Formwork Systems Market Forecast 2023 - 2030

By Type :

The type segment is categorized into climbing formworks, vertical formworks, and horizontal formworks. In 2022, the horizontal formworks segment accounted for the highest market share in the formwork system market. Horizontal formworks can be used for various structures such as floors, slabs, and beams. 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.

However, the vertical formworks segment is expected to grow at the fastest CAGR during the forecast period. Rapid urbanization has led to an increasing need for the construction of high-rise buildings, bridges, and infrastructure, driving the demand for vertical formwork systems that facilitate efficient and safe construction processes. Further, the rise in rising government initiatives for infrastructure development is a significant factor fostering segment growth. For instance, according to the report published by the India Brand Equity Foundation, in 2022, the government of India allocated USD 17.24 billion to the National Highways Authority of India (NHAI).

By Material:

The material segment is categorized into timber, plywood, steel, aluminum, and others. In 2022, the timber segment accounted for the highest market share in the overall 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.

However, the aluminum segment is anticipated to grow at the fastest CAGR during the forecast period. Aluminum is a lightweight material, resistant to corrosion and wear. Moreover, aluminum is recyclable, making it an eco-friendly choice for construction projects that aim to reduce environmental impact and promote sustainable practices. The reusability of these systems reduces the need for new formwork systems, making them ideal for multiple construction projects. Therefore, the above mentioned benefits are likely to surge product demand in the following years.

By Application:

The application segment is categorized into slabs, steep barriers, columns, roads, structures, and others. In 2022, the structures segment accounted for the highest market share of 28.87% and is also anticipated to grow at the fastest CAGR during the forecast period. The global increase in construction projects, including high-rise buildings, bridges, and infrastructure development has generated a high demand for efficient and versatile formwork systems. For instance, according to the statistics published by the Associated General Contractors (AGC) of America, the construction industry in the U.S. creates nearly USD 1.8 trillion worth of structures each year.

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By End-use Industry:

The end-use industry segment is categorized into residential, commercial, and infrastructure. In 2022, the residential segment accounted for the highest market share in the overall formwork system market. Formwork systems offer efficient and speedy construction methods that are crucial for residential structures. The demand for residential properties has surged due to increased urbanization and rising household income. For instance, according to estimates from the National Association of Building Contractors (ANCE), investments in the construction of new housing rose 12% compared to 2020 in Italy.

However, the infrastructure segment is anticipated to grow at the fastest CAGR during the forecast period. The growth of the segment is attributed to rising infrastructure development projects across the globe. Moreover, an increase in government and private investments in development as well as upgrading roads, bridges, railways, airports, and other essential facilities is another prominent factor accelerating the demand for formwork systems. For instance, as per the report published by Airports Council International, the redevelopment and expansion of terminals of JFK International Airport, the terminal expansion project at the Southwest Florida International Airport, among others are initiatives taken to modernize America's airports. As a result, the rise in infrastructure development will aid to surge the demand for formwork systems in the construction process.

By Region :

The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

In 2022, Asia Pacific accounted for the highest market share of 35.50% and was valued at USD 2,052.70 million in 2022 and is expected to reach USD 2,886.02 million in 2030. In the Asia Pacific region, China accounted for the highest market share of 26.50% during the base year 2022 owing to the significant growth in infrastructure projects and rapid urbanization in the region. For instance, according to the 2022 report published by the Airports Council International (ACI) Asia-Pacific, Asia-Pacific accounts for 80% (USD 579 billion) of the global greenfield airport investments in the next two decades, driven by the rapid growth in passenger demand for air transport, predominantly in India and China. Similarly, governments in Vietnam, Philippines, and Indonesia are constructing dozens of new airports to connect islands with geographically challenging areas. As a result, the developments in air transport infrastructure are accelerating the demand for formwork systems in the region.

However, North America is expected to grow at the fastest CAGR of 5.9% over the forecast period. Increased investment in infrastructure development and technological developments in building materials for residential and commercial construction is likely to create lucrative opportunities for the key players operating in the formwork system market. For instance, according to the report published by the U.S. Bureau of Economic Analysis (BEA), infrastructure produced USD 1.17 trillion in gross output in 2021. The growth in real gross output between 2020 and 2021 accounted for 11.1%.