Asia Pacific Formwork System Market is expected to reach US$ 3,690.17 million by 2028

PRESS RELEASE BY The Insight Partners 03 Mar 2023

Share this press on

According to our latest market study on “Asia Pacific Formwork System Market Forecast to 2028 – COVID-19 Impact and Analysis – by Offering and Material Used,” the market is expected to grow from US$ 2773.43 million in 2022 to US$ 3,690.17 million by 2028; it is estimated to register a CAGR of 5.1% from 2022 to 2028.

In 2020, APAC held the largest revenue share of the overall formwork system market. The region is estimated to register the highest growth rate in the APAC formwork system market size during the forecast period owing to the factors such as growing urbanization. The presence of a large population in the region has been posing high demand for commercial and residential construction. Further, construction activity is growing significantly in Southeast Asia, which is expected to support the formwork system market growth in the region. Moreover, due to the onset of the COVID-19 pandemic, he imposition of lockdowns and other restrictions temporarily discontinued operations of the construction sector, which has hindered the growth of the formwork system market. However, the ease of lockdown restrictions, along with the rise in emphasis on the effective restoration of the construction industry, led to a speedy recovery of the formwork system market during the post-lockdown period.

The construction sector is witnessing an upward trend. With growing construction of high-rise buildings and bigger floor plates, customers are seeking advanced formwork systems which are light, reusable, cost-effective, durable, flexible, and easy to assemble & dismantle. A few companies offer end-to-end formwork design systems for small and large projects. Peri, Doka, MFE, BSL Scaffolding, Waco, and Paschal are among a few well-established players existing in the market. With an increasing number of commercial, residential, and industrial projects, the construction industry is proliferating, which is supporting the need for financial assistance from the government. Also, advanced building materials are getting emerged to make construction cost-effective.

Moreover, the increasing demand for data centers, coupled with the need for refurbishment in retail stores, is anticipated to boost the growth of the construction sector. Further, growing investment in renovating old buildings and structures and increasing inclination toward a greener future are other factors boosting the demand for green buildings, which is supporting the growth of the construction sector. For example, South-North Water Transfer Project in China; this construction project is expected to help the masses residing in the North of China to access better water supply.

Factors such as growing construction industry supported by favorable government assistance and inclination toward constructing green buildings are promoting the development of infrastructural projects, which is driving the growth of the Asia Pacific formwork system market. Also, penetration of timber and plywood is high over other materials as it is available at a lesser price and can be used for multi usability. Moreover, with the advent of sophisticated technologies such as tunnel formwork, Fiberglass shuttering, and wireless temperature monitoring formwork system, the formwork industry is projected to generate several prospects for the development of formwork.

Impact of COVID-19 Pandemic on Asia Pacific Formwork System Market

Asia Pacific constitutes the world’s two most populated countries as well as leading manufacturing hubs: India and China. Governments of various countries in Asia Pacific have taken necessary steps to reduce its effects by announcing lockdowns; thus, impacting the growth of the formwork system market. The introduction of lockdowns has resulted in the temporary discontinuation of construction projects in the region, which negatively impacted the growth of the formwork system in the region. After a prolonged lockdown, various countries have started easing the restrictions. On the contrary, the second wave of COVID-19 in India has negatively impacted the construction sector, which further hampered operations of many infrastructure projects.

The report segments the Asia Pacific formwork system market as follows:

Based on offering, the APAC formwork system market is bifurcated into solutions and service. The solutions segment held a larger market share in 2020 owing to the increasing construction of flat/curved and small/large concrete structures. Based on material used, the APAC formwork system market is segmented into wood, metal, and others. The wood formwork segment dominated the market as timber and plywood are traditional formwork that continues to be used in construction. Also, due to the multi-reuse feature of wood formwork, their adoption is increasing in the construction sector.

Contact Us
Phone: +1-646-491-9876
Email Id:

Download Free PDF Brochure