Asia Pacific Formwork System Market Key Players and Opportunities by 2028

The Asia Pacific formwork system 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.

Wood formwork is a commonly used formwork compared to other materials such as steel, aluminum, plastic, and fabric. Wooden formwork has been extensively utilized in construction for a long time; thus, it is the oldest type of form in the construction industry. The plywood and timber shuttering are available at cheaper rates and are easily accessible, which increases their usage. Factors such as wooden shuttering is easy to make compared to other materials, and labor cost is less compared to procurement of reusable formwork material; therefore, these systems are appropriate for small-scale projects. Climbing formwork, beam formworks, flexible formwork, staircase shuttering, slab formwork, construction of concrete roads, and supporting metallic shuttering are among the applications of wooden formwork in concrete. SVA Formwork Solution, PASCHAL, METSÄ Group, TECON Formwork, and G.B.M. Building Equipments S.r.l. are a few providers operating in the wooden formwork system market and catering to different requirements of the construction sector.

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Asia Pacific Formwork System Market: Strategic Insights

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

Despite favorable growth conditions across APAC and growing infrastructural projects, the onset of the COVID-19 outbreak affected the growth rate of the formwork system market in 2020. The outbreak has affected APAC supply chains and business revenues due to factory shutdowns, border restrictions, and trade bans across the globe. However, with the reopening of several growth markets, successful vaccination development, and initiatives taken by various governments to support economic and industrial growth, the future demand for formwork systems is anticipated to grow at a positive and steady pace in the coming years. The growing construction sector is expected to boost the growth of formwork penetration in the coming years.

Asia Pacific Formwork System Market Insights

With the developing economy, innovative building technologies have initiated to transform the urban landscape. The surge in construction work across residential, commercial, and several industries, owing to the growing urbanization, is driving the growth of the formwork system market. Governments of various Asia Pacific countries are emphasizing on strengthening construction and infrastructural development, which is projected to create lucrative opportunities for the formwork industry. In addition to government support, companies are working on the development of new infrastructural projects. A few examples are mentioned below.

• PERI India has expanded their footprints in all construction segments of India. The company has worked on landmark projects, including the Statue of Unity, ITPO, Mahatma Mandir, Agra-Lucknow Expressway, ITC Colombo One, Hyderabad Metro, Bengaluru metro, and Surat Diamond Bourse. The company has provided its formwork and scaffolding system to make mentioned projects cost-effective.
• Similarly, ULMA, a construction equipment company, has designed a new flex slab formwork system called ONADEK. It is a formwork system built of galvanized steel members with maximum flexibility and high assembly performance developed for the commercial & residential building construction industry.

Moreover, formwork solutions are used for conventional power plants, nuclear power plants, and other public work projects. Therefore, growing infrastructural projects coupled with favorable government support for strengthening construction sector across the world would positively contribute the adoption of formwork system during the forecast period.

Offering-Based Asia Pacific Formwork System Market Insights

Based on offering, the Asia Pacific formwork system market is bifurcated into solutions and service. In 2021, the solutions segment held a larger market share owing to the increasing construction of flat/curved and small/large concrete structures.

The Asia Pacific formwork system market size is segmented based on offering, material used, and country. Based on offering, the Asia Pacific formwork system market is bifurcated into solutions and service. Based on material used, the Asia Pacific formwork system market is segmented into wood, metal, and others. By country, the Asia Pacific formwork system market is segmented into Australia, China, India, Japan, South Korea, Singapore, Malaysia, and the Rest of Asia Pacific.

Doka GmbH, PERI, MFE Formwork Technology Sdn Bhd, Efco Corp, and Meva Formwork Systems are among the key Asia Pacific formwork system market players operating across the world.

The players operating in the Asia Pacific formwork system market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key market players are listed below:

• In November 2020, TENCON designed a steel frame formwork following the trend of frame panel formwork. The company collected feedback from all its clients to save costs. The engineers took six months and introduced changes such as a material depth of 73mm, a material thickness of 3.5mm, enhanced load capacity from 60KN/sqm to 80KN/sqm, big-area birch plywood instead of combined poplar plywood, longer usage life of plywood to 40-60 times with no filler, and two options of HM (HETO Multi-purpose) Panel and H (HETO) Panel.
• In June 2019, Arow completed the acquisition of Uni-span's Queensland-based formwork, industrial scaffolding, and labor-hired business. Uni-span had similar dynamics to Acrow and introduced a complementary formwork equipment offering and a well-regarded professional team.

Report Scope

Asia Pacific Formwork System Market Regional Insights

The regional trends and factors influencing the Asia Pacific Formwork System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Asia Pacific Formwork System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Asia Pacific Formwork System Market Report Scope

Asia Pacific Formwork System Market Players Density: Understanding Its Impact on Business Dynamics

The Asia Pacific Formwork System Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Asia Pacific Formwork System Market are:

1. Alsina Formwork
2. Brand Industrial Services, Inc
3. Doka GmbH
4. Efco Corp.
5. Forsa S.A

Disclaimer: The companies listed above are not ranked in any particular order.