Report : North America Formwork System Market Forecast to 2030 - Regional Analysis - by Offerings (Solutions and Services) and Material Used (Wood, Metal, and Others)
At 5.0% CAGR, North America Formwork System Market is Speculated to be Worth US$ 1,891.94 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the North America formwork system market was valued at US$ 1,276.10 million in 2022 and is expected to reach US$ 1,891.94 million by 2030, registering a CAGR of 5.0% from 2022 to 2030. Increasing number of infrastructure development projects globally are among the critical factors attributed to the North America formwork system market expansion.
Infrastructure development projects encompass a wide range of construction activities, including the construction of roads, bridges, tunnels, dams, and airports, among others. These projects require various types of formwork systems to shape and support concrete structures. As infrastructure development surges, the demand for formwork systems rises. Infrastructure projects often involve complex designs and large-scale structures. Formwork systems provide the necessary molds and support to create these structures efficiently and with precision. Contractors rely on advanced formwork solutions to meet the specific requirements of these projects. Governments of various countries invest in infrastructure development, such as highways, railways, airports, public utilities, and other large-scale projects, which require complex formwork solutions. Infrastructure projects often involve PPPs, where private sector companies collaborate with governments to fund and execute projects. These partnerships drive investments in infrastructure and, consequently, the demand for formwork systems. Infrastructure projects are typically time-sensitive, and delays can lead to cost overruns. Formwork systems help improve construction efficiency by enabling faster concrete pouring and curing. This speed is essential for meeting project timelines, making formwork systems a critical component of modern construction practices for building and maintaining essential infrastructure. Thus, the growing infrastructure development sector creates a consistent and substantial demand for formwork systems, which drives the market.
On the contrary, storage space constraints hamper the growth of North America formwork system market.
Based on offerings, the North America formwork system market is bifurcated into solutions and services. The solutions segment held 79.0% share of the North America formwork system market in 2022, amassing US$ 1,017.40 million. It is projected to garner US$ 1,524.72 million by 2030 to expand at 5.2% CAGR during 2022-2030.
In terms of material used, the North America formwork system market is segmented into wood, metal, and others. The wood segment held 43.2% share of the North America formwork system market in 2022, amassing US$ 555.78 million. It is projected to garner US$ 760.43 million by 2030 to expand at 4.0% CAGR during 2022-2030.
Based on country, the North America formwork system market is categorized into the US, Canada, and Mexico. The US held 84.1% share of North America formwork system market in 2022, amassing US$ 1,072.78 million. It is projected to garner US$ 1,603.09 million by 2030 to expand at 5.1% CAGR during 2022-2030.
Key players operating in the North America formwork system market are Encofrados Alsina, Brand Industrial Services Inc, EFCO corp, FORSA SA., MEVA GmbH, MFE Formwork, Technology Sdn Bhd, PERI GmbH, and Doka GmbH, among others.
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