by The formwork system market comprises various formwork components that are used for concrete construction. Formwork systems offer significant advantages over traditional timber formwork such as improved productivity, enhanced safety, reduced construction time & costs, and better built quality. Construction industry heavily relies on formwork systems for erecting high-rise buildings, bridges, tunnels, and other infrastructure projects in a faster, efficient, and cost-effective manner.
Key Takeaways
Key players operating in the formwork system are Acrow, Acrowmisr, Alsina, BEIS, Condor, Doka GmbH, Hankon, Intek, MEVA, NOE, PASCHAL, PERI, Pilosio, RMD Kwikform, Urtim.
Key opportunities in the formwork system market include increasing investments in infrastructure projects worldwide due to rapid urbanization. Various governments across the globe are investing heavily in development of roads, bridges, airports, metros, and other infrastructure projects which provide ample opportunities for formwork system manufacturers. Technological advancements such as utilization of lightweight materials, modular and reusable systems are further driving the growth of formwork systems.
Global formwork system market size is projected to reach US$ 9,961.3 million by 2024 from US$ 6,732.5 million in 2018, exhibiting a CAGR of 5.1% during the forecast period.
Market Drivers
Rising residential & commercial construction activities is a key driver responsible for growth of formwork system market. Increased private and public funding in infrastructure projects led by countries such as China, India, and Indonesia has augmented the demand for formwork systems. Furthermore, growing emphasis on curbing project timelines without compromising on quality through adoption of advanced technologies in construction equipment bodes well for formwork system market during the forecast period.
Current Challenges in Formwork System Market
The formwork system market faces various challenges such as fluctuating raw material prices and high initial costs of establishing formwork systems. The prices of raw materials including steel and wood used for making formwork change frequently depending on global economic conditions. Moreover, setting up an advanced formwork system requires heavy capital investments which is difficult for small and medium construction firms. Shortage of skilled labor in developing countries also poses a challenge for efficient assembly and operation of formwork systems.
SWOT Analysis
Strength: Formwork systems provide higher efficiency, safety and quality compared to traditional timber formworks. They reduce construction timelines and labor requirements.
Weakness: High initial costs of establishing modular formwork fleets. Require specialized skills and training for operation and maintenance.
Opportunity: Growing infrastructure investment in developing nations driven by urbanization. Rising commercial and industrial construction providing scope for renting out formwork systems.
Threats: Dominance of local players supplying low-cost conventional formworks in price-sensitive markets. Economic slowdowns crimping construction budgets.
Formwork System Market Regional Analysis as Geographical Regions Europe currently accounts for the largest share in the global formwork system market in terms of value led by strong construction activity in Germany, UK, France and other major countries. The Asia Pacific region is poised to witness the fastest growth during the forecast period supported by the ongoing infrastructure development drives in India and China. Key ongoing projects such as metro lines, dams and road networks will drive the demand for modern formwork systems in Asia Pacific.
The Asia Pacific region is projected to be the fastest growing market for formwork systems between 2024-2031. Factors such as rapid urbanization, growing population, increasing FDI inflows into infrastructure and the implementation of smart city projects present extensive opportunities for adoption of advanced formwork technologies. In particular, developing countries like India and China are expected to contribute significantly to the revenue generation of formwork system providers in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
