Formwork System Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Offerings (Solutions and Services) and Material Used (Wood, Metal, and Others)

Formwork System Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Offerings (Solutions and Services) and Material Used (Wood, Metal, and Others)

The formwork system market was valued at US$ 5,812.03 million in 2022 and is projected to reach US$ 8,731.06 million by 2030; it is expected to grow at a CAGR of 5.2 % during 2022–2030.

Rise in Adoption of Formwork System Rental Services is Driving the Formwork System Market Growth

Rental services offer a flexible and cost-effective solution for construction companies, contractors, and various industries that require temporary access solutions. Renting a formwork system is often more cost-effective than purchasing, as it eliminates the need for a large upfront investment. This appeals to businesses looking to manage expenses while still accessing quality formwork systems. Infrastructure projects often involve complex designs and large-scale structures. Different projects have varying formwork requirements based on their scope, size, and complexity. Rental services provide the flexibility to choose the most suitable formwork system for the specific project's needs. Rental services allow access to the formwork system only when needed, avoiding the need for long-term storage. The growth of rental services aligns with the changing dynamics of the construction industry, where flexibility, efficiency, and cost savings are increasingly valued. With the expansion of rental offerings becoming more tailored to various project types, the formwork system market is growing significantly due to the accessibility and benefits provided by rental services.

The commercial building industry in the US is significantly growing with the increase in investments toward modernized and technologically advanced building infrastructure. Moreover, the country is also witnessing rise in commercial building infrastructure construction owing to constant growth in the economy. The US is constantly witnessing an increase in the number of businesses with greater investments that allow them to build high-end office infrastructures, which is catalyzing the demand for advanced formwork solutions. In addition to new constructions, a rise in the number of office remodeling or renovation projects is driving the formwork system market share in the country.

In addition, with rising concerns about the harmful environmental impact of construction activities, the scope of green construction technology is gaining traction, which is promoting green building developments. This aspect would help in boosting the formwork system market share in the US.

The Hauptverband Deutsche Bauindustrie (HDB) is a German construction industry association that predicts that the construction industry will contribute significantly to Germany's GDP in the coming years. The expansion of this industry is majorly attributed to the rise in residential and commercial or public infrastructure construction projects. As the country is one of the popular tourist destinations across the region, there is constant growth in the construction of hotels and malls in the country. With the rising construction of mentioned commercial buildings, the formwork system market growth is also increasing.

In addition, the county has a wide presence of companies such as PERI, which is one of the leading players and top 100 innovators in offering formwork systems. Doka GmbH is another well-established player holding a significant share in the formwork system market. Along with company’s presence, the scope of industrialization of 3D construction printing technology is boosting across the country, which is projected to encourage the use of formwork systems. The county has witnessed 3D printing of the first two residential buildings, which will positively impact the number of infrastructure projects.

Based on offering, the global formwork system market is bifurcated into solutions and services. The solutions segment is dominating the formwork system market, owing to the increasing construction of flat/curved and small/large concrete structures. Based on material used, the global formwork system market is categorized into wood, metal, and others. The wood formwork segment dominated the market as timber and plywood are traditional formwork, which has increasingly been used in construction for a long duration. Also, their multi-reuse feature is boosting their adoption in the construction sector.

Alsina Formwork, Brand Industrial Services, Inc; Doka GmbH; Efco Corp.; Forsa S.A; Meva Formwork Systems; MFE Formwork Technology Sdn Bhd; Paschal International; PERI; and Shandong Xingang Formwork Co., Ltd. are among the key formwork system market players profiled during this study. In addition, several other important formwork system market players have been studied and analyzed during the study to get a holistic view of the formwork system market and its ecosystem.

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