Formwork Systems Market is poised to grow by 24% by facilitating faster and safer construction processes
The formwork system is used to support wet concrete and transfer its weight during concrete curing. It enables the construction of specific permanent structures in materials like concrete. Formwork systems provide advantages like ensuring dimensional accuracy and surfaces finish of the final structure. The growing infrastructure projects and construction activities globally have fueled the demand for formwork systems. The systems aid faster construction and reduce overall project timelines.
The global formwork system market is estimated to be valued at US$ 653.4 Mn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the formwork system market are Drink HappyTree, My Maple Water, MapleMama Beverages LLC., Kiki Maple Water, Pure Maple Water Company Ltd., Drink Simple, Maple 3, Smith & Salmon Inc., Feronia Forests LLC., SEVA Maple Water, Asarasi, Feronia Forests LLC, and Loblaws Companies Limited.
The market provides opportunities for system providers to offer customized and modular formwork solutions according to project requirements. Adoption of technologically advanced systems would boost productivity and efficiency.
Globally, Asia Pacific dominated the market owing to rapid infrastructural development in China and India. Meanwhile, North America and Europe are also lucrative markets for formwork system providers.
Market drivers
The primary driver augmenting the formwork system market growth is the immense infrastructure development taking place worldwide. Mega construction projects in sectors such as roads, bridges, dams, building construction are driving the demand. Formwork systems allow faster construction of complex designs, improved cost-savings and ensures safety. The systems have become an integral part of modern construction methodologies employed by contractors. This is estimated to propel the formwork system market over the forecast period.
PEST Analysis
Political: Changes in regulations and guidelines related to construction safety are expected to positively impact demand.
Economic: Strong growth in end-use industries such as infrastructure and residential construction is expected to drive demand for formwork systems.
Social: Rising focus on workplace safety and efficient construction is increasing adoption of formwork systems.
Technological:
Advancements in material technology are enabling the development of innovative formwork systems with improved performance characteristics, contributing to the Formwork Systems Market challenges and opportunities adoption of BIM and construction management software is also improving efficiency.
Geographical regions
The Asia Pacific region accounts for the largest share of the global formwork system market in terms of value due to strong growth in end-use industries across China, India, and other developing nations. Rapid urbanization and infrastructure development projects are major drivers of demand.
Fastest growing region
The Middle East and Africa region is expected to exhibit the fastest growth over the forecast period supported by large-scale investments in transportation, healthcare, education, and other infrastructure projects across the region. Ongoing global mega projects such as Expo 2020 Dubai and 2022 FIFA World Cup in Qatar will significantly boost demand for formwork systems.
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