Asia Pacific Formwork System Market

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; it is estimated to register a CAGR of 5.8% from 2022 to 2030.

Rise in Adoption of Formwork System Rental Services Drives Asia Pacific Formwork System Market

Rental services offer a flexible and cost-effective solution for construction companies, contractors, and various industries that require temporary access solutions. Renting a formwork system is often more cost-effective than purchasing, as it eliminates the need for a large upfront investment. This appeals to businesses looking to manage expenses while still accessing quality formwork systems. Infrastructure projects often involve complex designs and large-scale structures. Different projects have varying formwork requirements based on their scope, size, and complexity. Rental services provide the flexibility to choose the most suitable formwork system for the specific project's needs. Rental services allow access to the formwork system only when needed, avoiding the need for long-term storage. The growth of rental services aligns with the changing dynamics of the construction industry, where flexibility, efficiency, and cost savings are increasingly valued. With the expansion of rental offerings becoming more tailored to various project types, the Asia Pacific formwork system market is growing significantly due to the accessibility and benefits provided by rental services.

Asia Pacific Formwork System Market Overview

Established economies and technological advancements support the growth of diversified industries and markets in Asia Pacific. The presence of a large population in APAC has led to increased demand for residential as well as commercial construction. The region comprises several developing economies, including India and many other Southeast Asian countries, which poses a strong demand for more infrastructure projects. Further, governments of various countries are taking various measures to attract private investments in infrastructure development projects. Increasing investments in residential and commercial construction projects are boosting the demand for advanced building materials, including formwork solutions, in APAC countries.

Several industry-recognized formwork system market players have a presence in APAC, which leads to the easy availability of formwork solutions to the construction industry players. The smooth supply chain of formwork solutions significantly supports the growth of the market. A few of the prime companies operating in the formwork system market in APAC include Doka; PERI; Shandong Xingang Formwork Co., Ltd.; Alpi Sea; and GETO; among others. Companies such as Doka provide an array of formwork solutions to cater to the construction needs of LNG tanks in Taiwan and India, forming the Xayaburi hydroelectric power project using a new solution for high loads-d3 in Laos and constructing double containment for Tianwan Power Station in China. Additionally, the company has expanded its presence in Kuala Lumpur. Under Malaysia's Capital, the Tun Razak Exchange (TRX) is one of the biggest construction projects having Signature Tower-the one of the tallest buildings in the country. The height of a building is approximately 400 meters. For this building, the company offers mixed solutions of automatic climbing formworks-SKE50 & SKE100, Protection screen Xclimb 60, and large-area formwork Top 50. Footprints of such gigantic players in the Asian market would help accelerate the use of formwork solutions for constructing new structures. Similarly, Ratec Asia is another company that has received and implemented numerous customer projects in the first year of its incorporation. In Singapore, the company has developed a simple and flexible magnetic formwork system for a construction company. Also, an Innoland Development Corporation in the Philippines is utilizing Ractec Asia's formwork solution for the prefabrication of their components at construction sites. Thus, the rise in such construction and development projects drives the adoption of formwork systems in the region.

Asia Pacific Formwork System Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Formwork System Market Segmentation

The Asia Pacific formwork system market is segmented based on offerings, material used, and country.

Based on offerings, the Asia Pacific formwork system market is bifurcated into solutions and services. The solutions segment held a larger share in 2022.

In terms of material used, the Asia Pacific formwork system market is segmented into wood, metal, and others. The wood segment held the largest share in 2022.

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 dominated the Asia Pacific formwork system market in 2022.

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 are some of the leading companies operating in the Asia Pacific formwork system market.