The Asia Pacific formwork system market is expected to grow from US$ 2773.43 million in 2022 to US$ 3,690.17 million by 2028; it is estimated to register CAGR of 5.1% from 2022 to 2028.

The advent of new designs keeps encouraging formwork manufacturers to roll out the latest and tailored solutions to fulfill the demand for abstract projects. The contemporary building system is dominated by high-rise buildings and complex geometries. Therefore, the success of such complex buildings relies on the efficiency of construction processes. With continuous technological developments, modular formwork systems are being introduced with standardized component items and panels to lower the need for cutting materials at the site. The introduction of wireless temperature monitoring formwork systems, fiberglass shuttering, tunnel formwork, concrete form lining formwork, and semi-system formwork are expected to propel the the formwork system market growth in the coming years.

• Wireless Temperature Monitoring Formwork System: The current wireless temperature monitoring system constitution is in Korea. The system wirelessly transfers temperature data measured from sensors in real-time into personal PCs in the site office and predicts maturity and concrete strength. Additionally, the collected data is stored in a computer server, and the information is later shared with experts for offering technical support.

• 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 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 contractors to cast slabs and walls in one operation daily. The tunnel formwork unites quality, accuracy, and speed with the 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 development of such new construction technologies in the formwork industry is expected to fuel the market growth in the coming years.

China, India, South Korea, Japan, Singapore, and Australia are the key economies in Asia Pacific. Stable economies and technological advancements support the growth of diversified industries and markets in the region. A large population in APAC has led to increased demand for residential as well as commercial construction in the region. The region comprises several developing economies, including India and many Southeast Asian countries, posing strong demand for more infrastructure projects. Further, governments of various countries in the region are taking several measures to attract private investments in infrastructure development. Growing investments in commercial as well as residential construction are bolstering the demand for advanced building materials, including formwork solutions, in APAC countries. Furthermore, in Australia according to government sources the construction industry generates more than US$ 360 billion in revenue per year, thereby accounting for ~9% of the GDP of Australia. The construction sector in the country experiences high year-on-year growth; therefore, there is high demand for advanced & reliable building materials such as formwork solutions. Amid the COVID-19 pandemic, the Prime Minister of Australia classified the construction industry work as an essential service as it plays a vital role in the growth of the country’s economy. Such a prime focus on the industry presents lucrative growth opportunities for the formwork system market players in Australia.

The Asia Pacific formwork system market size is segmented based on offering, material used, and country. Based on offering, the Asia Pacific formwork system market is bifurcated into solutions and service. Based on material used, the Asia Pacific formwork system market is segmented into wood, metal, and others. By country, the Asia Pacific formwork system market is segmented into Australia, China, India, Japan, South Korea, Singapore, Malaysia, and the Rest of Asia Pacific. A few of the major players operating in the Asia Pacific formwork system market are Doka GmbH, PERI, MFE Formwork Technology Sdn Bhd, Efco Corp, and Meva Formwork Systems.

The Asia Pacific formwork system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Asia Pacific formwork system market. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the Asia Pacific formwork system market. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the Asia Pacific formwork system market.

TABLE OF CONTENTS

1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Formwork System Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. APAC Formwork System Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Infrastructure Projects Rising in APAC
5.1.2 Wood Formwork Getting Popular Across APAC
5.2 Market Restraints
5.2.1 Relatively Low Construction Projects in Underdeveloped Countries
5.3 Market Opportunities
5.3.1 Construction Sector Witnessing Growth
5.4 Future Trends
5.4.1 Arising of New Formwork Technologies
5.5 Impact Analysis of Drivers and Restraints
6. Formwork System Market – APAC Analysis
6.1 APAC Formwork System Market Overview
6.2 APAC Formwork System Market Revenue Forecast and Analysis
7. APAC Formwork System Market – By Offering
7.1 Overview
7.2 APAC Formwork System Market, by Offering (2022 and 2028)
7.3 Solutions
7.3.1 Overview
7.3.2 Solutions: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Service
7.4.1 Overview
7.4.2 Service: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
8. APAC Formwork System Market – By Material Used
8.1 Overview
8.2 APAC Formwork System Market, by Material Used (2022 and 2028)
8.3 Wood
8.3.1 Overview
8.3.2 Wood: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Metal
8.4.1 Overview
8.4.2 Metal: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 Others: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
9. APAC Formwork System Market – Country Analysis
9.1 Overview
9.1.1 APAC: Formwork System Market- by Key Country
9.1.1.1 Australia: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 Australia: Formwork System Market- by Offering
9.1.1.1.2 Australia: Formwork System Market- By Material Used
9.1.1.2 China: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 China: Formwork System Market- by Offering
9.1.1.2.2 China: Formwork System Market- By Material Used
9.1.1.3 India: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 India: Formwork System Market- by Offering
9.1.1.3.2 India: Formwork System Market- By Material Used
9.1.1.4 Japan: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Japan: Formwork System Market- by Offering
9.1.1.4.2 Japan: Formwork System Market- By Material Used
9.1.1.5 South Korea: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 South Korea: Formwork System Market- by Offering
9.1.1.5.2 South Korea: Formwork System Market- By Material Used
9.1.1.6 Singapore: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 Singapore: Formwork System Market- by Offering
9.1.1.6.2 Singapore: Formwork System Market- By Material Used
9.1.1.7 Malaysia: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.7.1 Malaysia: Formwork System Market- by Offering
9.1.1.7.2 Malaysia: Formwork System Market- By Material Used
9.1.1.8 Rest of APAC: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.8.1 Rest of APAC: Formwork System Market- by Offering
9.1.1.8.2 Rest of APAC: Formwork System Market- By Material Used
10. APAC Formwork System Market – COVID-19 Impact Analysis
10.1 Overview
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 MFE Formwork Technology Sdn Bhd
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 ADTOMall Inc
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 PERI Australia Pty Ltd
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Hebei Zolo Construction Material Co Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Doka GmbH
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Suzhou TECON Construction Technology Co Ltd
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Form Direct Pty Ltd
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 BHK Group Pty Ltd
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Acrow Formwork & Scaffolding Pty Ltd
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Shandong Xingang Formwork Co Ltd
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index

LIST OF TABLES

Table 1. APAC Formwork System Market Revenue and Forecast to 2028 (US$ Million)
Table 2. APAC: Formwork System Market- By Key Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: Formwork System Market- by Offering –Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia: Formwork System Market- By Material Used –Revenue and Forecast to 2028 (US$ Million)
Table 5. China: Formwork System Market- by Offering –Revenue and Forecast to 2028 (US$ Million)
Table 6. China: Formwork System Market- By Material Used –Revenue and Forecast to 2028 (US$ Million)
Table 7. India: Formwork System Market- by Offering –Revenue and Forecast to 2028 (US$ Million)
Table 8. India: Formwork System Market- By Material Used –Revenue and Forecast to 2028 (US$ Million)
Table 9. Japan: Formwork System Market- by Offering –Revenue and Forecast to 2028 (US$ Million)
Table 10. Japan: Formwork System Market- By Material Used –Revenue and Forecast to 2028 (US$ Million)
Table 11. South Korea: Formwork System Market- by Offering –Revenue and Forecast to 2028 (US$ Million)
Table 12. South Korea: Formwork System Market- By Material Used –Revenue and Forecast to 2028 (US$ Million)
Table 13. Singapore: Formwork System Market- by Offering –Revenue and Forecast to 2028 (US$ Million)
Table 14. Singapore: Formwork System Market- By Material Used –Revenue and Forecast to 2028 (US$ Million)
Table 15. Malaysia: Formwork System Market- by Offering –Revenue and Forecast to 2028 (US$ Million)
Table 16. Malaysia: Formwork System Market- By Material Used –Revenue and Forecast to 2028 (US$ Million)
Table 17. Rest of APAC: Formwork System Market- by Offering –Revenue and Forecast to 2028 (US$ Million)
Table 18. Rest of APAC: Formwork System Market- By Material Used –Revenue and Forecast to 2028 (US$ Million)
Table 19. List of Abbreviation

LIST OF FIGURES

Figure 1. APAC Formwork System Market Segmentation
Figure 2. APAC Formwork System Market Segmentation – By Country
Figure 3. APAC Formwork System Market Overview
Figure 4. APAC Formwork System Market, by Offering
Figure 5. APAC Formwork System Market, by Material Used
Figure 6. APAC Formwork System Market, By Country
Figure 7. APAC – PEST Analysis
Figure 1. APAC Formwork System Market- Ecosystem Analysis
Figure 2. APAC Formwork System Market: Impact Analysis of Drivers and Restraints
Figure 3. APAC Formwork System Market Revenue Forecast and Analysis (US$ Million)
Figure 4. APAC Formwork System Market Revenue Share, by Offering (2022 and 2028)
Figure 5. APAC Solutions: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 6. APAC Service: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 7. APAC Formwork System Market Revenue Share, by Material Used (2022 and 2028)
Figure 8. APAC Wood: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 9. APAC Metal: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 10. APAC Others: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. APAC: Formwork System Market Revenue Share, By Key Country (2020 and 2028)
Figure 12. Australia: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. China: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. India: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Japan: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. South Korea: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Singapore: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Malaysia: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Malaysia: Formwork System Market
Figure 20. Rest of APAC: Formwork System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Impact of COVID-19 Pandemic in APAC Country Markets

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC formwork system market
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the APAC formwork system market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the formwork system market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

The List of Companies – APAC Formwork System Market
• Alsina Formwork
• Brand Industrial Services, Inc
• Doka GmbH
• Efco Corp.
• Forsa S.A
• Meva Formwork Systems
• MFE Formwork Technology Sdn Bhd
• Paschal International
• PERI
• Shandong Xingang Formwork Co., Ltd.

According to our latest market study on “Asia Pacific Formwork System Market Forecast to 2028 – COVID-19 Impact and Analysis – by Offering and Material Used,” the market is expected to grow from US$ 2773.43 million in 2022 to US$ 3,690.17 million by 2028; it is estimated to register a CAGR of 5.1% from 2022 to 2028.

In 2020, APAC held the largest revenue share of the overall formwork system market. The region is estimated to register the highest growth rate in the APAC formwork system market size during the forecast period owing to the factors such as growing urbanization. The presence of a large population in the region has been posing high demand for commercial and residential construction. Further, construction activity is growing significantly in Southeast Asia, which is expected to support the formwork system market growth in the region. Moreover, due to the onset of the COVID-19 pandemic, he imposition of lockdowns and other restrictions temporarily discontinued operations of the construction sector, which has hindered the growth of the formwork system market. However, the ease of lockdown restrictions, along with the rise in emphasis on the effective restoration of the construction industry, led to a speedy recovery of the formwork system market during the post-lockdown period.

The construction sector is witnessing an upward trend. With growing construction of high-rise buildings and bigger floor plates, customers are seeking advanced formwork systems which are light, reusable, cost-effective, durable, flexible, and easy to assemble & dismantle. A few companies offer end-to-end formwork design systems for small and large projects. Peri, Doka, MFE, BSL Scaffolding, Waco, and Paschal are among a few well-established players existing in the market. With an increasing number of commercial, residential, and industrial projects, the construction industry is proliferating, which is supporting the need for financial assistance from the government. Also, advanced building materials are getting emerged to make construction cost-effective.

Moreover, the increasing demand for data centers, coupled with the need for refurbishment in retail stores, is anticipated to boost the growth of the construction sector. Further, growing investment in renovating old buildings and structures and increasing inclination toward a greener future are other factors boosting the demand for green buildings, which is supporting the growth of the construction sector. For example, South-North Water Transfer Project in China; this construction project is expected to help the masses residing in the North of China to access better water supply.

Factors such as growing construction industry supported by favorable government assistance and inclination toward constructing green buildings are promoting the development of infrastructural projects, which is driving the growth of the Asia Pacific formwork system market. Also, penetration of timber and plywood is high over other materials as it is available at a lesser price and can be used for multi usability. Moreover, with the advent of sophisticated technologies such as tunnel formwork, Fiberglass shuttering, and wireless temperature monitoring formwork system, the formwork industry is projected to generate several prospects for the development of formwork.

Impact of COVID-19 Pandemic on Asia Pacific Formwork System Market

Asia Pacific constitutes the world’s two most populated countries as well as leading manufacturing hubs: India and China. Governments of various countries in Asia Pacific have taken necessary steps to reduce its effects by announcing lockdowns; thus, impacting the growth of the formwork system market. The introduction of lockdowns has resulted in the temporary discontinuation of construction projects in the region, which negatively impacted the growth of the formwork system in the region. After a prolonged lockdown, various countries have started easing the restrictions. On the contrary, the second wave of COVID-19 in India has negatively impacted the construction sector, which further hampered operations of many infrastructure projects.

The report segments the Asia Pacific formwork system market as follows:

Based on offering, the APAC formwork system market is bifurcated into solutions and service. The solutions segment held a larger market share in 2020 owing to the increasing construction of flat/curved and small/large concrete structures. Based on material used, the APAC formwork system market is segmented into wood, metal, and others. The wood formwork segment dominated the market as timber and plywood are traditional formwork that continues to be used in construction. Also, due to the multi-reuse feature of wood formwork, their adoption is increasing in the construction sector.