Report : Asia Pacific Formwork System Market Forecast to 2030 - Regional Analysis - by Offerings (Solutions and Services) and Material Used (Wood, Metal, and Others)
At 5.8% CAGR, Asia Pacific Formwork System Market is Speculated to be Worth US$ 4,397.82 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the Asia Pacific formwork system market was valued at US$ 2,802.91 million in 2022 and is expected to reach US$ 4,397.82 million by 2030, registering a CAGR of 5.8% from 2022 to 2030. Growing adoption of metal formwork and advent of new formwork technologies are among the critical factors attributed to the Asia Pacific formwork system market expansion.
The growing adoption of metal formwork is a significant driver behind the growth of the Asia Pacific formwork system market. Metal formwork, typically made from steel or aluminum, offers several advantages that contribute to its increasing popularity in construction projects. Metal formwork is known for its exceptional durability and longevity. Unlike traditional wooden formwork, which can wear out quickly and require frequent replacements, metal formwork can withstand the rigors of multiple construction cycles. This durability reduces the overall cost of formwork over the long term. Metal formwork provides precise and consistent results in terms of dimensions and surface finishes. This precision is crucial for achieving high-quality concrete structures, such as walls, columns, and slabs. Builders and contractors prefer metal formwork to ensure uniformity and structural integrity. Metal formwork's reusability and long service life contribute to sustainability in construction projects by reducing material waste and the carbon footprint associated with formwork production. As construction practices evolve to prioritize efficiency, quality, and sustainability, the adoption of metal formwork systems is likely to continue growing. This trend aligns with the broader goals of the construction industry to enhance productivity and reduce waste, ultimately benefiting both builders and project stakeholders.
On the contrary, storage space constraints hamper the growth of Asia Pacific formwork system market.
Based on offerings, the Asia Pacific formwork system market is bifurcated into solutions and services. The solutions segment held 77.0% share of the Asia Pacific formwork system market in 2022, amassing US$ 2,158.66 million. It is projected to garner US$ 3,431.75 million by 2030 to expand at 6.0% CAGR during 2022-2030.
In terms of material used, the Asia Pacific formwork system market is segmented into wood, metal, and others. The wood segment held 43.5% share of the Asia Pacific formwork system market in 2022, amassing US$ 1,220.60 million. It is projected to garner US$ 1,822.52 million by 2030 to expand at 5.1% CAGR during 2022-2030.
Based on country, the Asia Pacific formwork system market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 36.6% share of Asia Pacific formwork system market in 2022, amassing US$ 1,025.56 million. It is projected to garner US$ 1,371.49 million by 2030 to expand at 3.7% CAGR during 2022-2030.
Key players operating in the Asia Pacific formwork system market are Encofrados Alsina; Brand Industrial Services Inc; EFCO corp; FORSA SA.; MEVA GmbH; MFE Formwork Technology Sdn Bhd; PASCHAL-Werk G. Maier GmbH; PERI GmbH; Shandong Xingang Formwork Co., Ltd.; and Doka GmbH, among others.
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