The Formwork System market comprises formwork equipment and services that help construct and support concrete structures until the concrete gains enough strength. Formwork equipment includes panels, joists, hand-held formwork supporting devices, and engineering formwork.

Formwork Systems provide safety, strength, quality, and efficiency during concrete construction works. They assist in designing and erecting temporary or permanent molds into which concrete is poured and formed. With the rapid growth of infrastructure development projects worldwide, the demand for Formwork Systems is increasing significantly.

The Global Formwork System Market is estimated to be valued at US$ 7,029.6 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the Formwork System market are Doka GmbH, BEIS Ltd., MFE Formwork Technology Sdn Bhd, PERI Group, WACO International, and ULMA Construction.

Rising infrastructure development activities are fueling the Formwork System Market Demand. According to the Global Infrastructure Outlook, the world will need to invest $94 trillion in infrastructure by 2040, equivalent to $6.9 trillion a year, to keep up with economic growth.

Technological advancements such as modular Formwork Systems and lightweight aluminum formwork are driving the adoption of Formwork Systems. These solutions provide benefits such as reduced construction time and costs, easy handling, dismantling and re-erection.

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