FORMWORK SYSTEM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Formwork System Market Size and Trends

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.

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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.

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.