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; it is estimated to register a CAGR of 3.8% from 2022 to 2030.
Increasing Number of Infrastructure Development Projects Globally Fuels Middle East & Africa Formwork System Market
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.
Middle East & Africa Formwork System Market Overview
The formwork system market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, and the UAE. The Middle East & Africa is projected to witness rapid growth in commercialization and industrialization in the coming years. These countries are economically developed, while the African countries are yet to match up to the economic situation of these countries. In the era of continuous technological developments, the integration of advanced technologies is increasing in a range of industries, including construction in the Middle East. The use of advanced building materials and implementation of technologies in the construction industry will promote the scope of formwork systems in the Middle East & Africa. Countries such as the UAE, Saudi Arabia, Kuwait, Qatar, and Bahrain are investing considerably in infrastructure projects to strengthen the construction sector and address rapidly growing population demands. Both private and government construction players are working together to cater to infrastructure demands and earn high revenues.
Regional contractors are facing pressures related to time, cost, and efficiency; hence, the construction sector in the Middle East & Africa is rapidly adopting advanced construction technology. As per the officials of Construction Week, the GCC is becoming a saturated market at an exponential rate for formwork suppliers. Therefore, the contractors are selecting the material to reuse their products in order to drive a zero-waste community. The contractors are also selecting formwork that can be reusable in the mid-to-long term. For example, plastic formwork is easy to fix and does not absorb moisture, shrink, or swell. While selecting a formwork system, technology also plays a vital role. For instance, an indoor tennis center is developed as a part of the Student Activities and Athletic Facilities Project (SAAF) of Kuwait University in Al-Shadadiya. Under this, in July 2019, Peri announced it would efficiently change the project team's vision-the engineers designed 3D building models and 3D plans based on building plans. Thus, to construct complex and curved reinforced concrete walls with differently sized box-outs and varying wall thicknesses between 20 and 30 cm, the customized 3D formwork elements were utilized.
Middle East & Africa Formwork System Market Revenue and Forecast to 2030 (US$ Million)
Middle East & Africa Formwork System Market Segmentation
The Middle East & Africa formwork system market is segmented based on offerings, material used, and country.
Based on offerings, the Middle East & Africa formwork system market is bifurcated into solutions and services. The solutions segment held a larger share in 2022.
In terms of material used, the Middle East & Africa formwork system market is segmented into wood, metal, and others. The wood segment held the largest share in 2022.
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 dominated the Middle East & Africa formwork system market in 2022.
Encofrados Alsina, Brand Industrial Services Inc, FORSA SA., MEVA GmbH, PERI GmbH, and Doka GmbH are some of the leading companies operating in the Middle East & Africa formwork system market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 258.42 Million |
| Market Size by 2028 | US$ 305.39 Million |
| CAGR (2021 - 2028) | 2.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered |
Middle East and Africa
|
| Market leaders and key company profiles |
|
The Middle East & Africa Formwork System Market is valued at US$ 258.42 Million in 2021, it is projected to reach US$ 305.39 Million by 2028.
As per our report Middle East & Africa Formwork System Market, the market size is valued at US$ 258.42 Million in 2021, projecting it to reach US$ 305.39 Million by 2028. This translates to a CAGR of approximately 2.4% during the forecast period.
The Middle East & Africa Formwork System Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Formwork System Market report:
The Middle East & Africa Formwork System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Formwork System Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Formwork System Market value chain can benefit from the information contained in a comprehensive market report.
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