According to our latest market study on " Formwork System Market Forecast to 2030 –Global Analysis – by Offerings and Material Used," the market is expected to grow from US$ 5,812.03 million in 2022 to US$ 8,731.06 million by 2030; it is anticipated to grow at a CAGR of 5.2% from 2022 to 2030.

Factors such as the growing construction industry supported by favorable government assistance and inclination towards constructing green buildings are impacting the infrastructural projects, which drive the formwork system market growth. Also, penetration of timber & plywood is high over other materials as it is available at a lesser price and can be used for multiple purposes. Moreover, with the advent of sophisticated technologies such as tunnel formwork, fiberglass shuttering, and wireless temperature monitoring, formwork systems in the formwork industry are projected to generate ample growth prospects for formwork system market in the coming years.

By geography, the formwork system market share is segmented into North America, Europe, APAC, MEA, and SAM. 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 with significant market share that are profiled in this formwork system market study. 

Key Findings of Market Study:

As per the Global Construction 2030, the volume of construction output in 2020 is estimated to increase by 85% to US$ 15.5 trillion by 2030 worldwide. The US, China, and India are projected to be the leading countries that account for more than half of the volume of construction output share across the globe. Also, increasing demand for data centers coupled with retail need for refurbishment is anticipated to boost the construction sector. Moreover, growing investment in renovating old buildings and structures and increasing inclination toward a greener future are boosting the scope of green buildings, which is projected to expand the construction sector in the coming years. Thus, the growth of the construction sector is propelling formwork system market growth.

Advent of New Formwork Technologies are Driving the Formwork System Market Growth

The development of the latest designs encourages formwork manufacturers to roll out latest and tailored solutions to fulfill the demand for abstract projects. The contemporary building system is dominated by skyscrapers and complex geometries. Therefore, the success of these complex buildings relies on the efficiency of construction processes. With continuous technological developments, modular formwork systems are introduced with standardized component items and panels to lower the need for cutting material at sites. The introduction of wireless temperature monitoring formwork systems, tunnel formwork, fiberglass shuttering, concrete form lining formwork, and semi-system formwork is expected to fuel the growth of the formwork system market in the coming years. 

• Fiberglass shuttering: The fiberglass-reinforced plywood system is key to a perfect cast roof with a smooth finish, which does not need plastering. The fiberglass shuttering building systems are a revolution in shuttering owing to their simplicity, lightness, solidity, durability, and resistance to temperature changes. Additionally, fiberglass shuttering provides simplification of shuttering with the same mechanical properties of different shuttering systems.
• Tunnel formwork: The tunnel form is a formwork system enabling the contractor to cast slabs & walls in one operation on a daily cycle. The tunnel formwork unites quality, accuracy, and speed with flexibility and economy of in-situ construction. Also, hi-tech technologies of steel formwork production make the tunnel formwork durable and stronger. The system can create efficient load-bearing structures that are also known as earthquake-resistant structures.
Therefore, the advent of new formwork technologies would lead to new future trends in the formwork system market.

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