The South Africa Formwork Market is estimated to be valued at US$ 280.03 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Formwork is used to form reinforced and unreinforced concrete structures. It provides a casting surface for concrete and it acts as a temporary structure to retain and shape the wet concrete till it hardens. Aluminum formwork is gaining popularity in the South Africa market due to its lightweight, ease of handling and dismantling, and cost effectiveness during multiple usage.
Market key trends:-
One of the key trends in the South Africa formwork market is the increasing adoption of aluminum formwork. Aluminum formwork offers advantages such as reduced construction time, lower labor cost, less wastage of material, and suitability for various construction projects. The lightweight property of aluminum formwork allows for easier transportation and handling at construction sites. It also requires less time for dismantling. This significantly reduces the overall construction time. Moreover, aluminum formwork is highly durable and can be reused multiple times, offering significant cost savings over the lifespan of the formwork. This is driving its increased adoption over conventional formwork in the South Africa market.
Segment Analysis:-
The South Africa formwork market is dominated by concrete forming sub-segment which accounted for over 60% share of the overall market in 2022. Concrete forming formworks are extensively used in construction projects of buildings, bridges, dams and other structures made of concrete. They provide the required surface for casting concrete and ensure proper setting of concrete. The demand for concrete forming formworks will continue to be driven by the strong growth of construction activities in residential and non-residential buildings in South Africa.
Key Takeaways:-
The South Africa Formwork Market Size is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing construction activities in the country.
Regional analysis
South Africa dominates the formwork market in Africa region with over 80% share due to large number of ongoing and upcoming infrastructure projects in the country. Government investments to develop transport and social infrastructure will continue to drive the growth of formwork market in South Africa.
Key players
Key players operating in the South Africa formwork market are PERI Group, Doka Group, ULMA Construction, Waco International, RMD Kwikform, MESA Imalat Sanayii ve Ticaret A.S, Uni-Span Holdings (Pty) Ltd., Acrow, Faresin Formwork S.p.A, Pilosio S.p.A, Staluform (Pty) Ltd., and Pre-Form (Pty) Ltd. PERI Group and Doka Group capture over 40% of the overall market share owing to their wide product portfolio and presence across major cities of South Africa.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it