Global Plastic Formwork Market Overview
The Plastic Formwork Market Size was estimated at 2.47 (USD Billion) in 2022.The Plastic Formwork Industry is expected to grow from 2.69(USD Billion) in 2023 to 5.9 (USD Billion) by 2032. The Plastic Formwork Market CAGR (growth rate) is expected to be around 9.11% during the forecast period (2024 - 2032).
Key Plastic Formwork Market Trends Highlighted
The plastic formwork market is growing steadily, mostly due to the rise of the construction sector and increased uptake of sustainable building practices. Its use comes with several advantages over traditional materials such as reduced labor costs, better durability and surface finish.Some of the driving factors in this market include increased demand for affordable housing, the rise in popularity of prefabricated construction methods and government initiatives promoting sustainable construction. Strict environmental regulations concerning CO2 emissions also increase the use of plastic formwork that has less carbon footprint.Recent developments in this market include increasing preference for modular and reusable formwork systems that are flexible and minimize wastage. Advances in material science have led to lightweight high-strength plastics that offer better performance and longevity. Furthermore, integration of digital tools like BIM (building information modeling) has been changing this industry by optimizing the design of formwork while reducing time spent on construction.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Plastic Formwork Market Drivers
Rising Demand for Sustainable Construction Practices
The construction industry is under more and more pressure to adopt sustainable practices in order to save the environment. One of the methods that can be used to accomplish this is through the use of plastic formwork. Plastic formwork can be used for a variety of construction applications since it’s light, long lasting and re-usable. Additionally, unlike traditional wood formworks, it is greener because it does not need chemicals or preservatives and is recyclable once its lifespan has expired. A major driver of the growth seen in the Plastic Formwork Market Industry is the increasing call for sustainable construction practices.
Increasing Adoption of Plastic Formwork in Developing Countries
Plastic formwork is becoming increasingly popular in developing countries as a cost-effective and efficient way to build infrastructure. Traditional wood formwork is often expensive and difficult to obtain in these countries, making plastic formwork a more attractive option. The growing adoption of plastic formwork in developing countries is a major driver of the growth of the Plastic Formwork Market Industry.
Advancements in Plastic Formwork Technology
In addition, the development of new and innovative technologies for plastic formwork is spurring growth in the Plastic Formwork Market Industry. These new technologies make plastic formwork even more durable, lightweight and user-friendly. Furthermore, they have resulted in new applications for plastic formwork, for example in high-rise buildings and bridge construction.
Plastic Formwork Market Segment Insights:
Plastic Formwork Market Application Insights
The Plastic Formwork Market is segmented based on application into residential construction, commercial construction, and infrastructure construction 2023, the residential construction segment had the biggest market share of around 45% in the Plastic Formwork Market. The growth of this sector has been attributed to an increasing demand for affordable houses and a rising number of residential buildings across the globe. Over the forecast period, the commercial construction segment will witness significant market growth because there will be more offices, shops, and hotels, among other such businesses, being set up.
The projection is that by 2032, the Commercial Construction Segment will have a valuation of $1.85bn at a Compound Annual Growth Rate (CAGR) of 8.75% over the same period. By 2032, the Infrastructure Construction Segment is expected to have a value of $1.36bn at a CAGR (Compounded Annual Growth Rate) of 8.42%. In general, the Plastic Formwork Market is considered to grow steadily during the forecasted period due to improvements in demand from various end-use industries. Additionally, rising adoption levels for plastic formwork systems within construction projects are anticipated to support market growth on account of their benefits, including their long-lasting nature, cost-effectiveness, and ease of handling.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Plastic Formwork Market Material Insights
The market segmentation by Material comprises Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC), and Advanced Materials (e.g., Fiberglass and Carbon Fiber). Polypropylene (PP) dominates the market, accounting for the largest share due to its high strength, durability, and cost-effectiveness. Polyethylene (PE) is another widely used material, offering flexibility and resistance to chemicals. Polyvinyl Chloride (PVC) is gaining traction due to its lightweight and flame-retardant properties. Advanced Materials, such as Fiberglass and Carbon Fiber, are witnessing increased adoption owing to their exceptional strength-to-weight ratio and durability.
Plastic Formwork Market Form Type Insights
Insight and Overview The Plastic Formwork Market is segmented by form type into panels, beams, columns, and accessories (e.g., ties, brackets). Among these, the highest market share in 2023 will be taken by panels that are worth 1.2 billion dollars. This ability of the prefabricated panels to shape complex forms within them makes them one of the first choices. However, beams are expected to grow steadily in terms of being valued at $750 million in the year 2023, given their support role in structures. Columns are mainly used on high-rise buildings as well as infrastructure projects with an estimated value of $350 million in 2023, hence making their demand constant.
Additionally, accessories are pegged to reach a worth of USD 340 million by 2023, which has made a significant contribution towards securing formworks and stabilizing different systems, further driving up the growth rate of the market.
Plastic Formwork Market End-User Insights
The Plastic Formwork Market is heavily influenced by the end-user segment. Contractors occupy an important place in this market, and they use plastic formwork in different types of construction. The market grows due to their demand for lightweight, long-lasting, and cost-effective formwork options. The choice of architects and engineers to use plastic formwork is another determinant factor in its adoption. Therefore, the environmental importance of this kind of Material, as well as its benefits, has found common ground.
Ease of use, reduced labor costs, and visual appeal have resulted in homeowners increasingly adopting plastic formwork for residential construction purposes. Property developers recognize that faster project completion and lower costs are possible with plastic formworks, making it more popular within commercial and residential development sectors. Such segmentation of the Plastic Formwork Market provides valuable insights into the particular requirements and tastes individual end-users may have, thereby enabling producers to adopt product development strategies accordingly.
Plastic Formwork Market Regional Insights
The Plastic Formwork Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in the coming years, owing to the increasing construction activities in the region. The rising demand for affordable housing, coupled with government initiatives to promote infrastructure development, is driving the growth of the plastic formwork market in APAC. Europe is another major market for plastic formwork, with countries like Germany, France, and the UK being the key contributors.The growing focus on sustainable construction practices and the need to reduce construction time and costs are driving the adoption of plastic formwork in Europe. North America is also a significant market for plastic formwork, with the US being the largest contributor. The increasing demand for high-rise buildings and the need to improve construction efficiency are driving the growth of the plastic formwork market in North America. South America and MEA are emerging markets for plastic formwork, with countries like Brazil and Saudi Arabia being the key contributors.The growing construction sector in these regions is expected to drive the demand for plastic formwork in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Plastic Formwork Market Key Players And Competitive Insights:
Major players in the Plastic Formwork Market industry are continuously developing new and innovative products to meet the changing needs of customers. Leading Plastic Formwork Market players are focusing on expanding their footprint by establishing new production facilities and distribution channels. Plastic Formwork Market development is being driven by the increasing demand for plastic formwork in the construction industry. The Plastic Formwork Market Competitive Landscape is expected to remain competitive in the coming years, with new entrants and established players vying for market share.One of the major players in the Plastic Formwork Market is Peri GmbH. Peri GmbH is a leading manufacturer of formwork and scaffolding systems. The company offers a wide range of plastic formwork products, including wall formwork, column formwork, and slab formwork. Peri GmbH has a presence, with operations in over 100 countries. Another major player in the Plastic Formwork Market is Doka Group. Doka Group is a supplier of formwork and scaffolding systems. The company offers a wide range of plastic formwork products, including wall formwork, column formwork, and slab formwork. Doka Group has a presence, with operations in over 70 countries.Another major player in the Plastic Formwork Market is SGB GmbH. SGB GmbH is a leading manufacturer of formwork and scaffolding systems. The company offers a wide range of plastic formwork products, including wall formwork, column formwork, and slab formwork. SGB GmbH has a presence, with operations in over 50 countries. These are just a few of the major players in the Plastic Formwork Market. The market is highly competitive, with new entrants and established players vying for market share.
Key Companies in the Plastic Formwork Market Include:
- Hunnebeck
- EFCO
- Doka
- Peikko
- CMB
- Peri
- Paschal
- Frant Bautechnik
- Curb Roller
- Ulma
- SGB
- Acra Plast
- NOE
- Meva
- Harsco
Plastic Formwork Market Industry Developments
The plastic formwork market is projected to reach USD 5.9 billion by 2032, exhibiting a CAGR of 9.11% during the forecast period. Increasing construction activities in developing economies, rising demand for affordable housing, and growing awareness of the benefits of plastic formwork over traditional materials are key factors driving market growth. Recent news highlights include BASF's launch of a new plastic formwork system designed to reduce labor costs and enhance construction efficiency and PERI's acquisition of MAX FRANK, a leading provider of plastic formwork solutions, to expand its product portfolio and geographic reach. The market is witnessing a surge in the adoption of advanced technologies, such as 3D printing, for the production of plastic formwork, offering greater design flexibility and cost savings. Key market players are focusing on strategic partnerships and collaborations to expand their market presence and offer innovative solutions.
Plastic Formwork Market Segmentation Insights
Plastic Formwork Market Application Outlook
Plastic Formwork Market Material Outlook
Plastic Formwork Market Form Type Outlook
Plastic Formwork Market End-User Outlook
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Contractors
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Architects and Engineers
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Homeowners
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Property Developers
Plastic Formwork Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
Plastic Formwork Market Report Scope
| Report Attribute/Metric |
Details |
| Market Size 2022 |
2.47(USD Billion) |
| Market Size 2023 |
2.69(USD Billion) |
| Market Size 2032 |
5.9(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
9.11% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Hunnebeck, EFCO, Doka, CMB, Peri, Paschal, Frant Bautechnik, Curb Roller, Ulma, SGB, Acra Plast, NOE, Meva, Peikko, Harsco |
| Segments Covered |
Application, Material, Form Type, End-User, Regional |
| Key Market Opportunities |
1 Rising Infrastructure Investment Governments worldwide are prioritizing infrastructure development, creating a surge in demand for plastic formwork in construction2 Adoption of Sustainable Practices Plastic formwork offers environmental benefits, leading to increased adoption as a sustainable construction solution3 Technological Advancements Innovations in plastic formwork designs and materials enhance efficiency, safety, and cost-effectiveness4 Growth in Prefabricated Construction The increasing popularity of prefabricated construction methods drives demand for plastic formwork due to its fast and precise assembly capabilities5 Growing Commercial and Residential Construction Expanding construction activities in commercial and residential sectors fuel the need for cost-efficient and durable formwork solutions |
| Key Market Dynamics |
Increasing demand from the construction industryTechnological advancements Growing adoption of sustainable solutionsGovernment regulationsFluctuating raw material prices |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Plastic Formwork Market was valued at 2.69 billion USD in 2023.
The Plastic Formwork Market is expected to reach 5.9 billion USD by 2032, exhibiting a CAGR of 9.11% during the forecast period from 2024 to 2032.
Asia-Pacific is expected to dominate the Plastic Formwork Market, owing to the increasing construction activities in the region, particularly in China and India.
Plastic Formwork is primarily used in the construction industry for applications such as walls, columns, beams, and slabs.
Key competitors in the Plastic Formwork Market include Peri, Doka, Ulma, and Harsco Infrastructure.
Factors driving the growth of the Plastic Formwork Market include the increasing demand for affordable and sustainable construction solutions, the growing adoption of prefabricated construction methods, and the rising urbanization rate.
Challenges faced by the Plastic Formwork Market include the fluctuating prices of raw materials, the availability of skilled labor, and the stringent environmental regulations.
Key trends shaping the Plastic Formwork Market include the integration of technology, the adoption of sustainable practices, and the increasing use of lightweight and durable materials.
The COVID-19 pandemic had a negative impact on the Plastic Formwork Market in the short term due to the disruption of supply chains and the slowdown in construction activities. However, the market is expected to recover in the long term as construction activities resume.
Potential growth opportunities for the Plastic Formwork Market include the increasing demand for affordable housing, the growing adoption of green building practices, and the expansion of the construction industry in emerging economies.
