PUBLISHER: The Business Research Company | PRODUCT CODE: 1822882
PUBLISHER: The Business Research Company | PRODUCT CODE: 1822882
Formwork panels act as temporary or permanent molds that shape and support freshly poured concrete until it hardens and achieves structural stability. They play a vital role in construction by ensuring proper alignment and form during the curing stage. These panels are key to enhancing construction precision, safety, and overall project efficiency.
The primary types of formwork panels include single-sided panels, double-sided panels, climbing panels, specialized panels, and standard panels. Single-sided panels are designed for situations where only one side is accessible, allowing safe and efficient casting in tight spaces or against surfaces such as soil or existing structures. Various system types are used, including traditional formwork, modular formwork, folding formwork, climbing formwork, and table formwork. They are manufactured from different materials, such as plywood, steel, aluminum, plastic, and fiber-reinforced polymer (FRP). Applications span residential construction, commercial construction, infrastructure projects, industrial construction, and DIY projects, with end users including construction companies, architectural firms, engineering firms, government bodies, and real estate developers.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the construction sector, particularly in materials procurement and project costs. Higher duties on imported steel, aluminum, lumber, and machinery have driven up expenses for builders, contractors, and infrastructure developers, leading to increased project bids and delayed timelines. Construction equipment manufacturers face similar challenges, with tariffs on essential components and raw materials inflating production costs and squeezing margins. Additionally, retaliatory tariffs in international markets have curtailed exports of U.S.-made construction equipment and materials, further affecting profitability. The sector must now prioritize local sourcing, modular construction techniques, and supply chain diversification to control costs and ensure project viability amid ongoing trade uncertainties.
The formwork panel market research report is one of a series of new reports from The Business Research Company that provides formwork panel market statistics, including the formwork panel industry global market size, regional shares, competitors with the formwork panel market share, detailed formwork panel market segments, market trends, opportunities, and any further data you may need to thrive in the formwork panel industry. This formwork panel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The formwork panel market size has grown strongly in recent years. It will grow from $6.46 billion in 2024 to $6.93 billion in 2025 at a compound annual growth rate (CAGR) of 7.3%. Growth in the historic period can be attributed to increasing urbanization in emerging economies, expansion of commercial construction, a surge in infrastructure development projects, the adoption of precast construction methods, and rising demand for cost-effective construction solutions.
The formwork panel market size is expected to see strong growth in the next few years. It will grow to $9.05 billion in 2029 at a compound annual growth rate (CAGR) of 6.9%. Growth in the forecast period can be attributed to smart city initiatives, rising demand for modular construction, rapid industrialization in developing countries, a growing focus on energy-efficient buildings, and increased adoption of green construction practices. Key trends anticipated during this period include technological advancements in formwork systems, ongoing research and development in lightweight materials, innovations in reusable and modular formwork, the integration of digital modeling and BIM, and the creation of eco-friendly formwork panels.
The rising demand for infrastructure development is expected to drive the growth of the formwork panel market in the coming years. Infrastructure development involves the construction and improvement of essential facilities such as roads, bridges, railways, and public utilities. This demand is fueled by increasing urban populations that require enhanced transportation and utility networks, alongside rapid urban migration and large-scale government-funded projects. Formwork panels play a crucial role in supporting infrastructure growth by enabling faster, more precise, and cost-effective concrete structuring for major construction projects. For example, in July 2024, the Office for National Statistics, a UK-based government department, reported that investment in infrastructure reached £13.8 billion ($16.07 billion) in 2023 at constant prices, marking a 3.9% increase compared to 2022. As a result, the need for infrastructure development is contributing significantly to the expansion of the formwork panel market.
Key players in the formwork panel market are introducing advanced innovations, such as automated slab-formwork panel systems, to improve safety and efficiency in construction processes. These systems consist of lightweight, ergonomic panels with integrated safety features and compatibility with robotic handling for slab construction. For instance, in October 2022, Doka GmbH, an Austria-based formwork and scaffolding company, launched the DokaXdek system, a modular and versatile formwork solution that enhances safety, ergonomics, and efficiency for projects of various scales. It includes lightweight, easy-to-handle components, flexible assembly options, and a durable design for long-term use. Safety enhancements include uplift protection, while the DokaXdek I-frame weighs under 15 kg to improve worker ergonomics. The robotic DokaXbot allows semi-automated and safe formwork setup, promoting higher productivity and process automation in slab construction.
In April 2024, Doka GmbH, an Austria-based formwork and scaffolding technology provider, acquired MFE Formwork Technology for an undisclosed amount. This acquisition positions Doka as a comprehensive global supplier of formwork and scaffolding solutions by integrating MFE's expertise in monolithic aluminum formwork. It also strengthens Doka's strategic foothold in Southeast Asia and the Pacific, while expanding its presence in high-rise, infrastructure, and residential construction markets. MFE Formwork Technology is a Malaysia-based manufacturer of aluminum formwork panels for a variety of construction applications.
Major players in the formwork panel market are Doka GmbH, PERI SE, RMD Kwikform Limited, Jiangxi Geto New Materials Corporation Limited, ULMA Construction, MEVA Schalungs-Systeme GmbH, Alpi S.E.A. S.r.l., Beijing Zulin Formwork & Scaffolding Co. Ltd., Wall-Ties & Forms Inc., Construx b.v., MenaForm, Sateco S.A.S., RINGER GmbH, ACROW Misr, Condor S.p.A., Intek Srl, Encofrados Alsina, NOE-Schaltechnik Georg Meyer-Keller GmbH + Co. KG, Suzhou TECON Construction Technology Co. Ltd., and Shijiazhuang Trico Hardware Products Co. Ltd.
North America was the largest region in the formwork panel market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in formwork panel report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the formwork panel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The formwork panel market consists of sales of modular formwork panels, tunnel formwork panels, table form panels, and flexible formwork panels. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Formwork Panel Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on formwork panel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for formwork panel ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The formwork panel market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.