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

Regional Analysis

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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.