The South Africa Formwork Market is estimated to be valued at US$ 280.03 Mn or million 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 systems are temporary or reusable moulds into which concrete or similar materials are poured and shaped. They are important construction elements utilized to form, support, and shape wet concrete until it is self-supporting. Formwork is widely used in buildings, bridges, floors, foundations and other structures. The South Africa construction industry has been witnessing significant growth which is driving the demand for formwork systems in the country. Rapid urbanization and industrialization projects are accelerating infrastructure development activities in South Africa thereby augmenting the market growth. However, high initial costs of formwork panels and systems can restrain the market to some extent.
Market key trends:-
One of the key trends in the South Africa formwork market is the rising adoption of aluminum formwork systems. Aluminum formwork offers advantages such as light weight, high strength, corrosion resistance and easy assembly & dismantling. It allows erecting formwork faster which reduces construction time and costs. Moreover, aluminum formwork panels have a longer lifespan and can be reused multiple times. The growing commercial and industrial construction sectors are expected to contribute to the increasing preference for aluminum formwork in South Africa during the forecast period. Another major trend is the implementation of robotic formwork technology which helps enhance productivity and safety. Robotic systems automate critical formwork processes like assembly, lifting slabs and sliding formworks which elevates construction efficiency.
Porter’s Analysis:-
- Threat of new entrants: The threat of new entrants is moderate due to the presence of well-established players and high initial capital requirements for setting up a formwork business.
- Bargaining power of buyers: The bargaining power of buyers is high due to the availability of several formwork rental service providers and substitutes in the market.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of alternative raw material suppliers and high switching costs for buyers.
- Threat of new substitutes: The threat of new substitutes is low as formwork is integral to construction activities with no close substitutes available.
- Competitive rivalry: High due to presence of several international and domestic players competing on pricing, quality and innovation.
Key Takeaways:-
The South Africa Formwork Market Growth is expected to witness high, exhibiting CAGR of 4.3% over the forecast period, due to increasing infrastructure development activities and rising construction spending in the country.
The South Africa market dominated the regional market and captured over 35% of the total share in 2023. Rapid urbanization and government initiatives to boost construction sector are driving the growth of formwork market in South Africa.
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. Doka Group accounted for highest revenue share of over 15% in 2023 owing to its diverse product portfolio and wide dealer network in the country.
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