Aluminum Formwork Market Report: Size, Share and Outlook by 2031

The Global aluminum formwork market size was valued at US$ 5646.70 million in 2024 and is expected to reach US$ 8181.93 million by 2031; it is estimated to record a CAGR of 5.6% from 2025 to 2031.

Market expansion in North America and Europe is fueled by the existence of several manufacturers and suppliers in these regions. Well-known businesses that specialize in construction formwork solutions promote innovation in aluminum formwork systems and fortify the supply chain.

The need for aluminum formwork is increased in the Asia Pacific region by the construction industry's explosive growth. In 2024, Indonesia unveiled its largest-ever infrastructure budget of US$26.48 billion for road, commercial, and residential development, while the Philippines' NLEX Corporation announced three new infrastructure projects. There are now around 155 airports and airport-related projects throughout Asia, totaling US$ 209 billion in investment. Among the noteworthy projects is Vietnam's Long Thanh International Airport, which is anticipated to be finished by the end of 2025 and will receive an investment of $14.5 billion USD. In addition, Terminal 5 at Changi Airport in Singapore is slated to be expanded for US$10 billion by 2030.

The growth of energy, electricity, and pipeline infrastructure in the Middle East and Africa is being driven by the rising demand for energy, natural gas, and crude oil across a number of industries. The utilization of aluminum formwork systems, which are valued for their lightweight, robust, and simple assembly in challenging construction scenarios, is increased by this expansion of infrastructure development. Rapid urbanization encourages the use of contemporary construction technology, such as aluminum formwork, and speeds up residential and commercial infrastructure projects.

The market for aluminum formwork in South and Central America is expected to expand due to increased energy demand brought on by industrialization and population development. Both domestic and foreign enterprises operate in the gas sector, and infrastructure development is facilitated by alliances between national oil companies and multinational corporations. Exxon revealed plans for a US$12.93 billion offshore oil project in Guyana in August 2023, which is anticipated to boost building activity. Large-scale industrial and infrastructural projects benefit from the efficiency and sustainability of aluminum formwork systems, which are made possible by these advancements.

The continuous growth of the building industry encourages the use of aluminum formwork systems, which are more effective, long-lasting, and have quicker production cycles than conventional techniques.

The significance of safe construction techniques is emphasized by labor regulations and health and safety legislation in the United States and Canada. Because of their standardized parts and simplicity of assembly, aluminum formwork systems assist lower site risks and enhance worker safety while still meeting legal requirements and gaining traction. New water and wastewater facilities at Fraser Lake, Bums Lake, and the District of Mackenzie will be funded by a US$10 million municipal infrastructure project announced by the Canadian and British Columbian governments in October 2023.

Cosmos Construction Machineries and Equipments Pvt Ltd, IHITA FORMWORKS, Knest Manufacturers LLP, Technokraft industries (India) private Ltd., MFE Formwork Technology Sdn Bhd, EFCO Corp, MEVA Schalungs-Systeme GmbH, PERI GmbH, Doka GmbH, PASCHAL-Werk G., and Maier GmbH are among the key global aluminum formwork market players that are profiled in this market study.

The overall global aluminum formwork market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the global aluminum formwork market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global aluminum formwork market.