Growth of South Africa Formwork Market

Blogs IT, Cloud, Software and Technology

Posted 2023-11-15 13:03:33

The South Africa Formwork Market is estimated to be valued at US$ 280.03 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

Formwork systems are temporary or permanent molds used to contain freshly poured concrete and allow it to take the desired shape. They support the concrete until it gains sufficient strength. Formwork provides bulk, strength and surface shape to the concrete.

Market key trends:-

One of the key trends in the South Africa formwork market is the growing adoption of aluminum formwork systems. Aluminum formwork offers advantages such as ease of use, quick assembly and disassembly, corrosion resistance, cost effectiveness, and reusability. Compared to traditional wood and steel formwork systems, aluminum formwork significantly reduces construction time and labor requirements. It also yields savings in project costs and waste generation. These advantages have resulted in increasing preference for aluminum formwork among construction companies in South Africa.

SWOT Analysis:-

· Strength: High growth rate of infrastructure and construction activities in South Africa is driving the demand for formwork.

· Weakness: High initial investment and maintenance cost of formwork systems.

· Opportunity: Increasing government expenditure on development of transportation and housing projects.

· Threats: Fluctuations in raw material prices can increase formwork costs.

Key Takeaways:-

The South Africa Formwork Market Size is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing infrastructural development projects in the country.

Regional analysis: South Africa dominates the formwork market in Africa with more than 30% of the share. Western Cape and Gauteng provinces account for over 60% of the total infrastructure activities in South Africa due to massive industrial and commercial construction in these regions.

Key players operating in the South Africa formwork market are PERI Group, Doka Group, ULMA Construction, Waco International, RMD Kwikform, MESA Imalat Sanayii ve Ticaret A.S, Uni-Span Holdings (Pty) Ltd., Acrow, Faresin Formwork S.p.A, Pilosio S.p.A, Staluform (Pty) Ltd., and Pre-Form (Pty) Ltd. PERI Group and Doka Group collectively hold over 40% of market share.