The formwork system market was valued at approximately US$ 5,812.03 million in 2022 and is anticipated to grow to around US$ 8,731.06 million by 2030, reflecting a compound annual growth rate (CAGR) of 5.2% from 2022 to 2030.
Increasing Popularity of Formwork System Rental Services Fuels Market Expansion
Rental services are becoming a preferred choice for construction firms, contractors, and various sectors that need temporary access solutions. Opting to rent a formwork system is often more economical than outright purchase, as it removes the burden of a significant initial investment. This is particularly attractive to businesses aiming to control costs while still utilizing high-quality formwork systems. Large infrastructure projects typically involve intricate designs and extensive structures, each with unique formwork requirements based on their scale and complexity. Rental services offer the flexibility to select the most appropriate formwork system tailored to the specific demands of each project. Furthermore, these services provide access to formwork systems only when necessary, eliminating the need for long-term storage solutions. The rise of rental services is in line with the evolving trends in the construction sector, where flexibility, efficiency, and cost-effectiveness are increasingly prioritized. As rental options become more customized for different project types, the formwork system market is experiencing substantial growth due to the advantages and accessibility that rental services provide.
In the United States, the commercial building sector is witnessing significant growth, driven by increased investments in modern and technologically advanced building infrastructures. The ongoing economic expansion in the country is also contributing to a surge in commercial construction activities. As more businesses emerge and invest in high-quality office spaces, the demand for sophisticated formwork solutions is on the rise. Additionally, the growing trend of office renovations and remodeling is further enhancing the market share of formwork systems in the nation.
Moreover, with heightened awareness regarding the environmental impacts of construction practices, there is a growing interest in green construction technologies, which is fostering the development of sustainable building practices. This trend is expected to positively influence the formwork system market share in the United States.
The Hauptverband Deutsche Bauindustrie (HDB), a prominent construction industry association in Germany, forecasts that the construction sector will make a significant contribution to the nation?s GDP in the upcoming years. This growth is primarily driven by an increase in residential and commercial infrastructure projects. Germany, being a popular tourist destination, is experiencing continuous development in the construction of hotels and shopping centers, which in turn is propelling the growth of the formwork system market.
Additionally, the presence of major companies such as PERI, recognized as a leading innovator in formwork systems, and Doka GmbH, a well-established player with a substantial market share, is noteworthy. The advancement of 3D construction printing technology is also gaining momentum in the country, which is expected to further promote the utilization of formwork systems. Germany has recently seen the 3D printing of its first two residential buildings, which is likely to have a positive effect on the volume of infrastructure projects.
In terms of offerings, the global formwork system market is divided into solutions and services, with the solutions segment leading the market due to the rising construction of both flat and curved concrete structures, regardless of their size.
When categorized by material, the global formwork system market includes wood, metal, and other materials. The wood formwork segment has been the market leader, as timber and plywood have been traditional choices in construction for many years. Their ability to be reused multiple times is further enhancing their popularity in the construction industry.
Key players in the formwork system market include 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. Additionally, several other significant players in the formwork system market have been examined to provide a comprehensive overview of the market and its ecosystem.