Formwork System Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Material (Timber & Plywood, Aluminum, Steel, Others), By Application (Buildings, Transportation, Industrial Facilities, Others), By Offering (Solutions, Services), By Type (Wall Formwork, Slab Formwork, Column Formwork, Beam Formwork), By Region & Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 7.42 Billion
CAGR (2026-2031)	4.22%
Fastest Growing Segment	Services
Largest Market	North America
Market Size (2031)	USD 9.51 Billion

Market Overview

The Global Formwork System Market will grow from USD 7.42 Billion in 2025 to USD 9.51 Billion by 2031 at a 4.22% CAGR. Formwork systems are temporary or permanent molds designed to retain wet concrete, shaping it into structural elements such as walls, columns, and slabs while it sets. These systems are critical for ensuring dimensional accuracy, surface quality, and structural integrity in projects ranging from high-rise residential buildings to massive civil infrastructure. The global market is primarily supported by rapid urbanization and the urgent need for efficient, time-saving construction methodologies that enhance site safety. According to the Portland Cement Association, in 2024, approximately 40,000 projects funded by the Infrastructure Investment and Jobs Act were reported to be underway or completed in the United States, illustrating the significant volume of infrastructure development bolstering the demand for formwork solutions.

Despite these strong growth indicators, the market faces a substantial challenge in the form of a chronic skilled labor shortage. As formwork technologies become more advanced to improve speed and precision, the industry requires a workforce with specialized technical training. The widening gap between the availability of qualified personnel and project demands creates operational bottlenecks, leading to costly delays and inflated labor expenses which can impede overall market expansion.

Key Market Drivers

The surge in government investments and public infrastructure initiatives serves as a primary catalyst for the industry. Large-scale civil projects, including bridges, tunnels, and mass transit systems, mandate the use of heavy-duty, engineered formwork to ensure structural safety and load-bearing capacity. These public works programs create sustained demand for climbing and horizontal formwork systems to manage complex concrete geometries. According to the Press Information Bureau, February 2024, in the 'Interim Budget 2024-25', the Government of India increased the capital expenditure outlay for infrastructure development by 11.1% to ₹11,11,111 crore. This substantial fiscal allocation underscores the global reliance on concrete-intensive construction methods that necessitate extensive formwork inventories to meet aggressive project timelines and engineering standards.

The expansion of residential and commercial construction sectors acts as a parallel driver, fueled by global housing shortages and commercial modernization. As urban density increases, developers prioritize high-rise structures that utilize monolithic or aluminum formwork for faster repetition cycles and consistent surface finishes. According to the U.S. Census Bureau, June 2024, in the 'Monthly New Residential Construction, May 2024' report, privately-owned housing completions were at a seasonally adjusted annual rate of 1,514,000. This high volume of residential activity sustains the need for versatile wall and slab systems. Major industry players continue to capitalize on this widespread demand through equipment sales and rentals, validating the market's trajectory. According to PERI SE, in 2024, the group generated a turnover of EUR 1,847 million during the 2023 fiscal year, reflecting the continuous operational necessity of formwork across diverse construction segments.

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Key Market Challenges

The chronic skilled labor shortage stands as a significant impediment to the progress of the Global Formwork System Market. While the industry shifts toward more technical and precise formwork applications to enhance structural integrity and speed, the availability of a workforce capable of executing these tasks has not kept pace. This disparity results in severe operational inefficiencies, as the proper assembly and handling of formwork require specific technical competencies that are increasingly scarce. When qualified personnel are unavailable, projects frequently experience schedule slippages and quality control issues, undermining the core value proposition of efficiency that formwork systems offer to developers and contractors.

The severity of this workforce gap is underscored by recent industry findings. According to the Associated General Contractors of America, in 2024, 94 percent of construction firms reported having unfilled hourly craft positions, with an overwhelming majority describing these roles as difficult to fill. This acute scarcity forces construction companies to absorb higher labor costs and limits their capacity to bid on or complete new projects on time. As a result, the market struggles to capitalize on the growing demand for infrastructure, as the physical limitations of the workforce directly constrain the volume of formwork implementations that can be successfully delivered.

Key Market Trends

The Integration of Building Information Modeling (BIM) for Precision Planning is reshaping the market by enhancing the accuracy of complex structural designs. Contractors utilize digital twins to simulate concrete pours and optimize layouts before assembly, minimizing waste and rectifying clashes early in the project lifecycle. This digital shift allows for the precise fabrication of custom molds for intricate geometries, significantly reducing on-site adjustments. According to Autodesk, April 2024, in the '2024 State of Design & Make Report', 76% of industry professionals trust AI for their industry to enhance productivity and sustainability, directly correlating to the efficiency gains sought in modern formwork operations.

The Emergence of Sustainable and Recycled Composite Plastic Formwork constitutes a pivotal shift away from traditional timber, aligning with the industry's focus on the circular economy. Firms are prioritizing reusable composite materials that offer high durability while lowering the carbon footprint. This trend accelerates as developers seek to meet green building certifications by utilizing systems capable of multiple recycling cycles. According to Deloitte, July 2024, in the 'Deloitte's Advice for a Sustainable Construction Industry' article, more than 90% of US engineering and construction companies receive requests from customers to lower the amount of embodied carbon used in construction projects, driving the transition toward these eco-friendly solutions.

Segmental Insights

The Services segment is projected to emerge as the fastest-growing category within the Global Formwork System Market, primarily driven by the substantial industry shift toward rental and leasing models. Construction enterprises are increasingly prioritizing cost flexibility, opting to rent equipment to mitigate the high capital expenditures and storage burdens associated with direct asset ownership. Furthermore, the rising technical complexity of modern infrastructure projects necessitates specialized engineering consultancy and on-site support to ensure structural integrity and safety compliance. This growing reliance on professional external expertise for design, maintenance, and logistics is significantly accelerating the expansion of the services sector.

Regional Insights

North America maintains a leading position in the global formwork system market, driven by substantial investment in infrastructure and commercial development across the United States. The market dominance is largely supported by the strict enforcement of safety regulations by the Occupational Safety and Health Administration, which necessitates the use of engineered formwork to ensure worker protection and structural integrity. Additionally, the construction industry in the region prioritizes modular systems to offset high labor costs and accelerate project completion. This focus on regulatory compliance and operational efficiency secures North America’s status as the primary regional market.

Recent Developments

• In April 2025, Doka introduced the Xlife top, a pioneering formwork sheet featuring a core composed entirely of recycled plastic, at the bauma trade fair in Munich. This innovation represented a significant breakthrough in sustainable construction, offering exceptional durability and multiple reuse cycles to substantially reduce greenhouse gas emissions. The product was designed to support a closed-loop recycling process, where used sheets could be returned and reintroduced into the material production cycle. This launch underscored the company's commitment to achieving net-zero emissions while demonstrating that climate-friendly solutions could deliver economic viability for the industry.
• In January 2025, Toyoda Gosei Co., Ltd. invested in DigitalArchi Co., Ltd., a startup specializing in the manufacturing of plastic formwork using advanced 3D printing technology. This collaboration focused on developing sustainable construction solutions by utilizing recycled plastics, including waste from automotive parts, to fabricate efficient formwork systems. The initiative aimed to address critical labor shortages and improve productivity at construction sites by replacing traditional wood-based methods with automated, resource-efficient 3D-printed alternatives, thereby contributing to a decarbonized society and advancing circular economy principles within the global formwork sector.
• In April 2024, PERI Formwork Systems, Inc. launched the Alpha Column, a new imperial column formwork system designed specifically for the United States construction market. The system was engineered to facilitate the construction of tieless rectangular and square columns with dimensions up to 36 by 36 inches, addressing the growing demand for versatile and user-friendly solutions. This product launch featured integrated accessories intended to reduce on-site material requirements and enhance safety during assembly, reflecting the company's commitment to improving operational efficiency and cost-effectiveness for contractors in the building and civil segments.
• In February 2024, Doka announced the strategic acquisition of MFE Formwork Technology, a recognized market leader in monolithic aluminum formwork solutions headquartered in Malaysia. This significant collaboration combined Doka's established expertise in steel and timber formwork systems with MFE's specialized aluminum capabilities, thereby strengthening the company's market presence across Southeast Asia and the Pacific region. The acquisition was designed to offer construction clients a more comprehensive portfolio of innovative solutions from a single source, enabling the efficient execution of diverse projects ranging from large-scale residential developments to complex infrastructure works.

Key Market Players

• PERI SE
• Doka GmbH
• ULMA C y E, S. Coop.
• MEVA Schalungs-Systeme GmbH
• EFCO, LLC
• PASCHAL-Werk G. Maier GmbH
• ENCOFRADOS J. ALSINA, S.A.
• Titan Formwork Systems
• Altrad RMD Kwikform
• NOE-Schaltechnik Georg Meyer-Keller GmbH + Co. KG

By Material	By Application	By Offering	By Type	By Region
Timber & Plywood Aluminum Steel Others	Buildings Transportation Industrial Facilities Others	Solutions Services	Wall Formwork Slab Formwork Column Formwork Beam Formwork	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Formwork System Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Formwork System Market, By Material:

• Timber & Plywood
• Aluminum
• Steel
• Others

• Formwork System Market, By Application:

• Buildings
• Transportation
• Industrial Facilities
• Others

• Formwork System Market, By Offering:

• Solutions
• Services

• Formwork System Market, By Type:

• Wall Formwork
• Slab Formwork
• Column Formwork
• Beam Formwork

• Formwork System Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE