Plastic Formwork Market size was valued at USD 460 Million in 2023 and is expected to exceed USD 592 Million by the end of 2036, expanding at over 3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of plastic formwork is evaluated at USD 473.8 million.
The plastic formwork market is expanding due to the surge in the world's infrastructure which has led to increased public works projects, including building, bridge, and road construction. According to the World Bank, the number of people worldwide will increase by about 2 billion by 2040, a 25% increase. With the urban population expected to rise by 46%, there will be a continued migration from rural to urban areas, creating a huge need for infrastructure assistance.
This can result in a larger demand for economical and efficient building techniques, such as plastic formwork systems. Systems for plastic formwork are made to be simple to carry, assemble, and disassemble. This might lead to shorter construction schedules, enabling projects to be finished sooner. Because infrastructure projects want to minimize disruptions and downtime, the efficiency of plastic formwork may be a selling point.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
3% |
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Base Year Market Size (2023) |
USD 460 Million |
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Forecast Year Market Size (2036) |
USD 592 Million |
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Regional Scope |
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Material Type (Acrylonitrile Butadiene Styrene (ABS), Polycarbonates (PC), Polypropylene (PP), Polyvinyl chloride (PVC), High-Density Polyethylene (HDPE))
Acrylonitrile Butadiene Styrene (ABS) segment in the plastic formwork market is expected to cross USD 20 Billion by the end of 2036. The ABS segment is predicted to be led by the rise in demand in the building industry. Because of its extraordinary qualities, ABS is today a highly sought-after material for use in construction, demonstrating its crucial influence on the development of contemporary building techniques. The exceptional combination of qualities that ABS possesses to meet the needs of construction environments accounts for its ongoing appeal.
ABS is exceptionally strong and resilient, demonstrating a strong resistance to impact and being able to survive the demanding conditions of construction work. By reducing waste and maximizing resource use, this resilience extends to its potential for numerous applications, which helps to achieve the main objective of sustainability in the construction industry. For instance, it is anticipated that green buildings will cut CO2 emissions by 34%.
Type (Wall Formwork, Column Formwork, Beam & Slab Formwork, Floor Formwork, Modular Formwork)
Modular formwork segment is projected to dominate over 38% plastic formwork market share by 2036. One significant building method that has revolutionized the construction of concrete structures is modular formwork. Modular formwork is a popular option in the building industry because of its prefabricated panels and components, which provide variety, efficiency, and cost-effectiveness from project to project. This cutting-edge technology has numerous uses in a range of construction projects, such as residential and commercial complexes, industrial structures, bridges, and buildings.
Systems of modular formwork are made to be readily put together, changed, and taken apart. Furthermore, modular formwork solutions provide cost reductions in several ways. For instance, because modular formwork components can be disassembled and reused for other project sections or future endeavors, their reusability reduces material waste.
Our in-depth analysis of the global plastic formwork market includes the following segments:
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Type |
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Material Type |
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Application |
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APAC Market Statistics
By 2036, Asia Pacific region plastic formwork market is anticipated to capture over 37% share. The market growth in the region is also expected on account of rising construction activity, fast urbanization, and government programs to support affordable housing and sustainable construction practices. There could be an additional 2.5 billion people living in urban areas by 2050 as a result of urbanization—the gradual movement of people from rural to urban areas—and global population growth. Nearly 90% of this increase is expected to occur in Asia, according to a new United Nations’ data set. Also, increase in demand for green buildings is contributing to the growth of the plastic formwork market in the region.
China's market for plastic formwork is expanding as a result of rising expenditures for infrastructure construction. The Chinese government is concentrating on building more roads, bridges, and tunnels as part of its transportation network expansion, which calls for effective and affordable formwork solutions. According to a report, fixed-asset investment in China's transportation sector exceeded 18 trillion yuan between 2019 and 2023.
Korean construction firms, with their aggressively acquired competitive advantages, will continue to extend into further international markets, participating in major reconstruction and infrastructure projects and likely becoming a global force, which is influencing the growth of plastic formwork in the region. According to the data privacy framework, services rendered abroad accounted for almost 13% of the overall income earned by Korean construction companies in 2019. Korea is still very focused on growing its earnings from ventures abroad.
European Market Analysis
The Europe region will also observe lucrative growth for the plastic formwork market during the forecast period and will hold the second position owing to the growing popularity of innovative materials like plastic formwork. In addition to this, the strict environmental rules are another factor impacting the growth of the plastic formwork market in the region.
According to the European Environmental Bureau, beginning at the end of 2026, the EU will finally develop green public procurement (GPP) regulations for building materials. If these proposed regulations are successful in resolving the current fragmentation of GPP systems across Member States, they may guarantee green products with public spending on construction activities, which accounts for 14% of the EU's GDP.
The growing demand for retrofitting existing structures will drive the growth of the plastic formwork market in the UK. According to the UK Green Building Council, the UK's Retrofit for the Future initiative served as the impetus for the retrofit of more than 100 homes, with the goal of reducing each property's in-use CO2 emissions by 80%.
The majority of the market share in the highly consolidated worldwide plastic formwork market is held by a limited number of large-scale vendors. The majority of businesses are making large investments in thorough research and development projects, mostly with the goal of producing environmentally friendly goods. Leading players have embraced mergers and acquisitions and product portfolio expansion as their primary business strategies.
Author Credits: Rajrani Baghel
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