Global formwork system market is estimated to be valued at US$ 7,029.6 Mn in 2024 and is expected to reach US$ 9,961.3 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031.
To learn more about this report, request sample copy
Global formwork system market growth is driven by rapid urbanization and increasing construction activities around the world. Concrete formwork remains the most commonly used technique for the construction of building structures worldwide. Technological advancements such as lightweight formwork systems and modular formwork are gaining popularity among contractors as these reduce construction time and cost. Furthermore, increasing demand for structured insulated panels in cold storage facilities and building insulation can drive the market growth over the forecast period. However, availability of substitutes can hamper the market growth.
Rising demand from infrastructure and construction projects
Global formwork system market growth is driven by rising demand from various infrastructure and construction projects worldwide. Many countries across the globe are investing heavily in buildings, bridges, roads, and other infrastructure development activities. Mega projects related to rail, road and bridge construction networks are ongoing or planned in large economies like China, India, U.S., Japan and across Europe. Residential and commercial construction industries are also thriving in emerging nations of Asia Pacific and Middle East regions due to rapid urbanization and growing population.
All these infrastructure and building activities require formation of concrete structures, which is made with use of formwork systems. Whether it is constructing a multi-story building, casting segments for a long bridge or road overpasses, laying foundation of a dam project, formwork plays a very important role in enabling concrete to attain desired shape and finish. Modern modular formwork systems have now vastly replaced conventional timber formwork due to advantages like reusability, lower cost, quicker assembly and dismantling, safer working conditions, and better surface finish of concrete structure. Rising demand from ongoing and future construction megaprojects can boost sales and deployment of various formwork systems in the near future.
For instance, in September 2021, MEVA Schalungs-Systeme GmbH, a prominent manufacturer of formwork systems, acquired Acropol Group, a company that focuses on the rental of formwork and shoring towers. This strategic acquisition enabled MEVA to broaden its distribution network and increase its market presence across Europe.
To learn more about this report, request sample copy
Emphasis on green construction techniques
Global construction industry is focusing on sustainability and adoption of ‘green’ building practices to reduce environmental impact. Both private developers and public infrastructure agencies are actively promoting use of environment-friendly materials and construction methods. Formwork plays a vital role here as modular concrete formwork systems allow significant reduction in use of raw materials like wood and results in minimal construction waste generation. As compared to conventional formwork that requires disposal of large quantity of wood after single use, modern formwork is reusable for multiple projects, thus, preventing wastage.
Moreover, prefabricated formwork enables faster project execution which translates to less time spent on-site and reduced fuel consumption from vehicles and equipment. It also results in smoother concrete surfaces requiring lesser finishing work. All these advantages help lower emissions and make projects greener. Strict emission norms and incentives for green buildings in regions like Europe and North America boosts acceptance of advanced formwork that supports sustainability goals. Rising emphasis on green construction techniques can drive the market growth in the near future.
Key Takeaways from Analyst:
Global formwork system market growth is driven by booming construction industry around the world, especially in developing regions. Rapid urbanization and increasing spending on infrastructure projects can boost demand for formwork systems.. Government initiatives for public housing and commercial building construction also drives the market growth.
The availability of substitutes can hamper the market growth. Prefabricated construction using concrete is gaining popularity due to faster execution and lower costs. Adoption of 3D printing in construction can hamper global formwork system market growth. Rising raw material prices and availability issues also pose challenges.
North America region dominates the current demand landscape and this trend will continue. Asia Pacific will see modest growth supported by ongoing projects. Meanwhile, Middle East and African markets offer strong opportunities driven by large scale developments and rebuilding programs.
The formwork system industry has strong prospects ahead, driven by innovation in materials and expansion of rental and leasing services. Focus on developing earthquake-resistant varieties can open new avenues. Adapting modular designs and digitization can help combat substitutes. Growing contractor bases in emerging nations will ensure stable demand. With strategic planning to leverage opportunities and work around threats, leading players can strengthen their position in the market.
Market Challenges: Seasonality of construction industry
The seasonality of construction industry can hamper the global formwork system market growth. Construction activities are heavily dependent on weather conditions, thus, can face disruptions during extreme weather periods. Many regions across the world experience cooler temperatures and rains during certain periods of the year, which makes it difficult for concrete to cure if poured. This leads to halt of construction work during winter and rainy seasons in various parts of Europe, North America and Asia Pacific.
Market Opportunities: Development of eco-friendly formwork systems
The development of eco-friendly formwork systems can provide a great opportunity for growth of global formwork system market. With increasing awareness around sustainability and environmental protection, construction companies are under pressure to reduce their carbon footprint. Eco-friendly formworks made with recyclable and reused materials allow projects to earn green certification points.
Some emerging eco-friendly formwork systems employ industrialized or prefabricated building techniques to minimize on-site concrete waste. For example, systems that utilize interlocking steel panels or modular plastic form liners help to reduce scrap material generation during formwork erection and stripping. The reusable and modular design of these systems also boosts workflow efficiency on construction sites. Their light weight profile makes easier handling and transportation between projects, reducing logistic costs.
To learn more about this report, request sample copy
Insights, By Offering- Technology advancement drives solution segment
In terms of offering, solution segment is estimated to contribute the highest market share of 55.4% in 2024, due to continuous technological advancement in formwork systems. Solution providers are consistently innovating and developing cutting edge software and hardware tools to enhance efficiency and reduce construction timelines. For example, automated formwork systems that leverage robotics, internet of things (IoT) and artificial intelligence (AI) allow for high precision, minimize human errors and improve quality. Digital twin and augmented reality technologies also provide real-time monitoring of projects and virtual simulations to optimize designs. Such solutions have higher upfront costs but deliver significant benefits through automation, resulting in higher returns on investment for clients. Innovation also focuses on sustainability with lightweight, modular and reusable systems. As infrastructure and building construction becomes more complex globally, there will be huge demand for intelligent forms that can adapt on site.
Insights, By Type- Safety compliance drives timber formwork segment
In terms of type, timber formwork segment is estimated to contribute the highest market share of 38.7% in 2024, owing to stringent workplace safety compliance and regulations. Standards such as OSHA prioritize safety of construction workers through mandatory use of fall protection, respiratory protection, hazard communication and more. While other materials like steel and aluminum forms offer durability, timber variants are easier to handle manually without heavy machinery. These also provide insulation from heat and noise on job sites. Furthermore, timber comes from renewable sources that makes it a sustainable option. Due to ongoing enforcement of safety protocols, contractors prefer timber forms that facilitate adherence through simplified processes and minimal risks of injuries. Though initial costs are lower, lifecycle expenses are comparable to other types due to repairability and reuse of quality timber forms.
Insights, By Applications- Rise of mega construction boosts buildings segment
In terms of applications, buildings segment is estimated to contribute the highest market share of 40.6% in 2024, due to increasing mega construction globally. Rapid urbanization and growing populations boosts a strong pipeline of landmark structures, commercial hubs, residential complexes and smart city projects. Buildings utilize diverse forming solutions to efficiently construct columns, slabs, walls and other elements within tight timelines. Mega building activities also employ innovative formwork techniques like jump forming, slip forming and vertical form travelling to achieve economies of scale. Furthermore, buildings have more customizable and complex designs requiring advanced forming technologies for curved surfaces, interiors and facades. Contractors increasingly adopt digital solutions that facilitate modular designs, simulation and coordination across multiple workstreams. Sustainability mandates to reduce embodied carbon through materials like aluminum and systems allowing structure reuse can drive the segment growth.
To learn more about this report, request sample copy
North America dominates the global formwork system market with an estimated market share of 35.1% in 2024, owing to strong construction and infrastructure activities in the U.S. and Canada. The region accounts for around 35% of the worldwide construction expenditure annually. Major system manufacturers have established their production bases as well as supply chain networks, catering to the robust demand from commercial and civil construction projects in the region. Stringent workplace safety regulations regarding formwork scaffolding have also boosted adoption of engineered formwork solutions in the region.
Asia Pacific has emerged as the fastest growing regional market for formwork systems due to massive infrastructure development initiatives underway across countries like China, India, Indonesia and Vietnam. Urbanization and industrialization boosts large-scale investments in building construction, road & bridge works, and other public works programs. Foreign construction giants are also extensively involved in public private partnership mega projects, which utilize advanced formwork technologies. This has given a fillip to local system suppliers to ramp up their production and construction expertise. Governments are also offering incentives for locally manufacturing construction materials including formwork to boost local production.
Europe is another major consumer of formwork systems due to commercial activities in Germany, France, and the U.K. Presence of prominent formwork manufacturers and their extensive dealer network ensures timely availability and service. Stringent worksite safety compliances have boosted technical formwork usage replacing conventional timber forms. Markets in the Middle East and Africa are witnessing increased adoption of engineered formwork solutions due to ongoing infrastructure thrust under various development programs coupled with increased local manufacturing presence of global brands.
Formwork System Market Report Coverage
Report Coverage | Details | ||
---|---|---|---|
Base Year: | 2023 | Market Size in 2024: | US$ 7,029.6 Mn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
Forecast Period 2024 to 2031 CAGR: | 5.1% | 2031 Value Projection: | US$ 9,961.3 Mn |
Geographies covered: |
|
||
Segments covered: |
|
||
Companies covered: |
Acrow, Acrowmisr, Alsina, BEIS, Condor, Doka GmbH, Hankon, Intek, MEVA, NOE, PASCHAL, PERI, Pilosio, RMD Kwikform, Urtim |
||
Growth Drivers: |
|
||
Restraints & Challenges: |
|
*Definition: Global Formwork System Market involves temporary or reusable molds and structures used to support wet concrete and guide its shape until it is strong enough to support itself. Major components of formwork systems include panel forms, shores, anchoring and tie systems. The global formwork system market has witnessed growth in developing regions due to increased construction spending on projects like buildings, bridges, tunnels and infrastructure developments. Formwork systems offer significant advantages over conventional formwork by enhancing productivity, worker safety and ease-of-use.
Share
About Author
Ramprasad Bhute
Ramprasad Bhute is a Senior Research Consultant with over 6 years of experience in market research and business consulting. He specializing in Construction Engineering and Industrial Automation and Machinery, this professional has developed a robust skill set tailored to optimizing processes and enhancing operational efficiency. Notable achievements include leading significant projects that resulted in substantial cost reductions and improved productivity. For instance, he played a pivotal role in automating machinery processes for a major construction firm, which led to a 25% increase in operational efficiency. His ability to analyze complex data and provide actionable insights has made him a trusted advisor in the field.
Formwork System Market Report Snapshots
Missing comfort of reading report in your local language? Find your preferred language :
Transform your strategy with exclusive trending reports:
Frequently Asked Questions
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients