The Formwork System is temporary structure used to hold wet concrete in place until it is hardened and can support and maintain the desired shape of the structure. Formwork provides accuracy and surface finish to concrete structures while mold walls, floors, foundations, beams and columns.
The increasing usage of precast concrete components in construction along with rising demand for Green construction is driving the need for Formwork Systems which minimize material wastage and increase productivity during construction.
The Global Formwork System Market is estimated to be valued at US$ 7,029.6 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024-2031.
Key Takeaways
Key players: Key players operating in the Formwork System market are PERI GmbH, Doka GmbH, BEIS Ltd, ULMA Construction and MFE Formwork Technology.
Growing demand: Rapid urbanization and increasing construction of residential and commercial infrastructure across developing regions is fueling the Formwork System Market Demand.
Global expansion: Leading Formwork System providers are expanding their global footprint through strategic partnerships and acquisitions to tap growth opportunities in emerging markets across Asia Pacific and Middle East regions.
Market key trends
The increasing adoption of digitization in the construction sector is a major trend driving innovation in Formwork Systems. Technologies like BIM, augmented reality and robotics are being integrated in formwork design and assembly to improve efficiency. Systems designed for modular construction using prefabricated panels allows for accurate formwork assembly with minimal human intervention. Lightweight materials like aluminum and FRP composites are replacing conventional wood and steel to develop easier to handle formwork suitable for tall structures. Sustainable formwork solutions reusing formwork components multiple times are also gaining popularity to reduce construction waste.
Porter's Analysis
Threat of new entrants: Low capital requirements allows new companies to enter the Formwork System market easily.
Bargaining power of buyers: Large number of Formwork System manufacturers results in higher bargaining power for buyers.
Bargaining power of suppliers: Specialized equipment and components require suppliers to maintain long term relationships.
Threat of new substitutes: Technological advancements can introduce new substitute materials for wood and steel in Formwork Systems.
Competitive rivalry: Intense competition exists among existing major Formwork System manufacturers to achieve product and service differentiation.
North America accounts for the largest share in the global Formwork System market in terms of value due to established construction industry and growing infrastructure development projects in the region. The market in Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising population, urbanization, and increasing investments in non-residential and commercial construction projects across China and India.
Europe has historically been at the forefront in adopting advanced Formwork System technologies. Strong economic conditions along with stringent regulations regarding workers safety are supporting growth of Formwork System market in Europe. Rising adoption of precast construction is further favoring sales of formwork equipment in the region.
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