At 3.8% CAGR, Middle East & Africa Formwork System Market is Projected to be Worth US$ 309.40 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa formwork system market was valued at US$ 229.37 million in 2022 and is expected to reach US$ 309.40 million by 2030, registering a CAGR of 3.8% from 2022 to 2030. Advent of new formwork technologies and growing adoption of modular and reusable formwork systems are among the critical factors attributed to the Middle East & Africa formwork system market expansion.

The development of the latest designs encourages formwork manufacturers to roll out latest and tailored solutions to fulfill the demand for abstract projects. The contemporary building system is dominated by skyscrapers and complex geometries. Therefore, the success of these complex buildings relies on the efficiency of construction processes. With continuous technological developments, modular formwork systems are introduced with standardized component items and panels to lower the need for cutting material at sites. The introduction of wireless temperature monitoring formwork systems, tunnel formwork, fiberglass shuttering, concrete form lining formwork, and semi-system formwork is expected to fuel the growth of the Middle East & Africa formwork system market in the coming years.

Fiberglass shuttering: The fiberglass-reinforced plywood system is key to a perfect cast roof with a smooth finish, which does not need plastering. The fiberglass shuttering building systems are a revolution in the area of shuttering owing to their simplicity, lightness, solidity, durability, and resistance to temperature changes. Additionally, fiberglass shuttering provides simplification of shuttering with the same mechanical properties of different shuttering systems.

Tunnel formwork: The tunnel form is a formwork system enabling the contractor to cast slabs & walls in one operation on a daily cycle. The tunnel formwork unites quality, accuracy, and speed with flexibility and economy of in-situ construction. Also, hi-tech technologies of steel formwork production make the tunnel formwork durable and stronger. The system can create efficient load-bearing structures that are also known as earthquake-resistant structures.

Therefore, the advent of new formwork technologies would lead to new future trends in the Middle East & Africa formwork system market.

On the contrary, storage space constraints hamper the growth of Middle East & Africa formwork system market.

Based on offerings, the Middle East & Africa formwork system market is bifurcated into solutions and services. The solutions segment held 80.9% share of the Middle East & Africa formwork system market in 2022, amassing US$ 186.15 million. It is projected to garner US$ 252.04 million by 2030 to expand at 3.9% CAGR during 2022-2030.

In terms of material used, the Middle East & Africa formwork system market is segmented into wood, metal, and others. The wood segment held 48.3% share of the Middle East & Africa formwork system market in 2022, amassing US$ 110.86 million. It is projected to garner US$ 145.40 million by 2030 to expand at 3.4% CAGR during 2022-2030.

Based on country, the Middle East & Africa formwork system market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The UAE held 35.5% share of Middle East & Africa formwork system market in 2022, amassing US$ 81.42 million. It is projected to garner US$ 117.23 million by 2030 to expand at 4.7% CAGR during 2022-2030.

Key players operating in the Middle East & Africa formwork system market are Encofrados Alsina, Brand Industrial Services Inc, FORSA SA., MEVA GmbH, PERI GmbH, and Doka GmbH, among others.

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