Formwork System Market Remarkable Growth to US$ 8,086.35 Million By 2030

New York, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global Formwork System Market is expected to witness significant growth at a CAGR of 4.3% during the forecast period of 2023-2030. This growth is attributed to the increased construction of residential and commercial buildings across the globe.

According to a recent report by Consegic Business Intelligence, the formwork system market is poised for strong expansion and is expected to reach USD 8,086.35 million by 2030. The market, which was valued at USD 5,782.26 million in 2022, is projected to grow at a compound annual growth rate of 4.3% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the formwork system market.

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A formwork system is a set of components that are used to create the temporary molds into which concrete is poured. These systems are strong enough to support the weight of the concrete and any other loads that may be applied to it. Formwork systems are essential for creating the desired shape and structure of various buildings, bridges, tunnels, and other infrastructural elements. The construction industry heavily relies on efficient and cost-effective formwork solutions to ensure safe and precise concrete placements.

Global Formwork System Market: Report Attributes

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Global Formwork System Market Segmentation Details:

Based on Type, in 2022, the horizontal formworks segment contributed the largest market shares in the formwork system market. The growth of the segment is attributed to the versatility and time and cost efficiency. These systems enable faster construction and reduce labor costs due to their ease of installation and removal. In addition, the expansion of industries and commercial sectors has led to the construction of large manufacturing plants, warehouses, and others that have led to the extensive use of horizontal frameworks.

Based on Material, in 2022, the timber segment contributed the largest market shares in the formwork system market. The key factor fostering segment growth is the cost-effectiveness of timber formwork systems. These types of systems are adaptable and can be easily customized to fit various construction designs and shapes. In addition to this, the local availability of timber in many regions is another influencing factor propelling the segment growth.

Based on Application, in 2022, the structures segment contributed the largest market shares in the formwork system market. The growth of the segment is attributed to the global increase in construction projects, including high-rise buildings, bridges, and infrastructure development. Moreover, the trend towards constructing taller buildings has augmented the demand for formwork systems.

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Based on End-use Industry, in 2022, the residential segment contributed the largest market shares in the formwork system market. The growth of the segment is attributed to the rising demand for residential properties due to increased urbanization and rising household income. Formwork systems enable faster construction of residential buildings, reducing overall construction time. As a result, these systems are widely employed in the residential sector owing to the demand for quick project completion.

Based on Region, in 2022, Asia Pacific accounted for the largest share contribution to the market growth driven by the significant growth in infrastructure projects and rapid urbanization in the region. The increasing investments in air transport infrastructure in China and India is also an influencing factor propelling the demand for formwork systems. In addition to this, the need for renovating existing structures is fostering market growth in the region.

Competitive Landscape

Doka GmbH, MEVA, Nova Formworks, among others, are the major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the formwork system market is expected to grow steadily due to the rapid urbanization in developing nations. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.

Recent Developments

• In September 2021, MEVA acquires Acropol Group, a formwork and shoring tower rental company.
• In January 2023, PERI acquired Implenia Schalungsbau GmbH and the company is managed under the name PERI Schalungsbau GmbH as a subsidiary of PERI Germany.

Key Market Takeaways

• Based on type, the horizontal formworks segment accounted for the highest market share in the formwork system market statistics in 2022.
• Based on material, the timber segment accounted for the highest market share in the formwork system market statistics in 2022.
• Based on application, the structures segment accounted for the highest market share of 28.87% in the formwork system market statistics in 2022.
• Based on end-use industry, the residential segment accounted for the highest market share in the formwork system market statistics in 2022.
• North America is expected to grow at the fastest CAGR of 5.9% during the forecast period due to rapid urbanization and increase in government investments in the construction sector.
• Asia Pacific accounted for the highest market share of 35.50% and was valued at USD 2,052.70 million and is expected to reach USD 2,886.02 million in 2030.

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List of Major Global Formwork System Market:

• Doka GmbH
• MEVA
• ULMA Group
• EFCO Corp.
• SH
• Suzhou TECON Construction Technology Co., Ltd.
• URTIM Formwork and Scaffolding Systems
• Total Contec
• Brand Industrial Services, Inc.
• PERI SE
• KHK Scaffolding & Formwork LLC (Taurani Holdings Ltd, Dubai)
• Nova Formworks

Global Formwork System Market Segmentation: 

• By Type
  • Climbing Formworks
    • Self-Climbing
    • Crane Climbing
  • Vertical Formworks
  • Horizontal Formworks
• By Material
  • Timber
  • Plywood
  • Steel
  • Aluminum
  • Others
• By Application
  • Slab
  • Steep Barriers
  • Columns
  • Roads
  • Structures
  • Others
• By End-use Industry
  • Residential
  • Commercial
  • Infrastructure

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Frequently Asked Questions in the Formwork System Market Report

• What was the market size of formwork system in 2022?

- In 2022, the market size of formwork system was USD 5,782.26 million.

• What will be the potential market valuation for the formwork system by 2030?

- In 2030, the market size of formwork system is expected to reach 8,086.35 million.

• What is the key restraint hampering the growth of the formwork system market?

- High cost of installation and maintenance of formwork systems is likely to restrict the market growth.

• What is the dominant segment in the formwork system market, by material?

- In 2022, the timber segment accounted for the highest market share in the overall formwork system market.

• Based on current market trends, which geographical region contributed the largest share in the market?

- Asia Pacific accounted for the largest market share in the formwork system market.

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