Formwork System Market Size is Expected to Grow at 5.53% CAGR with US$ 9.32 Billion by 2031, Driven by Experiences Growing Number of Infrastructure Projects Globally | The Insight Partners

NEW YORK, June 12, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global formwork system market is observing significant growth owing to the growing number of infrastructure projects globally.

The report runs an in-depth analysis of market trends, key players, and future opportunities. Materials used in the formwork system market include wood, metal, and others. Formwork system providers procure specific solutions and services further to develop the final product.

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Overview of Report Findings

1.      Market Growth: The formwork system market size is projected to reach US$ 9.32 billion by 2031 from US$ 6.32 billion in 2024. The market is expected to register a CAGR of 5.53% during 2025–2031. In today's competitive market, builders and contractors are competing for the use of advanced construction materials. This includes the adoption of cost-effective scaffolding and formwork solutions, which improve worker safety, speed, and material quality. In addition to formwork solutions, various services are offered, such as maintenance and inspection, retrofitting, remote assistance and hotline, repairs and spare parts, and consulting, among others. Formwork solutions are widely used in the construction of walls, support slabs, textured cast stone panels, beams, submerged column construction, concrete house and pool construction, underwater column reconstruction, and other applications. Factors such as the growth of the construction industry, supported by government aid and the trend toward green building construction, are impacting infrastructure projects, which would positively drive the growth of formwork solutions. Furthermore, wood and plywood enjoy greater penetration than other materials, as they are more economical and versatile. Furthermore, with the advent of sophisticated technologies including tunnel formwork, fiberglass formwork, and wireless temperature monitoring formwork systems, the formwork industry is projected to generate significant growth prospects.

2.      Increasing Scope of Wood Formwork Across the Globe: Timber formwork is a commonly used formwork type compared to other materials including steel, aluminum, plastic, and fabric. It has been widely used in construction since ancient times and is the oldest formwork type in the industry. Plywood and timber formwork are more economical and readily available, increasing their use. Factors such as ease of manufacture and lower labor costs compared to purchasing reusable formwork materials make these systems suitable for small-scale projects. Climbing formwork, beam formwork, flexible formwork, stair formwork, slab formwork, concrete road construction, and metal support formwork are some of the applications of timber formwork in concrete. SVA Formwork Solution, PASCHAL, METSÄ Group, TECON Formwork, and G.B.M. Building Equipments S.r.l. are some of the timber formwork system suppliers operating in the market and meeting the diverse requirement of the construction sector.

3.      Construction Sector Growth: The construction sector is currently experiencing an upward trend. With increasing building heights and slab sizes, end-users are seeking advanced formwork systems that are lightweight, reusable, cost-effective, durable, portable, flexible, and easy to assemble and disassemble. Several companies offer comprehensive formwork design systems for small and large projects. Peri, Doka, MFE, BSL Scaffolding, Waco, and Paschal are among the established players in the market. With the rising number of commercial, residential, and industrial projects, the construction sector is booming, attracting the attention of governments seeking financial assistance. Furthermore, advanced building materials are emerging that make construction cost-effective. According to the Global Construction 2030 report, construction production volume is estimated to increase by 85%, reaching US$15.5 trillion by 2030 globally. The United States, China, and India are projected to lead the way, accounting for more than half of global growth. Furthermore, the growing demand for data centers, coupled with the need for retail renovation, is expected to positively impact the construction sector. Likewise, investment in the renovation of older buildings and structures and the growing inclination toward a more sustainable future are driving the adoption of green buildings, which is expected to boost the construction sector.

4.      Geographical Insights: In 2024, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Asia Pacific is expected to register the highest CAGR during the forecast period.

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Market Segmentation

•         Based on offering, the formwork system market is classified into solution and service. The solution segment held the largest share of the market in 2024.

•         Based on material used, the market is categorized into wood, metal, and others. The wood segment dominated the market in 2024.

•         The formwork system market is segmented into five major regions: North America, Europe, APAC, Middle East & Africa, and South America. 

Competitive Strategy and Development

•         Key Players: A few major companies operating 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.

•         Trending Topics: Facade Market

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Global Headlines on Formwork System

•         "Acropol group is acquired by MEVA Schalungs-Systeme GmbH"

•         "Ferrovial developed a smart formwork system as part of its commitment to connected construction"

•         "PERI Formwork & Scaffolding Ltd introduced robust and economical formwork system for crane-independent applications"

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Conclusion

Asia Pacific is projected to register a CAGR of 7.2% from 2025 to 2031. The presence of developing economies such as China, India, South Korea, Malaysia, the Philippines, and Taiwan helps in making Asia a developing nation. Stable economies and technological advancements support the growth of diversified industries and markets in Asia. A large population in APAC has led to increased demand for residential as well as commercial construction in the region. The region comprises several developing economies, including India and many Southeast Asian countries, posing strong demand for more infrastructure projects. Further, various country governments are taking several measures to attract private investments in infrastructure development. Growing investments in the commercial as well as residential construction is bolstering the demand for advanced building materials including formwork solutions in APAC countries.

The report from The Insight Partners, therefore, provides several stakeholders—including raw equipment/component providers, manufacturers, suppliers & distributors, and end users—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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