Asia Pacific Formwork System Market to Grow at a CAGR of 5.1% to reach US$ 3,690.17 million from 2022 to 2028

Asia Pacific Formwork System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Offering (Solutions and Service) and Material Used (Wood, Metal, and Others)

Publication Month : Mar 2023

  • Report Code : TIPRE00023532
  • Category : Manufacturing and Construction
  • Status : Published
  • No. of Pages : 105
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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

asia-pacific-formwork-system-market
Market Size Value inUS$ 2,773.43 million in 2022
Market Size Value byUS$ 3,690.17 million by 2028
Growth rateCAGR of 5.1% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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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 Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Offering, and Material Used

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Australia, China, India, Japan, Malaysia, Singapore, South Korea

Frequently Asked Questions


What is the estimated market size for the Asia Pacific formwork system market in 2022?

The estimated market size for the Asia Pacific formwork system market in 2022 is expected to be US$ 2773.43 million

What are the driving factors impacting the Asia Pacific formwork system market?

1. Infrastructure Projects Rising in APAC
2. Wood Formwork Getting Popular Across APAC

Which are the key players holding the major market share of Asia Pacific formwork system market?

Alsina Formwork, Doka GmbH, Meva Formwork Systems, MFE Formwork Technology Sdn Bhd, and Paschal International are the key market players expected to hold a major market share of Asia Pacific formwork system market in 2022

Which is the fastest growing country market?

China is expected to register highest CAGR in the Asia Pacific formwork system market during the forecast period (2022-2028)

Which is the leading offering segment in the Asia Pacific formwork system market?

Solution segment is expected to hold a major market share of Asia Pacific formwork system market in 2022

What will be the market size of Asia Pacific formwork system by 2028?

The market size of Asia Pacific formwork system by 2028 will be around US$ 3,690.17 million

The List of Companies - APAC Formwork System Market

  1. Alsina Formwork
  2. Brand Industrial Services, Inc
  3. Doka GmbH
  4. Efco Corp.
  5. Forsa S.A
  6. Meva Formwork Systems
  7. MFE Formwork Technology Sdn Bhd
  8. Paschal International
  9. PERI
  10. Shandong Xingang Formwork Co., Ltd.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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