building smart cities which will boost infrastructure spending. Increasing preference towards pre-engineered formwork that provides faster construction is another key market opportunity. Ongoing research and development towards use of robotics and automation in formwork processes can further enhance productivity.

Impact of COVID-19 on Formwork System Market

The COVID-19 pandemic has significantly impacted the growth of the formwork system market. During the initial months of the pandemic in 2020, most construction projects were put on hold or delayed, causing a decline in the demand for formwork systems. Supply chain  Formwork System Market  Regional Analysis  as disruptions further limited the availability of formwork materials. However, several governments initiated infrastructure development programs to kickstart their economies post the lockdowns. This boosted the use of formwork systems in construction of bridges, roads, highways and other public infrastructure projects. Although commercial and residential constructions are yet to recover fully, the focus on infrastructure is expected to drive steady growth in the demand for formwork systems in the coming years. Market players are also offering innovative digital solutions like BIM integrated platforms to streamline formwork planning and installation processes, helping the industry adapt to new remote working norms. While project delays and supply issues impacted revenues in the short term, focus on public infrastructure and technology adoption are likely to support the market's growth in the post-pandemic period.

Geographically, Europe accounts for the largest share of the global formwork system market in terms of value. Major European countries like Germany, France, UK, Italy have strong construction industries and ongoing infrastructure programs, making Europe an important regional market. Asia Pacific is the fastest growing regional market for formwork systems. With China and India leading industrial and urban development initiatives, the construction boom is driving extensive use of formwork systems for buildings, bridges, tunnels, metro and road projects across Asia Pacific. The regional market is also gaining from government investments in developing nations to modernize infrastructure and boost economic growth.

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